Corporate Restructuring
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Restructuring Modeling
Demystifying Restructuring IB
Understand the Restructuring and Bankruptcy Process
Step-by-Step Video and Real Case Studies
Using real case studies and a step-by-step approach, you will learn the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques.
Taught by Experienced Restructuring Instructor-Practitioners
This is the same training program Wall Street Prep delivers to restructuring groups at some of the world's top investment banks. It is taught by former investment bankers who have worked on high-profile corporate restructuring deals.
Shareable Certification
Enrollment includes the option of sitting for the Corporate Restructuring Certification Exam. Those who successfully pass the exam can present their achievement on their resumes and LinkedIn (see below).
What You Will Learn
Course 1: Understanding Corporate Restructuring
The Restructuring & Bankruptcy Framework
Valuation & Recovery Analysis and Distressed M&A
Bonus Course: Restructuring Modeling
Model some of the most challenging aspects of a bankruptcy, including:
Bonus Course: Demystifying Restructuring Investment Banking
Who is This Program For?
What's Included
Understanding Corporate Restructuring
Using real case studies and a step-by-step approach, learners will be introduced to the central cons ...
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Course TOC
Understanding Corporate Restructuring
Using real case studies and a step-by-step approach, learners will be introduced to the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques. Learners will explore the various factors that lead to f ...
Using real case studies and a step-by-step approach, learners will be introduced to the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques. Learners will explore the various factors that lead to financial distress and how to impute asset values based on market prices for a company’s equity and debt trading levels and connect the concept of reorganization value to more traditional valuation concepts like enterprise value.
More
Less
Introduction to Corporate Financial Restructuring
1. A Simple Example
6:45
2. Course Downloads
Files
3. Growth Equity Raise
2:41
4. GAAP Vs Market Balance Sheet, Part 1
6:31
5. GAAP Vs Market Balance Sheet, Part 2
2:42
6. GAAP Vs Market Balance Sheet, Part 3
0:40
7. Characteristics Of Debt
8:21
8. The Party is Over: Financial Distress, Part 1
4:23
9. The Party is Over: Financial Distress, Part 2
1:25
10. Quantifying Insolvency
5:47
11. Restructuring Introduction Review
Quiz
Restructuring Plan Basics
12. Options Under Distress
4:08
13. In-court Vs Out-of-court Restructuring, Part 1
6:43
14. In-court Vs Out-of-court Restructuring, Part 2
4:27
15. In-court Vs Out-of-court Restructuring, Part 3
6:57
16. Out-of-court Restructuring Recovery Analysis, Part 1
5:27
17. Out-of-court Restructuring Recovery Analysis, Part 2
13:58
18. Restructuring Plan Basics Review
Quiz
Understanding Priority & Recovery Analysis in Restructuring
19. Treatment Of Claims
8:33
20. Priority Of Unsecured Claims
5:53
21. DIP Financing
2:33
22. Summary - Priority Of Claims And Recovery Waterfall
9:33
23. Recovery Waterfall Scenarios, Part 1
1:24
24. Recovery Waterfall Scenarios, Part 2
5:50
25. Other Restructuring Concepts
8:35
26. Castex Recovery Waterfall Example
5:01
27. Unallowed Claims Section
2:15
28. Restructuring Plan Revisited, Part 1
2:15
29. Restructuring Plan Revisited, Part 2
1:23
30. Restructuring Plan Revisited, Part 3
11:05
31. How Stakeholders May React To The Restructuring Plan
3:39
32. Priority & Recovery Analysis Review
Quiz
Valuation
33. Role Of Valuation In Restructuring
7:03
34. Recovery Analysis With Different Valuation And Debt Capacity
3:53
35. Collateral Valuation
2:35
36. Distressed Debt Investor Perspective
4:45
37. Valuation Review
Quiz
Priority – Additional Considerations
38. Determinants Of Priority: Collateral
6:20
39. Determinants Of Priority: Inter-creditor Subordination
2:44
40. Determinants Of Priority: Inter-creditor Subordination Exercise
3:15
41. Determinants Of Priority: Maturity Of Claim, Part 1
2:46
42. Determinants Of Priority: Maturity Of Claim, Part 2
2:27
43. Determinants Of Priority: Open Market Purchase Of Debt
4:23
44. Determinants Of Priority: Maturity Of Claim Additional Considerations
4:35
45. Determinants Of Priority: Corporate Structure, Part 1
4:11
46. Determinants Of Priority: Corporate Structure, Part 2
3:46
47. Protection Against Structural Subordination
5:06
48. Covenants
2:15
49. Substantive Consolidation
2:03
50. Equitable Subordination
2:35
51. Priority – Additional Considerations Review
Quiz
Plan Confirmation
52. Plan Of Reorganization
5:55
53. Plan Approval Must Meet 4 Tests
3:38
54. Plan Confirmation Review
Quiz
Vanguard Natural Resources
55. Vanguard Background
4:03
56. Vanguard DIP, Part 1
2:58
57. Vanguard DIP, Part 2
4:15
58. Vanguard DIP, Part 3
6:04
59. Liquidation Analysis
6:44
60. Vanguard Projections And Valuation
4:28
61. Fulcrum Security
3:18
62. Proposed Plan
6:52
63. Estimated Recoveries
1:45
64. Estimated Recoveries Review
3:07
65. Plan Feasibility
4:35
Additional Topics
66. Credit Bidding And Stalking Horse
10:28
67. Vanguard Resources & Additional Topics Review
Quiz
Bonus Restructuring Modeling
This course is designed to teach restructuring and bankruptcy modeling to students an ...
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Course TOC
Restructuring Modeling
This course is designed to teach restructuring and bankruptcy modeling to students and professionals pursuing careers in restructuring, bankruptcy and distress. Using the Borders bankruptcy as our primary case study, we begin with an overview of the restructuring and bankruptcy framework. Then we wi ...
This course is designed to teach restructuring and bankruptcy modeling to students and professionals pursuing careers in restructuring, bankruptcy and distress. Using the Borders bankruptcy as our primary case study, we begin with an overview of the restructuring and bankruptcy framework. Then we will learn to build an advanced bankruptcy model from scratch, incorporating bankruptcy specific elements like DIP financing, the creation of liabilities subject to compromise, working capital drivers, cancellation of debt income, and Fresh Start accounting. We conclude the course with valuation analysis and a recovery analysis, where we will layer various valuation scenarios onto the model to analyze possible recoveries to the various creditors.
More
Less
Chapter 1: Restructuring Primer
1. Course Downloads
Files
2. Restructuring Overview, Part 1
30:44
3. Restructuring Overview, Part 2
38:11
4. Restructuring Overview, Part 3
22:04
5. Restructuring Overview, Part 4
12:05
Chapter 2: Restructuring Modeling Program
6. Introduction
2:14
7. Model Structure
8:54
8. Model Structure, Part 2
9:22
9. Inputting Historicals
15:11
10. Forecasting the Income Statement
10:47
11. Forecasting Working Capital
12:53
12. Forecasting Property, Plant, and Equipment (PP&E)
10:55
13. Forecasting Goodwill and Financing Fees
10:50
14. Forecasting Accounts Payable
5:25
15. Forecasting Accounts Payable, Part 2
4:31
16. Forecasting Accounts Payable, Part 3
4:34
17. Accrued Liabilities and Other Long Term Liabilities
6:36
18. Lease Rejection Claims and Professionals Fees
5:22
19. Cleaning up the Balance Sheet and Income Statement
6:28
20. Debt Introduction and Modeling Prepetition Term Loans
8:38
21. Modeling the Cash Flow Statement
12:41
22. Modeling the Prepetition Revolver, Part 1
14:27
23. Modeling the Prepetition Revolver, Part 2
4:21
24. Modeling the DIP Revolver
9:17
25. Referencing Debt Related Forecasts into the CFS
3:10
26. Valuation and Debt Capacity
5:53
27. Sources and Uses of Funds
8:23
28. Modeling the Priority of Claims Waterfall
25:27
29. Exit Revolver
11:05
30. Debt Reinstatement
4:09
31. Modeling the Equity
7:13
32. Completing the Model
12:13
33. Additional Topics: Fresh Start Accounting
34. Additional Topics: The Thirteen Week Cash Flow
10:18
Bonus Demystifying Restructuring Investment Banking for Incoming Analysts and Associates
This course is designed for incoming restructuring bankers and current bankers lookin ...
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Course TOC
Demystifying Restructuring Investment Banking for Incoming Analysts and Associates
This course is designed for incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge. It provides an in-depth overview of restructuring and identify the skills you'll need in the early days of your restructuring IB career. We begin by int ...
This course is designed for incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge. It provides an in-depth overview of restructuring and identify the skills you'll need in the early days of your restructuring IB career. We begin by introducing the restructuring process as well as common pitchbook and financial analyses in restructuring IB. From there, we take more in-depth look at the analyses and modeling-related techniques utilized by analysts and associates early in their restructuring banking careers. This course assumes little to no prior knowledge of restructuring.
More
Less
Demystifying Restructuring Investment Banking for Incoming Analysts and Associates
1. Introduction and Agenda
3:33
2. Overview of IB Restructuring Groups and Role of the Analyst Associate
3:47
3. Course Downloads
Files
4. High Level Capital Structure Review
3:37
5. Overview of Absolute Priority
2:19
6. Comparison of Corporate Levered Debt Alternatives
4:41
7. Restructuring Case Study Introduction Arch Coal Industry Dynamics
2:47
8. Arch Coal Situation and Restructuring Overview
6:36
9. Arch Coal Capital Structure (Pre Bankruptcy)
5:03
10. Overview of Frequently Utilized Credit Statistics
2:29
11. Capital Structure Analyses in Excel
16:40
12. Review of Initial Discussion and Next Steps
1:53
13. Forecasting Liquidity and Building Initial Assumptions
7:03
14. Building Free Cash Flow Projections
10:44
15. Building the Debt Schedule and Credit Statistics
29:00
16. Wrap Up Free Cash Flow Projections
1:25
17. Revisiting the Arch Coal Restructuring Case
1:15
18. DIP Financing Discussion
3:30
19. Why Invest in the Arch Coal DIP
4:51
20. Excel Analysis of Arch Market Implied Asset Value Post Emergence
9:21
21. Excel Analysis of Potential First Lien Lender Recovery
9:48
22. Arch Coal Restructuring Plan
1:44
23. Sourcing Capital Structure Inputs from Public Filings
7:44
24. Sourcing Capital Structure Inputs from Market Data
4:41
25. Capital Structure Presentation
1:36
26. Using the Long Term Debt Footnote to Build the Cap Table in Excel
2:04
27. Arch’s 1st Lien Debt: Credit Facilities & Term Loan
20:39
28. Arch's 2nd Lien Notes
8:28
29. Arch's Unsecured Notes
8:36
30. Cap Table and Presentation Conclusion
1:57
31. Demystifying Restructuring IB Review
Quiz
Course Samples
In-court Vs Out-of-court Restructuring, Part 1
Treatment Of Claims
Role Of Valuation In Restructuring
Determinants Of Priority
Liquidation Analysis
Estimated Recoveries
Get the Corporate Restructuring Certification
Trainees are eligible to take the WSP Corporate Restructuring Certification Exam for 24 months from the date of enrollment. Those who complete the exam and score above 80% will receive the certification. The exam is a challenging 2-hour online examination covering the most difficult concepts covered in the program.
Course Highlights
Used on the Street
This is the same comprehensive course our corporate clients use to prepare their analysts and associates.
Real Case Studies
This course uses actual financial filings to show how restructuring is done in the real world.
Taught by Bankers
Our instructors are former I-bankers who give lessons real-world context by connecting it to their experience on the desk.
Instructor Support
Have a question on course content? Communicate directly with instructors by asking questions throughout the course.
Learner Feedback
Earn CPE Credits with WSP Online Courses
Wall Street Prep is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
