Learn the central considerations and dynamics of both in- and out-of-court restructuring along with major terms, concepts, and common restructuring techniques. Includes 2 Bonus Courses: Restructuring Modeling and Restructuring Primer for Junior Bankers.
Understand the Restructuring and Bankruptcy Process
- Step-by-Step Video + 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'd 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'll Learn
- The Restructuring & Bankruptcy Framework
- Explore the various factors that lead to financial distress.
- Learn how to impute asset values based on market prices for a company’s equity and debt trading levels.
- Connect the concept of reorganization value to more traditional valuation concepts like enterprise value.
- Understand priority of claims.
- Learn how inter-creditor agreements, secured vs unsecured, maturity and corporate structure all play a role in restructuring outcomes.
- Explore how the competing motivations and interests of the stakeholders in restructuring all impact the process.
- Valuation & Recovery Analysis and Distressed M&A
- Dive deeper into common analyses, including valuation based on management projections, liquidity analysis, a recovery waterfall, and potential equity value post emergence.
- Learn how restructuring fits within a variety of strategic alternatives for firms under distress.
- Understand the mechanics of credit bidding and 363 sales
- Model valuation and capital structure scenarios and the impact on recoveries to the various creditors.
Model some of the most challenging aspects of a bankruptcy, including:
- Working capital reclassifications such as critical vendors/AP.
- DIP financing, borrowing base and availability calculations, adequate protection payments.
- Balance sheet roll-forward schedules that maintain a consistent link structure to the cash flow statement and increase transparency.
- Fees, rejection claims and CODI.
- Model recoveries at various operating scenarios.
- Construction of a recovery waterfall that can accommodate scenarios that deviate from the absolute priority rule.
- Using conditional formatting and Excel’s native date formulas to sensitize for different filing and emergence date scenarios.
- Avoiding circular references in the model while maintaining model integrity.
- Incorporating best practices for error-proofing, auditing, and model efficiency.
- Understanding how Fresh Start Accounting affects the model.
- For incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge.
- Restructuring IB process overview.
- Learn the skills you'll need early in your IB career.
- Walk through the analyses and modeling-related techniques used by early-career IB analysts and associates using a case-study.
- Assumes little to no prior knowledge of restructuring.
Who is this program for?
- Restructuring Investment Banking Professionals
- Distressed Debt Investors
- FP&A and Corporate Finance
- Turnaround Consultants & Advisors
- Private Equity Professionals
- Anyone interested in corporate restructuring
Demystifying Restructuring Investment Banking for Incoming Analysts and Associates
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.
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.
Have a question on course content? Communicate directly with instructors by asking questions throughout the course.
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