The Restructurer
Master the skills needed for a successful career with our new restructuring course.
Learn how to identify and evaluate companies in financial distress with The Restructurer micro-degree. Discover the secrets of the recruitment process with our bonus expert interview.
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3000+ students enrolled
18
Hours
15
Topics
79
Practical exercises
4
Exams
The Restructurer includes
- Revolving credit facility
- Term loans
- Cash sweep mechanisms and covenant mechanisms
- Bullet / high yield loans
- Credit ratios
- Calculating returns to equity holders
- Types of Debt
- Senior Debt /Subordinated
- Preferred Stocks and Equity Injection
- Management Rachet
- Debt Providers
- Covenants
- Collateral: 1st vs 2nd, All assets or Bifucated
- Financing Fees: Upfront Fee, Commitment Fee, etc.
- Key Considerations: Interest Rate, Typical Term, Repayment
- Typical contracts:
- Credit Agreement
- Indenture
- Regulatory Documents
- Collateral Contracts
- – Credit Agreement
- – Indenture
- – Regulatory Documents
- – Collateral Contracts
- Typical Clauses:
- – Cashsweep Clauses
- -Cross Default Clauses: Triger Event
- – Pari-passu
- – Repayment / Redemption
- How Banks Make Money
- The Credit Perspective
- How Bad Loans Affect Banks
- Intro to the Credit Process
- The 5 Cs of Credit
- Quantifying Credit Risk
- Default Risk
- Loss given default risk
- Debt Capacity Overview
- Cash Flow-Based Debt Capacity
- Creating Cash Flow Scenarios
- Amortizing The Loan
- Creating Tranches
- Signs of operational underperformance
- How to spot liquidity problems
- Key credit metrics to look out for
- Accounting issues that often arise
- Key behaviours displayed by management during distress
- Key signs of operational distress
- Soft areas in accounting:
- – Non-GAAP numbers
- – Estimates
- – Classification of cash flows
- Calculation of non-GAAP numbers:
- – Risk analysis of typical non-GAAP adjustments
- – Adjusting accounting for non-controlled entities and stock option expensing
- – Bias in non-recurring items
- Estimates and earnings quality:
- – Revenue and profit recognition
- – Inventory valuation
- – Provisions
- – Accounting for M&A
- – Earnings quality analysis
- Analyzing cash flow classification:
- – Cost capitalization
- – Investment income
- – Off balance sheet finance
- Forensic accounting toolkit – ratio analysis and red flags
- Covenant breaches
- Non-payment of loan liabilities
- Cross-default
- Insolvency
- Business turnaround
- Asset disposal or divestiture
- Liquidation
- How companies decide on divestitures
- Divestiture options
- 100% sale – asset vs share sale
- Modeling the impact on the balance sheet and income statement
- Tax implications of divestiture options
- Book vs tax basis
- Sale of majority stake
- IPO
- Modeling a non-controlling interest in a carve out transaction
- Modeling different ECM structures including spin-offs and split-offs
- Push down of debt
- UK specific examples
- – Company voluntary agreements (CVA)
- – Restructuring plan
- – Administration
- US specific examples
- – Chapter 11
- – Chapter 7
- Consensual restructurings
- Non-consensual restructurings
- Out-of-court and in-court agreements
- Pre-packaged transactions
- Use examples from real world case to demonstrate the purpose of a 13-week cash flow (True Apparel Inc.)
- Analysis of current trends in case company
- – Identifying areas of weakness
- – Identifying potential sources of immediate liquidity/cost savings
- Ramifications of distress
- – Covenants (discuss popularity of cov-lite loans in LBOs)
- – Restructuring (additional loans)
- – Bankruptcy (DIP financing)
- – Credit Bidding/Stalking Horse bidders
- Breaking down operating and non-operating expenses
- – Components of COGS (fixed and floating)
- – Components of SGA (fixed and floating)
- Deep dive on OWC, including the cash flows within AR, AP, and Inventory
- – Using actual AR schedules, purchase orders, payables schedules
- – Forecasting non-operating revenue expenses
- Forecasting maintenance capex
- Adding interest and debt service
- Determining borrowing need/repayment ability
- Reconciling cash flows to EBITDA
- The Revolver/DIP financing
- – Senior vs Super Senior
- – Borrowing base calculation
- – Using 13-week CFM to model revolver drawdowns and repayments
- Industry and company analysis
- Using cash flows to determine debt capacity
- Approaches to a fire sale valuation
- Liquidating assets
- Senior versus junior debt
- First lien vs second lien debt
- Restructuring Bankers vs Restructuring Consultants
- Key skills needed for a career in restructuring
- Recruitment and interview process
The Restructurer
| Micro-Degree
Leveraged Finance Primer
5.5
Hours
24
Practical exercises
1
Exam
Get to grips with the different aspects of debt products and capital structures in general, especially in the context of highly leveraged companies.
Leveraged Buy Out
67 video minutes
18 excel exercises
Video minutes 67
Excel Exercises 18
Debt Products - Financing Instruments
13 video minutes
0 excel exercises
Video minutes 13
Excel Exercises 0
Debt Products in PE – Documentation
10 video minutes
0 excel exercises
Video minutes 10
Excel Exercises 0
Credit Risk Introduction
17 video minutes
0 excel exercises
Video minutes 17
Excel Exercises 0
Debt Capacity
36 video minutes
6 excel exercises
Video minutes 36
Excel Exercises 6
Early Warning Signs
1.5
Hours
5
Practical exercises
1
Exam
Learn all the red flags showing a company in financial difficulty. Learn how to identify early financial and non-financial signs of distress and the events that trigger a need for restructuring.
Signs of Financial Distress
12 video minutes
0 excel exercises
Video minutes 12
Excel Exercises 0
Forensic Accounting – Identifying Corporate Distress
43 video minutes
4 excel exercises
Video minutes 43
Excel Exercises 4
Restructuring Triggers
14 video minutes
1 excel exercises
Video minutes 14
Excel Exercises 1
Restructuring Options and Recovery Mechanisms
4.5
Hours
23
Practical exercises
1
Exam
Explore the options that a company and its advisors may consider when facing a restructuring. Get to grips with the three main routes available, a turnaround of the business, disposal of assets, and liquidation.
Restructuring Options
11 video minutes
0 excel exercises
Video minutes 11
Excel Exercises 0
Divestiture Modeling
105 video minutes
20 excel exercises
Video minutes 105
Excel Exercises 20
Legal Restructuring Tools
15 video minutes
0 excel exercises
Video minutes 15
Excel Exercises 0
Reaching and Agreement - Consensual and Non-consensual Deals
18 video minutes
3 excel exercises
Video minutes 18
Excel Exercises 3
Restructuring Modeling
6
Hours
23
Practical exercises
1
Exam
Dive into the operational and non-operational cash flows, including in-depth working capital analysis, calculating the borrowing base of a revolver, and understanding how financing gaps are plugged using available facilities.
13 Week Cash Flow Modeling Scenarios
62 video minutes
3 excel exercises
Video minutes 62
Excel Exercises 3
Building a 13 Week Cash Flow Model
128 video minutes
14 excel exercises
Video minutes 128
Excel Exercises 14
Distressed Debt Restructuring Model
58 video minutes
6 excel exercises
Video minutes 58
Excel Exercises 6
Restructurer Expert Interview
0.5
Hours
Curious to know what it’s really like to work in restructuring? Get the answers to this and more in this expert interview with Danilo Barreto, an Investment Banker with experience in Restructuring and Leveraged Finance.
Restructurer Expert Interview
8 video minutes
0 excel exercises
Video minutes 8
Excel Exercises 0
Skills & Learning Objectives in The Restructurer Micro-Degree
Learn from our expert instructors
Learn more about our full facultyRecognized by industry experts
Colin Evans
Managing Director at J.P. Morgan
Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.
Dr. Bridget Lyons
Professor of Finance
Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.
Chris Bishko
CFO
CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.
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- Everything in the Boost plan
- Streamlined company data
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| Single Course | Boost Plan | Pro Plan | |
|---|---|---|---|
| Completion certificates | 1 | 38 | 38 |
| Skills certificates | 4 | 51 | 51 |
| Micro-degrees | 1 | 12 | 12 |
| Lifetime access to course | |||
| Expert instructor support | |||
| Practical exercises to work alongside videos and quick quizzes to test your understanding | |||
| Searchable library of 370+ playlists, 3500+ videos and Q&As | |||
| 10 role-based learning pathways, including Investment Banking, Equity Research, Sales and Trading and more | |||
| Weekly live webinars | |||
| Streamlined company data (WACC. & EV bridge calculator, custom comparables) | |||
| Current and historic filings for over 7,500 firms globally | |||
| Current and historic filings for over 4,000 US firms | |||
| Link to, label and share data points in filings (limited to 10 for Free and Boost users, unlimited for Pro) | |||
| Regional and industry data sets | |||
| Ready-to-use sector and transaction models | |||
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