Restructuring Program Curriculum
Chapter 1: Introduction to Restructuring
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- 1.0 - Welcome (0:30)
- 1.1 - What is Restructuring_ (8:31)
- 1.2 - Restructuring Landscape (7:49)
- 1.3 - Restructuring vs. M&A Advisory (6:51)
- 1.4 - Restructuring at Bulge Brackets vs. Boutiques (7:23)
- 1.5 - Type of Restructuring Mandates (7:49)
- 1.6 - Day in the Life of an Analyst (9:53)
- 1.7 - Why Restructuring is an Attractive Field (5:07)
- 1.8 - Overview of Credit Cycles (10:17)
- 1.9 - Primer on Restructuring Solutions (18:46)
- 1.10 - Chapter Review (3:31)
Chapter 2: Constituents & Mandates
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Chapter 3: Capital Structure & Claim Priority
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- 3.1 - Overview of Capital Structure Layers (30:21)
- 3.2 - The Absolute Priority Rule (11:49)
- 3.3 - Structural Subordination (22:03)
- 3.4 - Contractual Subordination (7:43)
- 3.5 - Temporal Subordination (7:48)
- 3.6 - Equitable Subordination (17:01)
- 3.7 - Recovery Waterfalls (6:06)
- 3.8 - Intercreditor Agreements (3:00)
- 3.9 - Chapter Review (2:46)
Chapter 4: Leveraged Finance Foundations
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- 4.1 - Bonds vs. Loans (13:51)
- 4.2 - Bank Loans_ Revolvers & Term Loans (19:45)
- 4.2 - Bank Loans Revolvers & Term Loans (20:22)
- 4.3 - High Yield Bonds & Mezzanine Financing (18:20)
- 4.4 - Covenants Overview (24:23)
- 4.5 - Grace Periods & Technical Defaults (10:38)
- 4.6 - Call Protections & Make-Whole Clauses (11:20)
- 4.7 - LIBOR to SOFR Transition (12:17)
- 4.8 - Chapter Review (3:07)
Chapter 5: Bond Math & Yield Fundamentals
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- 5.1 - Yield-to-Maturity Basics (11:48)
- 5.2 - Calculating YTM (18:38)
- 5.3 - Bond Price & Yield Relationship (15:52)
- 5.4 - Duration and Convexity (10:56)
- 5.5 - Understanding Distressed Yields (14:03)
- 5.6 - Yield Drivers (14:32)
- 5.7 - Quoting Yields (6:33)
- 5.8 - Bond Math Interview Questions (11:03)
- 5.9 - Chapter Review (2:25)
Chapter 6: Cap Tables in Restructuring
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Chapter 7: Signs of Distress & Triggers
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Chapter 8: Corporate Pressures & Catalysts
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- 8.1 - Primary Distress Catalysts _ Maturity Walls (9:18)
- 8.2 - Primary Distress Catalysts _ Interest Payments (7:32)
- 8.3 - Primary Distress Catalysts _ Covenant Breaches (4:31)
- 8.4 - Secondary Catalysts _ Macro Shocks (5:27)
- 8.5 - Secondary Catalysts _ Regulatory Shocks (6:23)
- 8.6 - Secondary Catalysts _ Black Swan Events (5:34)
- 8.7 - Secondary Catalysts _ Credit Market Changes (4:18)
- 8.8 - Secondary Catalysts _ Sponsor Behaviors (14:55)
- 8.9 - Secondary Catalysts _ Investor Activism (5:10)
- 8.10 - Chapter Review (1:46)
Chapter 9: In-Court Basics
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- 9.1 - Bankruptcy Code Basics (5:56)
- 9.2 - Chapter 7 vs. Chapter 11 (19:28)
- 9.3 - Ways to File _ Pre-Packs (16:27)
- 9.4 - Ways to File _ Pre-Arranged (4:25)
- 9.5 - Ways to File _ Free-Fall (3:47)
- 9.6 - Ways to File _ Involuntary (10:45)
- 9.7 - Venue Selection (7:17)
- 9.8 - First Day Petitions & Motions (14:37)
- 9.9 - Creditor Committee Formations (2:27)
- 9.10 - Key Bankruptcy Provisions Used (14:51)
- 9.11 - DIP Financing (14:13)
- 9.12 - Section 363 Sales (15:56)
- 9.13 - Yellow Case Study (12:03)
- 9.14 - Thirteen-Week Cash Flow Forecasts (2:19)
- 9.15 - Chapter Review (2:42)
Chapter 10: Plan of Reorganization
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Chapter 11: Out-of-Court Restructuring
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- 11.1 - Out-of-Court Basics (32:27)
- 11.2 - Credit Agreement Key Provisions (17:59)
- 11.3 - Amend & Extend (6:27)
- 11.4 - Debt-for-Debt Exchanges (8:09)
- 11.5 - Debt-for-Equity Swaps (8:45)
- 11.6 - Debt Repurchases (9:03)
- 11.7 - Asset Sales (10:08)
- 11.8 - New Financing (16:16)
- 11.9 - Historical Out-of-Court Transactions (2:22)
- 11.10 - Chapter Review (2:35)
Chapter 12: Liability Management Exercises
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- 12.1 - Introduction to LMEs (9:12)
- 12.2 - LME Key Definitions (12:15)
- 12.3 - Uptiers (21:07)
- 12.4 - Drop-downs (17:46)
- 12.5 - Double-dips (21:40)
- 12.6 - Triple-dips (16:18)
- 12.7 - Pari Plus (8:09)
- 12.8 - Extend & Exchange (7:35)
- 12.9 - Sponsor Down-tier Tactics (26:36)
- 12.10 - Review of LME Transactions (2:26)
- 12.11 - Cooperation Agreements (29:15)
- 12.12 - Disqualified Lender Lists (5:26)
- 12.13 - LMEs and Litigation Risk (4:56)
- 12.14 - Chapter Review (2:43)
Chapter 13: Distressed Debt as an Asset Class
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- 13.1 - Distressed Debt Investing Legends (17:14)
- 13.2 - Defining Distressed Debt (4:04)
- 13.3 - Distressed Trading Overview (7:19)
- 13.4 - Collateralized Loan Obligations (7:41)
- 13.5 - CLOs Historically vs. Today (9:43)
- 13.6 - Default Trends (5:24)
- 13.7 - Distressed Investors Specialization (3:34)
- 13.8 - Chapter Review (1:44)
Chapter 14: Distressed Investing Frameworks
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Chapter 15: Valuation in Restructuring
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- 15.1 - Valuation Introduction (4:13)
- 15.2 - Desktop Valuation Overview (1:07)
- 15.3 - Discounted Cash Flows (4:52)
- 15.4 - Trading Comps (9:35)
- 15.5 - Precedent Transactions (4:21)
- 15.6 - Negotiated Valuations (13:03)
- 15.7 - Market Based Valuations (7:03)
- 15.8 - Legal Arguments in Valuation Fights (4:33)
- 15.9 - Chapter Review (1:50)
Chapter 16: Accounting Issues in Restructuring
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Chapter 17: Structural Subordination
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Chapter 18: Constituents' Motivations & Negotiations
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- 18.1 - Debtors' Motivations (8:11)
- 18.2 - Creditors' Motivations (13:29)
- 18.3 - Equity Holder Motivations (3:38)
- 18.4 - Role of Trade Creditors (3:27)
- 18.5 - Value of Blocking Positions (2:07)
- 18.6 - Creditor Committees in Negotiations (6:55)
- 18.7 - Negotiation Strategies in Cram-downs (5:38)
- 18.8 - Chapter Review (1:28)
Chapter 19: Modeling and Restructuring Case Studies
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- 19.1 - Modeling Case Study (69:34)
- 19.2.1 - Restructuring Proposal Case Study (Prompt) (4:55)
- 19.2.2 - Restructuring Proposal Case Study (Detailed Walk-Through) (47:23)
- 19.2.3 - Restructuring Proposal Case Study (How to Present) (11:18)
- 19.3 - Serta Deep Dive (Uptier) (38:02)
- 19.4 - Pluralsight Deep Dive (Dropdown) (26:17)
- 19.5 - Trinseo Deep Dive (Double-dip _Pari-Plus_) (36:04)
- 19.6 - Spirit Deep Dive (Triple-dip) (30:02)
- 19.7 - American Tire (In-court LME) (47:42)
Chapter 20: Conclusion
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