6.1 - Cap Table Basics | Restructuring Program

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The Restructuring Program

Chapter 1: Introduction to Restructuring

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 (7:20)
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

2.1 - Debtor Objectives (11:26)
2.2 - Creditor Objectives (15:13)
2.3 - Unsecured Creditor Committees (10:44)
2.4 - Ad Hoc and Steering Committees (8:10)
2.5 - Fiduciary Duties (12:35)
2.6 - Judges & Trustees (6:30)
2.7 - Constituent Alignment (3:03)
2.8 - Chapter Review (2:06)
2.9 - Review Q&A

Chapter 3: Capital Structure & Claim Priority

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

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

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

6.1 - Cap Table Basics (10:45)
6.2 - Liquidity Tables (14:21)
6.3 - Maturity Walls (4:35)
6.4 - Leverage & Coverage Ratios (6:55)
6.5 - Springers & Grid Pricing (11:39)
6.6 - Cap Table Distress Signals (24:39)
6.7 - Chapter Review (1:53)

Chapter 7: Signs of Distress & Triggers

7.1 - Operational vs. Financial Distress (7:13)
7.2 - Financial Statement Red Flags (21:22)
7.3 - Market Signals of Financial Distress (15:57)
7.4 - Chapter Review (1:34)

Chapter 8: Corporate Pressures & Catalysts

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

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

10.1 - The Plan of Reorganization (12:51)
10.2 - Voting Requirements (9:16)
10.3 - Cram-downs _ Cram-ups (12:05)
10.4 - Exit Financing (5:01)
10.5 - Rights Offerings (29:55)
10.6 - Pros and Cons of Bankruptcy (6:34)
10.7 - United States vs. U.K. Bankruptcy (5:52)
10.8 - Chapter Review (2:47)

Chapter 11: Out-of-Court Restructuring

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

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

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

14.1 - Martin Whitman & Third Avenue (5:38)
14.2 - Distressed Investing Basics (33:38)
14.3 - Legal Benefits of Distress (6:33)
14.4 - Distressed Investing as Value Investing (7:40)
14.5 - Chapter Review (1:15)

Chapter 15: Valuation in Restructuring

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

16.1 - The Three Statements (14:45)
16.2 - Working Capital Dynamics in Distress (27:39)
16.3 - Asset Impairments _ Goodwill Write-downs (4:52)
16.4 - PIK Interest (5:35)
16.5 - Synthetic PIK (13:08)
16.6 - Covenant Adjusted EBITDA (6:09)
16.7 - Chapter Review (1:35)

Chapter 17: Structural Subordination

17.1 - HoldCo vs. OpCo Structures (8:40)
17.2 - Guarantees_ (6:58)
17.3 - Restricted vs. Unrestricted Subsidiaries (5:59)
17.4 - Complex Interview Questions (12:38)
17.5 - Chapter Review (1:07)

Chapter 18: Constituents' Motivations & Negotiations

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

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

20 - Wrapping Up (9:40)
Extra - Market Outlook Readings
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