Chapter 1: Introduction to Restructuring
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1.0 - Welcome (0:30)
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1.1 - What is Restructuring_ (8:31)
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1.2 - Restructuring Landscape (7:49)
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1.3 - Restructuring vs. M&A Advisory (6:51)
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1.4 - Restructuring at Bulge Brackets vs. Boutiques (7:20)
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1.5 - Type of Restructuring Mandates (7:49)
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1.6 - Day in the Life of an Analyst (9:53)
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1.7 - Why Restructuring is an Attractive Field (5:07)
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1.8 - Overview of Credit Cycles (10:17)
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1.9 - Primer on Restructuring Solutions (18:46)
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1.10 - Chapter Review (3:31)
Chapter 2: Constituents & Mandates
Chapter 3: Capital Structure & Claim Priority
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3.1 - Overview of Capital Structure Layers (30:21)
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3.2 - The Absolute Priority Rule (11:49)
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3.3 - Structural Subordination (22:03)
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3.4 - Contractual Subordination (7:43)
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3.5 - Temporal Subordination (7:48)
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3.6 - Equitable Subordination (17:01)
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3.7 - Recovery Waterfalls (6:06)
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3.8 - Intercreditor Agreements (3:00)
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3.9 - Chapter Review (2:46)
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3.10 - Q&A Guide
Chapter 4: Leveraged Finance Foundations
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4.1 - Bonds vs. Loans (13:51)
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4.2 - Bank Loans_ Revolvers & Term Loans (19:45)
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4.2 - Bank Loans Revolvers & Term Loans (20:22)
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4.3 - High Yield Bonds & Mezzanine Financing (18:20)
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4.4 - Covenants Overview (24:23)
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4.5 - Grace Periods & Technical Defaults (10:38)
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4.6 - Call Protections & Make-Whole Clauses (11:20)
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4.7 - LIBOR to SOFR Transition (12:17)
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4.8 - Chapter Review (3:07)
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4.9 - Q&A Guide
Chapter 5: Bond Math & Yield Fundamentals
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5.1 - Yield-to-Maturity Basics (11:48)
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5.2 - Calculating YTM (18:38)
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5.3 - Bond Price & Yield Relationship (15:52)
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5.4 - Duration and Convexity (10:56)
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5.5 - Understanding Distressed Yields (14:03)
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5.6 - Yield Drivers (14:32)
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5.7 - Quoting Yields (6:33)
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5.8 - Bond Math Interview Questions (11:03)
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5.9 - Chapter Review (2:25)
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5.10 - Q&A Guide
Chapter 6: Cap Tables in Restructuring
Chapter 7: Signs of Distress & Triggers
Chapter 8: Corporate Pressures & Catalysts
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8.1 - Primary Distress Catalysts _ Maturity Walls (9:18)
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8.2 - Primary Distress Catalysts _ Interest Payments (7:32)
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8.3 - Primary Distress Catalysts _ Covenant Breaches (4:31)
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8.4 - Secondary Catalysts _ Macro Shocks (5:27)
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8.5 - Secondary Catalysts _ Regulatory Shocks (6:23)
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8.6 - Secondary Catalysts _ Black Swan Events (5:34)
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8.7 - Secondary Catalysts _ Credit Market Changes (4:18)
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8.8 - Secondary Catalysts _ Sponsor Behaviors (14:55)
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8.9 - Secondary Catalysts _ Investor Activism (5:10)
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8.10 - Chapter Review (1:46)
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8.11 - Q&A Guide
Chapter 9: In-Court Basics
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9.1 - Bankruptcy Code Basics (5:56)
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9.2 - Chapter 7 vs. Chapter 11 (19:28)
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9.3 - Ways to File _ Pre-Packs (16:27)
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9.4 - Ways to File _ Pre-Arranged (4:25)
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9.5 - Ways to File _ Free-Fall (3:47)
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9.6 - Ways to File _ Involuntary (10:45)
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9.7 - Venue Selection (7:17)
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9.8 - First Day Petitions & Motions (14:37)
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9.9 - Creditor Committee Formations (2:27)
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9.10 - Key Bankruptcy Provisions Used (14:51)
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9.11 - DIP Financing (14:13)
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9.12 - Section 363 Sales (15:56)
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9.13 - Yellow Case Study (12:03)
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9.14 - Thirteen-Week Cash Flow Forecasts (2:19)
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9.15 - Chapter Review (2:42)
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9.16 - Q&A Guide
Chapter 10: Plan of Reorganization
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10.1 - The Plan of Reorganization (12:51)
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10.2 - Voting Requirements (9:16)
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10.3 - Cram-downs _ Cram-ups (12:05)
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10.4 - Exit Financing (5:01)
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10.5 - Rights Offerings (29:55)
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10.6 - Pros and Cons of Bankruptcy (6:34)
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10.7 - United States vs. U.K. Bankruptcy (5:52)
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10.8 - Chapter Review (2:47)
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10.9 - Q&A Guide
Chapter 11: Out-of-Court Restructuring
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11.1 - Out-of-Court Basics (32:27)
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11.2 - Credit Agreement Key Provisions (17:59)
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11.3 - Amend & Extend (6:27)
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11.4 - Debt-for-Debt Exchanges (8:09)
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11.5 - Debt-for-Equity Swaps (8:45)
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11.6 - Debt Repurchases (9:03)
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11.7 - Asset Sales (10:08)
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11.8 - New Financing (16:16)
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11.9 - Historical Out-of-Court Transactions (2:22)
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11.10 - Chapter Review (2:35)
Chapter 12: Liability Management Exercises
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12.1 - Introduction to LMEs (9:12)
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12.2 - LME Key Definitions (12:15)
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12.3 - Uptiers (21:07)
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12.4 - Drop-downs (17:46)
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12.5 - Double-dips (21:40)
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12.6 - Triple-dips (16:18)
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12.7 - Pari Plus (8:09)
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12.8 - Extend & Exchange (7:35)
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12.9 - Sponsor Down-tier Tactics (26:36)
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12.10 - Review of LME Transactions (2:26)
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12.11 - Cooperation Agreements (29:15)
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12.12 - Disqualified Lender Lists (5:26)
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12.13 - LMEs and Litigation Risk (4:56)
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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)
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13.2 - Defining Distressed Debt (4:04)
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13.3 - Distressed Trading Overview (7:19)
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13.4 - Collateralized Loan Obligations (7:41)
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13.5 - CLOs Historically vs. Today (9:43)
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13.6 - Default Trends (5:24)
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13.7 - Distressed Investors Specialization (3:34)
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13.8 - Chapter Review (1:44)
Chapter 14: Distressed Investing Frameworks
Chapter 15: Valuation in Restructuring
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15.1 - Valuation Introduction (4:13)
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15.2 - Desktop Valuation Overview (1:07)
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15.3 - Discounted Cash Flows (4:52)
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15.4 - Trading Comps (9:35)
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15.5 - Precedent Transactions (4:21)
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15.6 - Negotiated Valuations (13:03)
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15.7 - Market Based Valuations (7:03)
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15.8 - Legal Arguments in Valuation Fights (4:33)
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15.9 - Chapter Review (1:50)
Chapter 16: Accounting Issues in Restructuring
Chapter 17: Structural Subordination
Chapter 18: Constituents' Motivations & Negotiations
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18.1 - Debtors' Motivations (8:11)
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18.2 - Creditors' Motivations (13:29)
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18.3 - Equity Holder Motivations (3:38)
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18.4 - Role of Trade Creditors (3:27)
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18.5 - Value of Blocking Positions (2:07)
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18.6 - Creditor Committees in Negotiations (6:55)
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18.7 - Negotiation Strategies in Cram-downs (5:38)
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18.8 - Chapter Review (1:28)
Chapter 19: Modeling and Restructuring Case Studies
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19.1 - Modeling Case Study (69:34)
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19.2.1 - Restructuring Proposal Case Study (Prompt) (4:55)
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19.2.2 - Restructuring Proposal Case Study (Detailed Walk-Through) (47:23)
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19.2.3 - Restructuring Proposal Case Study (How to Present) (11:18)
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19.3 - Serta Deep Dive (Uptier) (38:02)
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19.4 - Pluralsight Deep Dive (Dropdown) (26:17)
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19.5 - Trinseo Deep Dive (Double-dip _Pari-Plus_) (36:04)
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19.6 - Spirit Deep Dive (Triple-dip) (30:02)
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19.7 - American Tire (In-court LME) (47:42)
Chapter 20: Conclusion
