LevFin vs Restructuring (and creditor vs debtor)
(Baboon, 104
Points)
on 8/16/12 at 5:25am
Hey everyone,
Just wondering what the general view is on restructuring at one of the top 3 vs Levin at a BB?
Interested in the differences between the amount you learn, type of exit opps, worklife etc.. any thoughts?
Also, people often talk about HL being creditor focused and bs /laz debtor focused - what would that mean for the day to day job? I assume more legal stuff on the creditor side and industry analysis on the debtor side?
Cheers all





Surely someone has a view on
Surely someone has a view on this..?
http://www.wallstreetoasis.co
http://www.wallstreetoasis.com/forums/blackstone-r...
Is this a joke?
Is this a joke? Restructuring, 1000/1000 times. Lev fin isn't technical work at all in my experience. Maybe it is at JPM & BAML since those places are so highly touted on this site, but i doubt it. Those are just the biggest players in lev fin...Seriously doubt they are responsible for any of the modeling
FernandoTorres9: Is this a
Is this a joke? Restructuring, 1000/1000 times. Lev fin isn't technical work at all in my experience. Maybe it is at JPM & BAML since those places are so highly touted on this site, but i doubt it. Those are just the biggest players in lev fin...Seriously doubt they are responsible for any of the modeling
Depends where. Not all levfin groups are the same.
Agree not all LevFin groups
Agree not all LevFin groups are the same. Usually a counterpart to the sponsors group, with one generally seen as more legitimate than the other (and it's generally sponsors that's preferred).
In most cases, I agree restructuring will be the better pick, but LevFin at a top firm will in some ways offer you a bit more career flexibility. Restructuring is still somewhat nichey.
The creditor vs. debtor rep question is easy. Always debtor. Debtor's rep is seen as more complex and in the weeds of the company and its assets. Debtor also always gets the first stab at a restructuring plan. Creditor's rep is protection for the lenders.
re-ib-ny: Agree not all
Agree not all LevFin groups are the same. Usually a counterpart to the sponsors group, with one generally seen as more legitimate than the other (and it's generally sponsors that's preferred).
In most cases, I agree restructuring will be the better pick, but LevFin at a top firm will in some ways offer you a bit more career flexibility. Restructuring is still somewhat nichey.
The creditor vs. debtor rep question is easy. Always debtor. Debtor's rep is seen as more complex and in the weeds of the company and its assets. Debtor also always gets the first stab at a restructuring plan. Creditor's rep is protection for the lenders.
Don't completely agree with this either. These days, a lot of implemented plans come from the creditor side as sponsors have no interest in putting in new money in many of their 2007 era boom deals and you don't really learn much from a loan amendment/extension. At the end of the day, it depends on the deals you were staffed on.
traditionally, debtor side is
traditionally, debtor side is known to be more hands on. the lines are blurring now, as more and more BRs are pre-packed.
very few true restructuring groups out there and they are likely all more technical, better experience than any levfin groups. you do get branded as a distressed guy pretty quickly though because it is so technical.