So, I have a second round interview coming up this week. For all of you out there in restructuring, what can I do during the interview to set myself apart?
Any comments or suggestions would be greatly appreciated!
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Have you read any of Moyer, Whitman or the Houlihan case study that you can find online?
How soon is your interview?
No, but I've read other case studies. I've been brushing up on my financial statement analysis and valuation quite a bit. The interview is this Wednesday.
Been interviewing w/ a few firms in restructuring as well PM me if interested in questions etc.
If you send pms we can chat by phone for a few.
http://www.hl.com/library/bsttcacs.pdf
Try to absorb what you can from that case study. Not much else you can do though...I wouldn't expect an analyst I was interviewing to know too much about restructuring anyways, so any knowledge that you can show is a plus. Just know why companies sometimes need restructure.
Good luck.
This is a fantastic case study. Does anyone have any more they can post?
Restructuring Interview at Boutique (Originally Posted: 08/04/2011)
Hello all, I may have an upcoming interview in a Restructuring and Turnaround firm. The recruiter hasn't told me the name of the firm yet. I have read different threads, about being familiar with Ch 11, Ch 7 Bankruptcy, The HLHZ Case study, Capital Structure, Types of Debt and seniority, but .. I am looking to get a better idea of what types of questions they will specifically ask and any other topics I might be missing. Your help is appreciated. Assume I have 3 years of accounting/consulting experience, but no restructuring background.
Any other general restructuring advice is welcome.
Thanks.
Restructuring is a different animal from what you've likelly been exposed to. It's a combination of legal, acounting, and corporate finance. All the rules and nuances can be daunting to keep straihg tin your heard.
Here is how best to prepare: Read stephen moyer's book on restructuring.
http://www.amazon.com/Distressed-Debt-Analysis-Strategies-Speculative/d…
For free resources check out distressed-debt-investing.com.
Word of caution - it actually requires some background knowledge - so it wont make sense to you fully unless you read the moyer book. Also, it is focused on buy side investor opportunities (but this is actually the best way to really understand the whole picture).
From an interview prep standpoint - make sure you understand working capital issues (i.e. ahead of a BK, why does AP spike, etc?) and brush up on credit analysis - specifically debt structures and priorities. Moyer covers both, but if you dont want to spend $$ you can probably learn this stuff online via google searches.
I bought Moyer's book yesterday. Thanks.
I also bought Altman's Corp. Financial Distress & Bankruptcy.
I appreciate your help.
Can anyone speak to how rewarding a career in restructuring is? including financially rewarding? Or is it more of a stepping stone for something else?
Thanks
bump...
Restructuring Help (Originally Posted: 06/14/2012)
Hi all,
I've got an interview coming up in a few weeks with a financial restructuring firm.
I'm hoping to soak up as much knowledge as possible about what a firm like this does, in detail (and in both the cases of advising debtor and creditor), and what the typical responsibilities of an Analyst are. Any industry primers for restructuring would be extremely helpful.
Also, I know there will be a case... That said, I am hoping you guys can shed some light on what I can expect. I am pretty comfortable with DCF and LBO modeling. Should I be expecting a traditional LBO? I'm thinking it will be more difficult than that. I'm looking to find a practice case or hopefully someone can describe what type of modeling takes place at a firm like this.
THANK YOU!!!
Hey buddy - I worked 3 yrs in restructuring, feel free to PM me and I'll get you my skype. Happy to talk more about my experience, I worked mainly on creditor side ch. 11s but a few debtor deals here and there and the odd distressed M&A.
Modeling is all about valuation, but usually not that complicated - the M&A guys' models were more complex. Just do your comps and DCF really well. Recovery modeling is tougher (interco loans etc.) but you'd not be expected to know anything about that. Almost embarassed to say I never once did an LBO during my time - it wasn't usually relevant - I've since taught it to myself with the WSP pkg.
If you know the concept of 'absolute priority' you'll have a big leg up. If you search for 'fulcrum security' in WSO I give an outline of an example short case that demonstrates impairment etc. and gives some flavor of what it's like to work a case.
Responsibilities are similar to that of any IB analyst - running the excel, making pitches, doing research, valuation, being the perfectionist who spots the messed up footnotes, managing all the docs/data room, keeping everything organized and generally knowing everything about the deal so when your MD calls you with crazy questions, you know all the crazy answers.
Let me know when you're interviewing so I can gauge, I'm currently traveling but I'll do my best to get you in.
Best of luck frgna
Awesome run down. Do you have any Rx models you think an EB would ask in a case study? I have one coming up in 2 days. I'd be willing to swap my current Rx models, thank you!!
MM Debt Restructuring Firm Interview (Originally Posted: 10/28/2010)
Hey guys, hope all is well. Have an interview coming up with a MM Firm that provides debt financing or recapitalization of mid market companies. I am not sure how to go about preparing for this- I am a senior undergrad. Thanks again!
Heres a basic description of everything:
The analyst position involves structuring, negotiating, closing and monitoring complicated private debt transactions. Analysts are expected to support the firm’s loan/debt origination activities by assessing transaction quality and will play an instrumental role in portfolio management assisting senior portfolio managers in the monitoring and management of risk in the Commercial Loan portfolio. Some of the Analyst’s day-to-day activities include:
Significant client contact, including top tier private equity sponsors, banks, and hedge funds Detailed financial modeling In-depth due diligence on a company’s business, industry, financial plan, management, and equity sponsor Determination of risk rating and analysis of risk/return for NewStar investments Analysis of monthly reporting presentations from Borrowers including verification of covenant compliance Participation in investment committee and portfolio management meetings with senior/executive management Participation in meetings with institutional investors in larger, syndicated transactions.
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