RX: Different Types of Models
Would it be possible to have a brief overview of the different types of models in Restructuring?
New (1 week) on the job so want to check what experiences others have. So far have heard of:
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entity priority model / debt waterfalls
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recap / refi model
Pleeeeeaaaaase
I've never heard of IBs doing 13 wk CF models over us RX consultants (a&m, AP, fti)
All that balance sheet stuff? Sure
Not to take over the thread, but have you ever considered jumping to the RX IB side of things? Currently an A1 in RX at one of the firms you mentioned above.
nope, i think what we do is much more interesting than IB side of RX. plus my firm also allows me involvement in different teams (private equity group, M&A etc) so lots of learning / experience variety.
sure no doubt we get paid less but im 100% WFH and my partners / MDs are 100% much more chill than everything ive heard about bankers
Former PJTRSSG / HLRx analyst here. Can confirm that happens Rx consultant are not involved in situation unless a 3rd party valuation is needed and 13w is handled by Debtor’s FA
What do you mean by not involved in situation (unless you meant valuation)? Aren't RX Consultants and RX Bankers typically working somewhat together when it comes to things like negotiations with creditors or not really? What would your thoughts be on an A&M RX Consultant looking to jump to an RX IB like HL RX? Feasible or impossible? How about from a lower-tier RX IB like JEF/Piper/Baird? Appreciate any opinions and insight.
13 week CF models definitely handled by the RX consultants; they're the ones doing the actual top line projections etc.
Off the top of my head:
Can you share with us the structure of the bespoke option out of curiosity?
Have an RX modeling guide that I’m happy to send to anyone who needs it. PM me your email.
Interested in the guide, and thank you very much in advance!
Could you send me a PM? Thank you.
Somehow I couldn't send you a message. Could you PM me instead? Thank you!
Hey silver85 it’s not letting me pm you. Interested in some of the models you have, can you pm me?
Hi Silver, would love some of those models - won't let me PM you though
pm me please
Like others have mentioned, when I was in RX IB I did some of the following:
Good luck with the new gig and if somebody is working on something cool you can totally ask them to show you around the model if they have some spare time.
I think this list is fairly comprehensive but would also add that your PF cap structure models can also include showing breakdowns of the different tranches of debt through the various holders. A big part of out of court restructurings is not only looking at the new cap structure, but also how it's divided between the different negotiating parties and what the value / security level / recoveries for each party look like.
Stupid question but what is a PF cap model?
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