Summer Analyst Interview - Restructuring
Anonymous interview candidate in New York
Interviewed:
February
2026
Date Submitted:
May 11, 2026
Outcome
Declined Offer
Interview Source
Employee Referral
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Group Interview
Skills Test
Personality Test
Background Check
Interview
Applied through a networking contact and was contacted by HR about 1-2 weeks later to schedule the first round. The process was technical and focused on accounting, valuation, restructuring concepts, and fit. Interviews were conversational but detail-oriented, with analysts and associates pushing on 3-statement accounting, debt waterfalls, capital structure, enterprise value in distress, Chapter 11 basics, liquidity, cash burn, and why RX over traditional banking. The process included an initial screen, multiple technical interviews with junior bankers, and final conversations with senior bankers focused on judgment, communication, and genuine interest in restructuring. The people came across as sharp, professional, and demanding, with a lean and intense culture. My advice is to know accounting cold, understand distressed situations practically, and be ready to discuss recent restructuring deals intelligently.
Interview Questions
Question: Walk me through how you would evaluate a distressed company’s liquidity runway.
Response: I discussed beginning with cash on hand, revolver availability, near-term maturities, cash burn, working capital needs, covenant pressure, and whether the company had enough liquidity to avoid a filing or needed restructuring support.
Question: How does enterprise value change when a company is distressed?
Response: I explained that EV may trade below total debt, making equity potentially worthless, and that valuation becomes more focused on creditor recoveries, cash flow durability, and where value breaks in the capital structure.
Question: Explain a debt waterfall in a restructuring.
Response: I walked through secured debt first, then unsecured creditors, subordinated debt, and equity, with recoveries based on priority, collateral, enterprise value, and negotiated outcomes.
Question: Why restructuring instead of M&A?
Response: I said RX is more legally, financially, and strategically complex because you are solving capital structure problems under pressure, often with distressed stakeholders and limited liquidity.
Response: I discussed beginning with cash on hand, revolver availability, near-term maturities, cash burn, working capital needs, covenant pressure, and whether the company had enough liquidity to avoid a filing or needed restructuring support.
Question: How does enterprise value change when a company is distressed?
Response: I explained that EV may trade below total debt, making equity potentially worthless, and that valuation becomes more focused on creditor recoveries, cash flow durability, and where value breaks in the capital structure.
Question: Explain a debt waterfall in a restructuring.
Response: I walked through secured debt first, then unsecured creditors, subordinated debt, and equity, with recoveries based on priority, collateral, enterprise value, and negotiated outcomes.
Question: Why restructuring instead of M&A?
Response: I said RX is more legally, financially, and strategically complex because you are solving capital structure problems under pressure, often with distressed stakeholders and limited liquidity.
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