Hedge Fund In House Interview

Have an in-house interview coming up with a credit fund in which I will get 3 hours to complete a case study. Any of you all have advice on how to go about building a model for something of this nature? While 3 hours is quite a bit of time, I imagine it could go pretty quickly if you need to get to know a new company and build a full model/valuation for it. What would you focus on and where would you go lighter on the detail? Would you still try to build in quarterly forecasts? Any advice in general from someone who has been through something similar?

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