JPM restructuring
Does JPM have a designated restructuring groups and if so what name would is it under?
If they do, is it hard to get into the RX group?
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No. Bulge brackets don’t have Rx groups due to conflicts of interests syndicating debt. The closest thing would be either LevFin or a workout banking group. Maybe something with ABLs or DIP financing.
JPM actually does have an RX practice - it sits within LevFin. They focus more on the lending side of the restructuring.
I feel like that might not be true RX. I think they just call it rx because they advise on loan syndications for distressed situations.
What exactly is true RX? If you mean in the sense of strategic advisory to the company, then no it's not "true RX". As An2 commented many firms cannot provide those services due to conflicts of interest.
Sorry meant to reply to other comment
True RX is when they have the capability and willingness to guide a company through a traditional in-court Chapter 11 process. Or even out-of-court or pre-packaged cases. BBs can certainly help with some debt amending amending and refinancing, but they don’t get involved in true RX
Bulge brackets don't have RX advisory businesses. They only have financing arms that focus on DIPs.
I currently work in JPM’s restructuring team and have been in the seat for some time now. As it relates to the thread, some of these responses are accurate and others are not entirely correct so I’ll chime in to clarify. Source: I really do work in the group and apologies in advance if I wrote too much
For starters, the group sits within Leveraged Finance and is simply another sub vertical within the broader product group. It’s a smaller team comprised of -10-13 people, which is about half the size of the industry specific origination groups that make up the remaining bit of JPM Leveraged Finance.
From a work perspective, we focus primarily on financings for distressed issuers (i.e. DIPs, Exits, Rescue Financings, Exchange Offers, Distressed M&A, Difficult Refinancings; etc..), but also do work on a fair bit of regular-way deals as well. The best way to think about it is if a deal requires an extra push to get it over the finish line, then typically we’ll be involved.
Contrary to what was said in a previous comment, we do in fact act as a restructuring advisor in certain situations as long as the stars can align. For us to be an advisor however, it must be in a situation where we have no existing exposure to the credit and therefore are viewed as unbiased. Because at JPM we have such a wide credit platform as well as a plethora of other security service offerings (i.e. hedging), more often than not we will have some sort of exposure to any given credit, thus conflicting us from advising. With that being said, you will definitely get restructuring advisory experience on this team, but just remember that the work we do is primarily focused on new financings.
As for the work itself, if you compare the work we do in restructuring vs. the work of the regular way leveraged finance origination groups, you’ll find that our analysis tends to be much more quantitative and technically focused vs. just editing term sheets all day.
This was just a small bit, but happy to follow-up if any specific questions come to mind.
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