Lev Fin vs RX
This may be a stupid question, however, what is the difference between Lev Fin and Restructuring...?
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It is a stupid question. "Restructuring" is a hateful dogwhistle used by the extremist left in order to infiltrate corporate boardrooms with the gay, radical liberal agenda. Shadowy & violent paramilitary organizations such as Soros Fund Management and the ACLU have been using this "restructuring" as a Trojan Horse since the 90s. They will remove all of the most experienced and sharpest white, male board members and insert transgendered NPCs with rainbow-hair who will preach ESG initiatives and diversity hiring at the expense of the company. From the inside is where the radical left destroys companies, just like they are doing to our country.
But we wont let them anon, we will take our country back
restructuring is quite literally restructuring or “right-sizing” a company’s capital structure. Generally the company is in distress with its debt and equity trading a low market values. Rx bankers help these companies find solutions to either 1. maximize the returns of creditors with a creditor mandate or 2. keep a company afloat and put it in the best position possible out of a restructuring situation with a debtor mandate. Rx consists of both in court and out of court restructurings and can consist of exchanging notes for new notes, restructuring notes, etc. Traditional Rx is only performed by EBs due to conflict of interest (happy to talk about that if you don’t understand)
Some banks that are known/good for Rx: PJT, Evercore, Lazard, Moelis, Houlihan Lokey
LevFin is more broad in the sense that they work with companies outside of investment grade credit ratings and assist them with a range of things such as an M&A or LBO transaction or (where some banks LevFin team performs as a strictly capital markets team) helps underwrite, price and place debt (of companies with high yield credit ratings) on the markets.
Some examples of LevFin groups that focus on both the M&A/LBO AND Underwriting/Pricing: BofA and JP Morgan
Some examples of LevFin groups that focus strictly on underwriting, placing, structuring: GS and MS
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