Looking to Trade / Review Restructuring Case Studies (Associate-Level Prep)

Based on the most helpful WSO content, here are some actionable insights and resources to enhance your preparation for associate-level restructuring interviews:

Key Areas to Focus On:

1. European Restructuring (RX):

   • Dive into Stephen Moyer's Distressed Debt Analysis for a comprehensive understanding of the bankruptcy system and debt mechanics, which is particularly relevant for European RX.
   • Explore recent European distressed situations via resources like DebtWire, Reorg Research, and LCDComps. These platforms often provide case studies and insights into real-world scenarios.

2. Capital Structure Analysis & Creditor Recoveries:

   • Practice building cap tables and understanding the capital structure of distressed companies. This is a fundamental skill in RX.
   • Use Houlihan Lokey's case study (available online) for a detailed walkthrough of creditor recoveries and waterfall modeling.

3. Post-Reorg Equity & Plan Feasibility:

   • Focus on modeling scenarios that test the feasibility of reorganization plans. This includes analyzing post-reorg equity structures and ensuring compliance with covenants.

4. Liquidity Runway & Covenants:

   • Develop downside scenario models to assess liquidity runways and covenant breaches. This is a critical skill for RX professionals, as highlighted in WSO threads.

5. Distressed M&A:

   • Understand the intersection of M&A and restructuring. RX bankers often work on distressed sales and capital raisings, so familiarize yourself with these processes.

Additional Resources:

• Distressed Debt Investing Blog: While technical, it offers valuable insights into valuation and investing in distressed companies.
• YouTube Series on Restructuring: A highly recommended 11-part mini-course that provides a high-level overview of key concepts in restructuring.
• Networking & Informationals: Reach out to professionals in RX groups for insights and potential case study swaps. Being proactive can also help you secure referrals.

Case Study Exchange:

If you're looking to trade case studies, consider joining forums or groups where RX professionals and candidates share resources. Platforms like WSO or LinkedIn groups focused on restructuring can be great for this.

Good luck with your preparation! If you need further guidance or specific resources, feel free to ask.

Sources: How to Prepare for Restructuring Technical Questions, https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1, Switching from 'Industrials' to 'Restructuring'., Wharton kids favor restructuring/distressed investing?