Restructuring case study prep
Hi all, I have a take home case study coming up for a RX group and I have 8 hours to complete the case study. What should I expect? Any help is greatly appreciated!
Hi all, I have a take home case study coming up for a RX group and I have 8 hours to complete the case study. What should I expect? Any help is greatly appreciated!
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Know how to build a RX cap table..
Doing the same case study, good luck mate
Hi! I need help on a case study that’s due tomorrow. Can you help me? I’ll pay. PM if you can please
This blog has two examples
Has anyone heard back from this process?
I need help on a case study, can you please Pm me? I will pay. It’s due tomorrow
Haven’t heard anything either
When was your super day?
Also haven't heard back. To confirm is this the same EB in NY process?
Yep, Asso lateral process, which require an 8hr case study. Did you end up getting an invite for Super Day?
Had mine on thursday. Think I dropped the ball so good luck to all of you still in the process.
Nope I'm in the analyst process. May be referring to a different bank or they're hiring across levels
Mostly like we are talking about the same bank (not many banks give you a case study for exactly 8 hours lol) and yes they are hiring analysts and associates
Anyone care to provide general details on the case study? I’m currently recruiting for RX roles and would be interested to learn more for general prep purposes.
Has anyone heard back yet?
Which bank? Mind pm'ing?
Mind PMing the bank?
Have not heard back. Assume it is a rejection...
For what it’s worth I haven’t heard back and thought I did well. Would have to agree after this amount of time that no answer is the answer though
I've never encountered an 8 hour case before (and hope I never do haha), but below are a few of the restructuring case studies I've seen given out in the past. Note that in addition to the below, restructuring groups sometimes give out rights offering cases as well, so you might want to be on the lookout for one of those.
If you have additional questions or want interview prep resources, PM me.
1) Capital Structure Analysis
This is a common case given out by restructuring groups to gauge a candidate's ability to assess potential restructuring triggers. Essentially, you'd be given a Company's capital structure/liquidity profile and would have to provide your take on the Company's financial health and if you think there is an imminent restructuring that could occur.
A good way to practice this is by going to Finviz, then screening by companies whose stock price has declined by ~75% over the past year and have a high debt/equity ratio, then looking up their capital structure in their lastest 10-Q/10-K (Long-Term Debt section of the filing). From there, come up with an initial thesis if you think this company is a promising restructuring prospect or not. Then to "check" your work, search for a credit ratings report by either S&P or Moody's on the Company. You can find S&P reports via CapIQ ("Credit Research" section, filter "Type" by "Research Updates" to find the latest report) and you can find Moody's reports by just googling the Company's name and then "Moody's". From here, check what S&P/Moody's call out (e.g., do they specifically say this company is likely to be restructured and provide details on how the situation came to be, or do they say the company has plenty of liquidity and could refinance easily, etc.).
2) Exchange & Recap Offer Case
This case would test your ability to model debt-for-debt and debt-for-equity scenarios into a model. You'd be given an excel with a company's capital structure and financials (could be just a financial summary or all three statements, depends on the case) and a brief descriptions of the debt-for-debt and debt-for-equity scenarios. Usuaully, the debt-for-debt scenarios will be replacing existing debt with new debt (most likely structured as a discounted exchange) and the debt-for-equity would just be deleveraging via an equity offering with less than 100% participation.
You happen to have any debt recap models? Or am I good just working through LBO’s?
Yeah, I have a model, PM me and I can send it over.
For context, it is basically an LBO model without the returns analysis, and then mid-way through the projection period you'll need to remove a portion of one piece of debt and then add in a new debt line item. For debt-for-equity, you'll remove the debt and then would convert that into an equity value based on the information given in the case.
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