First time poster, could use some advice. I'm currently in corporate finance at a F500. I have an interview for an Analyst position with a prominent restructuring group, and I'm trying to understand what to expect as far as technical questions. Those of you in particular with restructuring experience, it would be very helpful if I could get some of your insight - if you were an Associate, what kind of technical questions would you be asking someone of my experience? Thanks in advance everyone.
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explain structural subordination.
explain absolute priority.
explain the differences between x and y credit/fixed income products (TLB vs. HY, for example). when/why might a company want to raise TLA, TLB, HY, converts, etc.
Anyone who understand and can speak to all of the above points would make a good entry level rx analyst, I think.
I interviewed at some restructuring shops, and they were not overly technical, but then again I was interviewing for FT as an undergrad. I remember getting asked questions about bond yields and a lot of brain teasers, but surprisingly very few questions about restructuring itself, but then again, how much could they have expected some dumb college senior like me to know?
my recent lateral RXing interview contained the following:
why would equity have +ve value when out of the money? which lead on to the valuing/describing equity call option, which leads onto knowing the black scholes model, which lead to what can a company do it increase the value of this equity call using the parameters of the BS model.
then i had a lot about CDS trading, how to short bank debt, how to adjust the risk free rate for various scenarios, how to value swaps,
had an in interview case study with given numbers (e.g. this is the EV/EBITDA multiple, this is debt this is equity etc...) , what would happen if x changed, how would you do this (basically a full RXing study), calc FCFF, some conceptual modelling (e.g. how would you run sensitivities, talk me through the excel formula) and some stuff on legal (e.g. selling to a newco)
That sounds pretty intense. Was this for an analyst level position?
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