Restructuring Literature
Does anyone have any suggestions on good books/sites/other sources to check out for reading up on restructuring?
Thanks a lot.
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i asked the same question, Distressed Debt Investing by Moyer was recommended.
..I have yet to pick it up.
Picked it up last week. Its a good book to get up to speed on the industry and the process. I think the latter half of the book is more related to distressed investing and discusses certain strategies.
Here you go. You can preview the book on Google.
http://books.google.com/books?id=-PPDHicEq2cC&printsec=frontcover&dq=di…
Nice introduction to restructuring:
http://www.hlhz.com/library/bsttcacs.pdf
.
Restructuring of distressed companies (Originally Posted: 12/04/2014)
Do you have any suggestion on a text related to restructuring of distressed companies? I'm looking for one with sound fundamentals with advanced topics on debt restructuring. I'm aware of Moyer's "Distressed Debt Analysis" and Whitman's "Distressed Investing"
"Creating Value Through Corporate Restructuring" by Gilson is somewhat more advanced / contains a lot more real-world examples than a book like Moyer. If you haven't read it yet then you definitely should read Moyer because it is your basic intro, required reading on restructuring/distressed. The Gilson book is case-study based so it's most helpful once you've read something like Moyer.
Another resource that has a lot of more advanced discussion is the Distressed-Debt-Investing website. Not many posts these days because the guy runs a pay site (Reorg Research) but if you dig around and read a lot of the material from back in the financial crisis, you can learn a lot. A lot of case-based discussion on some of the critical concepts. For example on fradulent conveyance:
http://www.distressed-debt-investing.com/2009/11/fraudulent-conveyance… http://www.distressed-debt-investing.com/2011/06/advanced-distressed-de…
I would also add Margin of Safety to that list
I'll just copy you.
http://www.distressed-debt-investing.com/2009/06/distressed-debt-readin…
DDI reading list. Plus, down in one of the side bars on the right, they have a primer for reading credit agreements.
I've included them in my reading list. Thanks!
Bankruptcy Investing, by Ray. Probably about the same level as the Gilson book.
Havent read the Gilson one, though. Will take a look
Moyer is definitely a must read to nail down the basics and I second the Gilson book so definitely go check that out.
Thanks! The reading list is good!
WHAT RESTRUCTURING LITERATURE DO YOU RECOMMEND TO BREAK (and excel) INTO THIS FIELD? (Originally Posted: 02/07/2009)
Hi Patrick and others,
As I have become very interested in the restructuring practice in the last year I decided to join this group. I am going to try to break into one of the top groups after the upcoming summer. I know I have my chances (good grades at european target + 2 M&A internships at BB) but I feel clueless about the technical side of the job and I would like to get a deeper understanding of the general picture. My question relates to which of these books do you recommend (if you know others please feel free to increase the list):
•Distressed Debt Analysis: Strategies for Speculative Investors. Stephen G. Moyer (I know this one is good...) ISBN-13: 978-1932159189
•Distressed Investment Banking - To the Abyss and Back (Hardcover) Henry F. Owsley and Peter S. Kaufman ISBN-13: 978-1587982675
•Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition. Edward I. Altman (Author), Edith Hotchkiss (Author) " ISBN-13: 978-0471691891
•Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups by Stuart C. Gilson ISBN-13: 978-0471405597
•Chapter 11 Business Reorganizations: For Business Leaders, Accountants And Lawyers by Myles H. Alderman Jr ISBN-13: 978-1598004137
•Corporate Restructuring: John J. McConnell ISBN-13: 978-1843767275
•Restructuring and Workouts by Ben Larkin (I can't afford this one)
•Other books that describe the subject like: "Valuation, Mergers, Buyouts and Restructuring" by Enrique Arzac and "Mergers, Acquisitions and Corporate Restructuring" (Patrick A. Gaughan)
P.D. Note that I'm sort of a freak when it comes to prepare for jobs/interviews (two years ago I studied like a fool Damodaran's "Investment Valuation" for an unpaid internship...)
honestly, i haven't read any of those and just learned on the job. I would read anything that will give you some perspective of the legal side. ie classes of debt, voting rights, overall process, etc.
I work for a bankrupt company in their Corp Fin and after talking with HLHZ and Alix Partners about crossing into restructuring the first book both rec'd was "Ten Cents on the Dollar" by Sidney Rothbers. Said it was an easy read and exposed all aspects of the restructuring process.
I recently ordered this book. I've read about half of it in the last couple of days. It is very easy to understand and is also pretty short (under 200 pages, small pages, large font). As far as I can tell, it doesn't really get into the banking side of restructuring/bankruptcies. It focuses on the lawyer, accountant, and creditor relationships to each other and to the bankruptcy process.
I still think its a good introduction to the bankruptcy process if you have little background knowledge, as I did.
I'll be done with the book in another couple days and would sell it in NYC at a discount to the Amazon price if anyone else is interested.
What book are you going to read next? I just ordered Ten Cents two days ago from Amazon or I would be interested.
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