Restructuring process
What is the restructuring process like??
What are the steps and why?
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Distressed Debt Analysis by Moyer
Moyer's is good. Whitman also has a pretty new book on the subject that I read, and I think it would be easier for a student to get through (shorter / focuses more on fewer key points).
When you guys talk about Restructuring, do you only refer to financial restructuring? (Distressed Debt?) Usually I'd think of the actual bankruptcy and restructuring process which are done by licensed trustees (chapter 11, chapter 7, etc)
Thanks! Do you happen to work in restructuring industry as well?
Company sees itself slowly drifting towards the waterfall: hires lawyers. Lawyers tell them what's what, oh and that they'll need a financial advisor. Banks in the meantime are blissfully unaware, or hoping things will get better, anything to avoid recognising a write down. Shit, this isn't getting any better, banks bail out like rats. Funds thank their lucky stars and start buying up and formulating a process, a prospective proposal until the covenant is breached or payment defaulted upon.
Finally, everyone gets around a table and fights. Fights for what they think is theirs.
This is the general scheme of things. Depends on the going concern of the business etc and many other things.
Give us moar! I would enjoy to read one of these stories.
I used to work at one of the top restructuring groups and wrote some fairly extensive posts on the restructuring process and what you would be expected to do as an analyst here: http://www.wallstreetoasis.com/forums/restructuring-technicals
Let me know if you have any specific questions, would be happy to help.
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