Jul 01, 2012

Restructuring process

What is the restructuring process like??

What are the steps and why?

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14 Comments

andyinsandiego

14y

Distressed Debt Analysis by Moyer

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gammaovertheta

14y

andyinsandiegoDistressed Debt Analysis by Moyer

just finished a rotation in distressed debt. I'll confirm that this is the most widely recommended reference for information on restructuring. Every person on my desk knew the book stone cold

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Cries

14y

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).

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maczack113

12y

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)

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kidflash

12y

maczack113
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)

also covered in moyer's book. has a whole chapter on just the process.

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maczack113

12y

Thanks! Do you happen to work in restructuring industry as well?

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1 reply

oreos

12y

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.

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"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper

kidflash

12y

Oreos
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.

the fighting part was super interesting from what i've seen. credit hedge fund guys have some spectacular tempers.

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oreos

12y

kidflash Oreos:
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.

the fighting part was super interesting from what i've seen. credit hedge fund guys have some spectacular tempers.

People have been known to walk out of meetings 5mins in.

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"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper

Bullet-Tooth Tony

12y

Best Response

Oreos kidflash: Oreos:
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.

the fighting part was super interesting from what i've seen. credit hedge fund guys have some spectacular tempers.

People have been known to walk out of meetings 5mins in.

Give us moar! I would enjoy to read one of these stories.

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Authored by: Certified Investment Banking Professional - Executive DirectorCertified Investment Banking Pro

APAE

12y

kidflash Oreos:
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.

the fighting part was super interesting from what i've seen. credit hedge fund guys have some spectacular tempers.

You can say that again.

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I am permanently behind on PMs, it's not personal.

South Sea Tulip

12y

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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Authored by: Certified Private Equity Professional - 2nd Year AssociateCertified Private Equity Pro

Xanatos

12y

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Authored by: Certified Corporate Finance Professional - ManagerCertified Corporate Finance Pro

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Restructuring process

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Restructuring process

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