Applied to Lazard restructuring, waiting to hear back. Out of curiosity, how deep should my rx knowledge be? Feel like that would be some portion of the technical interviews, so I'm wondering how familiar I should be. I spoke with an associate, but he/she wasn't sure how it's done for undergrads.
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Based on the most helpful WSO content, when applying for a role in Lazard's restructuring team, it's important to have a solid understanding of the basics of restructuring. Here's what you should focus on:
Excel Modeling Skills: You should be proficient in Excel modeling, particularly in liquidity projections, analyzing complicated capital structures, and understanding their projected cash flows. You should also be able to pro forma capital structures for new scenarios and calculate recoveries by tranche/holder.
Capital Structure Analysis: Have a basic understanding of how to analyze capital structures. Know how to read a company's entity org chart, understand where each tranche of debt sits, whether it's secured or unsecured, and what it's secured by. Be familiar with different baskets of debt and what incremental leverage is available through these baskets.
Bankruptcy Process Knowledge: Understand the basics of the bankruptcy process, including first/second day hearings, the role of a stalking horse, DIP loans, and the general flow of Chapter 11 proceedings.
Technical Questions: Be prepared for technical questions that may include topics like PIK interest through the three statements, asset write-downs, how a DCF would differ for a distressed company, and the enterprise value for a distressed company.
Qualitative Understanding: Show that you understand the dynamics of restructuring, including the types of out-of-court restructurings, the Chapter 11 process, cram downs, and the roles of different stakeholders in a restructuring scenario.
General Analyst Habits: Demonstrate good analyst habits such as thoroughness in checking your work, asking questions when you don't understand something, and maintaining a positive attitude.
Remember, while deep technical knowledge is important, showing that you have a genuine interest in restructuring and a willingness to learn quickly on the job is also crucial. Good luck with your application process!
Sources: Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, Restructuring technicals and their difficulty, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, Top Restructuring Groups 2019 & Restructuring Questions, Thoughts on Restructuring Groups?
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