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Restructuring - What is it? (Originally Posted: 01/20/2007)
In applying to boutique banks that specialize in mergers & acq. , and RESTRUCTURING - what exactly does that role entail.
From what I gather, it includes bankruptcy situations, and guards the firms against times of economic downturn where M&A would be sour...
Can anybody shed some light on what restructuring is, and what an i-Banker's role within it would be?
From my understanding, restructuring has to do with talking to the creditors when the company is in bankruptcy. The banker may try to re-arrange or consolidate the debt obligations.
Generally, "restructuring" refers to advising a company in distress. However, can also advise the creditors of a company in distress. Usual solutions include M&A, debt for equity swaps, refinancings, or chapter 11.
When I was interviewing at HLHZ, they said their restructuring group dealt a lot with the legal side of things as well (bankruptcy court, etc.). I figured there would be lawyers to deal with this kind of thing.. How does the banker add value, and do they "get the deal" by having the company declare them as an advisor?
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