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I don't think there's much of a substantive difference. Workout is often used to refer to a particular loan, while restructuring refers to a firm's whole capital structure.
I've heard "workout" used to refer to deals gone south (esp. loans where one party can't pay up) etc. while Restructuring is a whole business line.
Exit Ops from Workout/Restructuring Group at BB (Originally Posted: 03/14/2015)
Anyone know what exit ops are for distressed loan workout / restructuring group at BB? Could this lead to an investment role at a distressed fund or SSG? Thanks.
Also interested. Thanks.
bump
I have seen it done. However, the more common route is to first head to a CRG.
Do you think it's a better move to go to a CRG and then try to move into distressed investing?
(instead of going into a workout group)
I do. Workout groups are not known to be helpful, creative or patient. Therefore, you have a mentality mismatch that develops.
On the plus side, your experience in the bankruptcy and understanding of credit docs is a good selling point.
How do IB restructuring opportunities differ from Big 4 or consulting companies (eg FTI, alvarez etc). Specifically for UK (where I believe Big 4 do drastically different work). From what I gather the consultancies do more operational stuff ? Although the "services" descriptions on all respective websites look the same...
CRG as in credit risk group?
No, as in corporate restructuring group
Workout/Restructuring Groups (Originally Posted: 06/11/2013)
I did some searches, but couldn't find much on internal (not client facing) workout/restructuring groups within banks. Does anyone have any insight into what the day-to-day, hours, compensation and career path for workout groups are? Do you get a good skill set with the possibility of moving to the investing side (mezzanine, distressed, etc.) after a few years or do you get pigeonholed into internal risk management groups?
Thanks
Deleted
Totally depends on bank. For example, advisers in London like working with RBS on the creditor side as they are regarded as good, experienced and purport to have exit opps.
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