How can I learn restructuing modelling and case studies?
I'm a finance student looking to complete my dissertation on a restructuring project as it's challenging, interesting but also worth more grades wise. I understand the reason guides are scarce is because restructuring is so scenario specific and so it's hard to follow the playbook.
However, I feel I don't even understand the modelling fully nor how to do the captables. I would really appreciate if anyone had any idea if there were any guides on the basics (something similar to the BIWS guide), where I could practice looking at cases and then figure out what my own dummy company could do.
I tried looking at (restructuring interview dot com) but it seems to be for people trying to interview, whereas I'm looking to learn more and practice modelling (I understand the basic theory thus far).
Any help would be super appreciated and I'd be very grateful.
Thank you!
usually you do a 13 week cash flow statement, and then you take the valuation as it is, and start playing scenarios of debt reduction
for example, secured lenders take only 98% of their debt meanwhile junior creditors get their claims reduced to 40%, this would mean that the company value may be 400 higher as an example. Would they agree? Are they better off than in a normal bankruptcy scenario where liquidation follows the seniority?
what about junior getting equity for their $200 in claims when equity is currently traded at 0.01$. how many bew shares to issue
open any restructuring guide and they'll tell u what usually is done on BX cases and try to model the most traditiona scenarios.
This is amazing - thank you! Any idea which guide you'd recommend?
To dive into restructuring modeling and case studies, here’s a structured approach based on the most helpful WSO content:
Core Resources for Learning Basics:
Technical Skills Development:
Practical Case Studies:
Additional Recommendations:
Hands-On Practice:
By combining these resources and approaches, you’ll build a solid foundation in restructuring modeling and case studies, which will not only help with your dissertation but also prepare you for future roles in finance. Good luck!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1, How to Prepare for Restructuring Technical Questions, Restructuring / Distressed Debt Modelling, What are your favorite restructuring resources?, Law School or Classes for Restructuring IB / Distressed / Credit investing roles
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