Hi all,
I have a restructuring interview coming up and I want to be as prepared as I can going in. Any resources you an recommend would be much appreciated!
Thanks
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Read through Distressed Debt Analysis & the Houlihan Case Study. Best two resources by far.
Thank you! I'm working through the HL case study. Actually a pretty interesting read!
Know about leverage ratios, types of debt (senior, unsecured, subordinated, mezz, etc.) and study up on EV types of questions. I had a first round with an RX shop and it was very debt focused.
Yep and to add onto that know basic bond math. YTM vs CY, how to calc 1-yr HPR if you know the YTM and Coupon, etc.
I don't think bond math knowledge is necessary in an RX interview, beyond price and yield being inversely correlated. They work w debt but they don't price bonds.
Thanks a lot! What kind of legal info should I know beyond the difference between chap7/11 bankruptcy
Is this an internship interview? What type of position is this for?
Know that most restructurings are Ch 11, Ch 7 is worst case scenario.
pretty simple
chapter 7 - liquidation, past the point of reorganization, can be for singular assets or entire company
chapter 11 - in-court reorganization, likely to cause major disruption to business op's regarding relationship with vendors and key customers, able to suspend mandatory debt payments while going through this process, able to qualify for DIP debt which takes highest priority in the capital structure (this is what Toys R Us is going through right now)
RX Interview Prep (Originally Posted: 04/30/2018)
Hi all,
For RX interviews, what should the preparation look like? Before someone says it, I am aware Distressed Debt Analysis by Moyer is the go-to, and I have the book. However, the book spends a lot of time talking about the investor's point of view. From an RX interview standpoint, what chapters/concepts should be read in-depth, given a time constraint? Obviously, Chapter 3 on conceptual overview of the restructuring process seems to be useful, but what else could come up?
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