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April 30, 2024
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Interested as well
Houlihan has a good case study that they put together for their website a long time ago. I remember when I was first interested in restructuring I enjoyed reading through it. See below for the link.
https://www.hl.com/library/bsttcacs.pdf
If this is the RuffCo one im already familiar with it, thanks for posting though
thank god good ol' slick was taking care of things... classic read
also it was very suspenseful, who would have guessed which investment bank would be brought in?
"In the RuffCo Golf situation, the Company naturally decides to hire Houlihan Lokey (“Houlihan Lokey”) (it is, after all, our case study), an investment banking firm with unsurpassed financial restructuring and distressed company M&A expertise"
but interested as well, bumping thread
Neither primer nor case study but The Caesar’s Palace Coup is a great read. It recounts the Caesar’s Palace bankruptcy and how the distressed HFs Oaktree Elliott and Appaloosa outplayed Apollo.
“Outplayed” is not the right word. Apollo made countless moves to buy themselves optionality and it allowed them to salvage their equity.
Ultimately their original equity was zeroed out. They injected new money as part of the restructuring which became the equity which you are talking about. And when I say outplayed I am referring to Appaloosa largely winning on fraudulent conveyance on the Caesar’s Growth transaction and Elliott with their purchase of default swaps and then forcing bankruptcy through the courts making their swaps pay out. Keneth Liang from Oaktree had some big moments too.
Ultimately it was not the worst outcome possible and their LPs appreciated the effort.
Bankruptcy law primers: here and here. You could also try the restructuring interviews.com guide.
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