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April 30, 2024
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Can you please tell where you would place Duff and Phelps RX? They have been involved in a couple of big transactions including Lehman (as bankruptcy examiner's advisor) and Delphi. Also they seem to have acquired good RX companies in US and UK. In totality, they have grown a lot in last one decade. Any thoughts?
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Not a real contender. They don't win any big mandates. Can't say from personal experience, but overall a crappy practice.
What are resources to learn those modelling skills?
Unique and technical dependent on situation and how messy it is, can't really foresee it or prep for it. That's why debtor rx groups (pjt/laz/evr) look for the smartest kids they can find since you normally don't make intense / comprehensive models on creditor side.
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Agree. The kids who go into Laz RX aren't the top kids going into restructuring. The practice is completely driven by strong MDs with strong relationships.
Evercore RX is small but hires incredibly bright kids.
I've worked briefly with an associate in restructuring to help him through an lbo model. Considering that experience, I'd say there isn't much on the side of cash flow modeling. The "modeling" skill set is probably closer to those used within ABL/Work-out (i.e. asset coverage, advance rates, capital tranches, etc.)
Most modelling consists of complex lbo models including different capital structure options. Cash Flow modelling itself is important to determine liquidity under these options but less for valuation purposes.
Under some instances EPM (Entity Priority Models) can be of some importance to determine the effects of a bankruptcy, though I would be surprised if that was to come up in an interview as it is quite specific.
Hope this helps.
Modeling in restructuring is generally not lbo models. Usually, it's building recap models, waterfall models, etc. You might build out a DCF and comps if you're valuing a company that just filed for bankruptcy (you'd find this, usually along with a liquidation analysis, at the end of the disclosure statement).
Although not really "modeling", you also build a lot of cap tables and debt schedules.
Questions about restructuring modeling (Originally Posted: 01/02/2018)
Hey guys,
I'm currently an analyst at a no-name boutique shop focusing on fairness opinions and capital raises. I got an interview for a boutique restructuring/turnaround firm. The analyst I spoke with mentioned a modeling exam being a part of the interview. Do any of you guys know what a restructuring modeling exam consists of?
not too sure but if you wanna study up i think the moyer restructuring guide is good. someone posted it on here as a pdf in the past, might be worth checking out. glhf
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