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  2. Hello monkeys, I wanted to get an impression on the best restructuring experience in London in terms of skill building and exit opps. I assume that specialist programs like Evercore/ HL /RS prep analyst better for distressed roles than generalist places l ...

    25 comments4 Jun 2018 -

  3. Have lurked on WSO on-and-off since pre-crisis days. Reading the material on here helped me get my first internship- time to give back. Happy to answer anything and everything. Quick background below.- Beginning third year as investment analyst at a $5B e ...

    100 comments27 Apr 2014 -

  4. I did 1 year at one of the top restructuring shops (BX, HL, Moelis etc) and then moved on to a credit fund. I've been here for 1.5 years and love every minute of it. We've historically focused on the distressed/special sits (control and non-cont ...

    70 comments22 Dec 2014 -

  5. Hi guys, I am a first year analyst at a BB, and I have grown more interested in distressed securities hedge funds and distressed private equity. It looks like the work would involve both value investing style analysis and dealing with, at times, complicat ...

    49 comments11 Apr 2017 -

  6. Hi all! I was curious to learn more about the debt fund or direct lending recruitment process, if it's on the same timeline as PE, and what to expect in the process. Currently, I'm at a BB group that specializes in underwriting leveraged loans ( ...

    9 comments26 Aug 2019 -

  7. Hi, what book (books) would you consider a must-read for anybody who is planning to buy a distressed business and try to bring it back to life? (I am aware that real methods can come just from experience, but any sources that will provide some insight on ...

    12 comments20 Mar 2018 -

  8. New account for this one. Curious how many credits / investments you cover, ie currently invested in? What is a normal range per analyst. How does it differ per strategy? Distressed/ HY /Leverage Loan/CLO/IG/equities? Also does it differ based on industry ...

    19 comments17 Sep 2015 -

  9. Anyone have any thoughts on Miller Buckfire as a firm? Typical datapoints (ie comp, lifestyle, exit opps, etc) and/or any other relevant comments would be greatly appreciated. Thanks. distressed restructuring Miller Buckfire Restructuring Offer distress S ...

    21 comments22 Apr 2016 -

  10. Hello fellow monkeys, Out of curiosity, which one are the best RE funds in Europe at the moment? And also, what special situations/ NPL funds are there in Europe? I was thinking along the lines of BX RE Debt, Cerberus but not many other names come to mind ...

    10 comments5 Apr 2018 -

  11. It is fairly common for the unsecured debt holders to end up controlling the equity as part of a restructuring. Does this ever happen with small companies? Can <$1m EBITDA companies access the unsecured credit market to begin with? Do small, local busi ...

    19 comments29 Jul 2011 -

  12. What's the word on this hedge fund run by Paul Singer? They seem almost as secretive as Rentech. Anyone who has information to share- I would appreciate hearing it. Thanks... hedge fund distressed ...

    20 comments1 Apr 2009 -

  13. Fellow monkeys, I'm a banking analyst here in London and I am trying to make up my mind on which route I want to go down post-banking. Unlike many others I haven't really hated my time in banking as I have learned a ton and worked with great peo ...

    10 comments24 Feb 2015 -

  14. Megafund Credit Arms

    Private Equity

    What is the general reputation, pay, culture, exit ops, etc. of the credit arms of megafunds i.e. Sankaty, TPG Credit, KKR AM, etc.? Looking for information on a pre-MBA associate role. Any help or insight is much appreciated. hedge fund credit distressed ...

    12 comments30 Apr 2013 -

  15. Hey Everyone, I'm interested in learning about the 13-Week Cash Flow model that is used in turnaround/distressed situations. Does anyone have any good resources? I'm going to be interviewing for a role in our distressed group and I'm going ...

    12 comments28 Dec 2008 -

  16. I'm preparing for an interview with a REPE Debt Fund (hence my prior posting regarding this topic). I was curious to know what types of financial models are typically used. The folks I'm interviewing with typically purchase portfolios of distres ...

    9 comments7 May 2014 -

  17. What do you guys think about working in distressed M&A sector as your first internship into the IBanking sector? Is it a good learning experience or is it too specific? distressed ...

    9 comments30 May 2010 -

  18. Hi, I might have an opportunity to go to a distressed debt HF but have many questions on this as very unfamiliar w debt investing (I come from a traditional BB IBD analyst background) Do you still look at the industry? Try to anticipate trends? Do some qu ...

    8 comments12 Jul 2012 -

  19. Deleted_Deleted

    Hedge Fund

    Deleted distressed ...

    7 comments1 Feb 2015 -

  20. DCM To....

    Investment Banking

    Hi Guys, Had some queries for people who are experienced in this area of expertise. I am a first year analyst at a top BB (think MS/ GS etc.) and I work in DCM within the high grade sovereigns team. While initially interested in this sort of work, I have ...

    8 comments11 Apr 2011 -

  21. Does anyone know anything about Aurelius? The only things I've found on them is that they're $2bn AUM and they're involved in the Ambac situation. I saw that someone asked about them earlier this year, but no responses. hedge fund distresse ...

    7 comments10 Mar 2017 -

  22. What are these interviews like? Specifically, if there was a modeling test, what kind would it normally be (straight 3-statement, PE-type LBO, or restructuring type)? If it's more restructuring / credit related, can someone shed some color on what th ...

    7 comments21 Sep 2012 -

  23. Distressed debt models

    Investment Banking

    I am looking for a distressed debt model. Any help appreciated to locate a model that is available on line. If not a on line link, I would be happy to get any written material or book that can outline a working distressed debt model. Thanks for your kind ...

    7 comments25 Feb 2010 -

  24. Hi Looking for very good restructuring shops a la SVP- anyone working in similar shops (distressed / turnaround PE) and can share experience? Thanks distressed restructuring turnaround ...

    6 comments11 Nov 2014 -

  25. I watched an interview of George Schultze who says his company maintains a database of companies that they track into distress. In one post from Distressed Debt Investing he describes poring over any and all bankruptcy dockets 1) out of interest but 2) as ...

    5 comments14 Sep 2017 -

  26. I have spent the past several weeks looking for opportunities with credit funds (both performing and distressed). With little to no progress made, I think I need some advice on how to find opportunities, gain traction, land interviews, etc. Thanks in adva ...

    6 comments19 Jul 2011 -

  27. Advice on Choosing Offers

    Investment Banking

    Hi all, I am currently in a position where I am choosing from some offers, and I would like some advice from the community to help me decide which one would be the best to choose. The first offer is for an analyst position at a PE Fund of Funds that has o ...

    6 comments8 Jan 2009 -

  28. I posted this on the restructuring group forum but I might as well get everyone's opinion: I noticed that most of the MDs at places like HLHZ and Close Brothers had backgrounds in law or accounting. Seeing as I graduated last Spring, an analyst stint ...

    6 comments7 Jan 2009 -

  29. I do not expect to get an answer to this, but you never know so i'll test how small the world really is! One of my favorite sites is Distressed debt investing, Does anyone on here know who is the guy running it? Needless to say bananas and lot's ...

    5 comments28 Jan 2012 -

  30. Restructuring Recruiting

    Investment Banking

    Background in distressed debt investing. In at top B-school. Looking to recruit for restructuring boutique and wondering how recruiting for these shops differs from the BBs. Also any thoughts on what the demand is from these shops as the economy is beginn ...

    5 comments27 Apr 2010 -

  31. Hey y'all I was accepted to a top MSRED program (MIT/Columbia/Cornell). I have a few years of work experience at a boutique development shop doing some pretty unusual/interesting developments in the US and Japan. I recently read Moyer after a friend ...

    3 comments10 Apr 2019 -

  32. Cyrus Capital

    Hedge Fund

    have an interview coming up with one of the partners for a position in distressed. i got the basic info from their website (employees, AUM, strategy, etc). anyone have additional information such as culture, track record, etc? thanks. distressed ...

    4 comments29 Jan 2018 -

  33. All- wanted to get your take on where I can learn more about investing from a debt standpoint. Read the Moyer distressed debt book and although it is great, wanted to gain more insight to what debt investors think about vs. equity, not just distressed but ...

    4 comments1 Dec 2012 -

  34. I'm looking to join associations, clubs or the like focusing on corporate restructurings, distressed investing, high yield and so on. Would appreciate people's recommendations! distressed restructuring clubs Salary ...

    4 comments11 Nov 2011 -

  35. Hello everyone, Europe has been seeing the emergence of covenant lite/covenant none financing since 2011/2012, maybe even longer and I was wondering what this will mean for the distressed investor. Since many of distressed for control plays are based on c ...

    3 comments20 May 2018 -

  36. Restructuring- Advice

    Investment Banking

    Hey Everyone, I was wondering if you all had advice on how to prepare for a summer internship restructuring role. I'm going to try to read Moyer's "Distressed Debt" book, but are there any other tips you have? Are there any online cour ...

    3 comments17 Nov 2015 -

  37. Hey guys- I'm an MBA at Wharton right now. I want to end up at a distressed hedge fund but did not do banking before (been in finance before but not i banking). How good are my chances of being able to make a move to a distressed hedge fund after wor ...

    3 comments23 Oct 2014 -

  38. How common is it for analysts at distressed PE shops (think Apollo or Cerberus) to move to a HF at the end of their two-year stint? Are they limited to distressed-focused HFs, or can they move to L/S, event-driven, and other types of funds? From what I� ...

    3 comments17 Apr 2016 -

  39. I am looking into a possible temp to perm position at an investment firm as a junior distressed loan closer. Would I be able to leverage this experience to get a distressed debt or leveraged finance analyst role? Loan closer seems more of an MO position; ...

    3 comments30 May 2013 -

  40. Hi Everyone, I'm trying to understand how to find the fulcrum security for a distressed company and unsure where it is. I'm doing this for a PE distressed debt fund that wants to take ownership of the firm after bankruptcy. I understand the more ...

    3 comments29 Aug 2012 -

  41. Which option would you choose if you wanted to have better exit ops to hedge funds and top MBA chances. 1) BB Restructuring Group- does internal advisory on distressed situations. 2) Private Equity Real Estate Fund = about 12 ppl, make mezzanine investmen ...

    3 comments7 Jan 2012 -

  42. Hi all, I'm a final year master's student based in Europe who's just received a return offer for a European BB Lev Fin group. I like the space a lot, and really like my team and think this would be a good place to begin a career. The catch ...

    2 comments29 Aug 2019 - Prospect in IB-M&A

  43. Japan Distressed Investing

    Investment Banking

    All: Don't mean to exploit a bad situation, as my heart goes out to those affected in Japan. However, I stood prudent while friends made money on past events such as Greece, Ireland, etc. When and where to put money in Japan? trading Banking sales di ...

    3 comments15 Mar 2011 -

  44. how hard is it to learn distressed debt? my goal is to go to a distressed/special situations hedge fund, and i' m in ER right now. ER doesn't really prepare you for this so i wanted to see what thoughts people had. [let me preempt anyone who say ...

    3 comments9 Mar 2011 -

  45. Might be unconventional, but it's a generalist M&A /Restructuring Assoc offer in NYC from a boutique. Background: I graduated w BS from a target and spent <1yr at an m&a boutique, then 2-3yrs at a private investment vehicle of a family off ...

    2 comments28 May 2019 -

  46. Does anyone have any insight on this group? There seems to be little to no information out there apart from their website. Topics of interest include mandate, performance, comp, hours, etc. Carlyle distressed special situations private equity Salary ...

    2 comments20 Oct 2018 -

  47. I'll be on an rx deal team by the Summer. Cap stacks for days, apparently. Any insight would be great regarding credit agreements, To be specific, does anyone know how to search for credit agreements via SEC? Is there a specific filing type or are th ...

    2 comments1 Mar 2018 -

  48. Distressed

    Hedge Fund

    Hello everyone distressed ...

    2 comments16 May 2015 -

  49. Hi guys: I was wondering if someone could comment on the differences between doing distressed debt/private credit type of investments in UK/London (or other EMEA centers?) VS in the US please? I'm very interested in this space, and was wondering how ...

    2 comments2 Nov 2014 -

  50. I wasn't entirely sure where to ask this but is there much of a market for distressed natural resource investors? By that I mean opportunistic investors in farmland, timber, mining etc... PE firms, vulture funds, commodity traders? Anyone know of goo ...

    2 comments18 Jan 2014 -

  51. Does anyone know if Apollo invest in distressed debt/distressed for control situations out of their credit fund or PE fund? I think they have like $60+bn in credit. I know they've invested in portfolio company debt like Lyondell and Realogy, and that ...

    2 comments30 Sep 2013 -

  52. I'm currently in a really shitty group at a Middle Market IBank. Not in New York, New York hours and shitty compensation... ...

    2 comments14 May 2011 -

  53. Hi, I recently posted a thread regarding offers, and I would like to ask for more advice from the community. I am currently deciding between a PE fund of funds (> $18 bn AUM) and a distressed mortgage buyer. People wrote that the distressed mortgage fi ...

    2 comments15 Jan 2009 -

  54. Does anyone have the updated year-to-date league table for restructuring/distressed debt? Really curious to know if anyone is having a stand-out year so far? restructuring distressed No Yes 449859 465930 439207 84089 59445 ...

    1 comment2 Sep 2019 -

  55. I've got to decide which direction I'm going to take, & when it comes to hedge funds, I'm most interested in things that fall under the credit side--special situations, distressed debt, & activism (I know that's not exclusively ...

    1 comment30 Apr 2019 -

  56. Hi everyone, what funds do controversial distressed situations in Europe? I am thinking about debt to equity swaps, CDS plays (like the one GSO did where they forced covenant breach and collected on the CDS), loan to own etc. I am thinking about Oaktree, ...

    1 comment17 May 2018 -

  57. WSO Restructuring Modeling

    WSO Product Reviews

    Hi, anybody can give feedback on WSO Restructuring Modeling course? Any other suggestions that you would have to get some knowledge, particular books that are a must-read for restructuring / distressed? Thanks! resturcturing distressed WSO courses ...

    1 comment18 Mar 2018 -

  58. Does anyone have any info on Tenex Capital Management? From what I can find, looks like there an operationally focused distressed PE shop started by a few Cerberus guys. Any info on the firm in terms of types of investments/culture/reputation would be gre ...

    1 comment1 Sep 2017 -

  59. Hi everyone: I'm an incoming student at a W/C/Booth type MBA program with previous experience in debt and VC outside of US. Pre-MBA, I'd like to seek a pre-MBA internship with a distressed PE /activist fund in US through school networks (my unde ...

    13 Feb 2017 -

  60. Colheadlin's blog needs payments from KRG rapidly, cash WILL run out at some stage in 2015, even with 10/12 million per month- beware. distressed oil E&P GKP LN Gulf Keystone ...

    4 Feb 2015 -

  61. Hi fellow monkeys: I graduated from college in 2012, and was wondering if I can seek your advice on how I can transition into a PE role at a decent platform please? I knew I liked investment due to the intellectual aspect, but was not very clear on what k ...

    7 Jun 2016 -

  62. Hi everyone, I have an hour in-house modeling test and an hour in-person interview for Bayside coming up (First round). I was wondering if anyone has been through this process and knows what to expect? Thanks a lot in advance. bayside capital distressed I ...

    14 Mar 2016 -

  63. http://www.aliexpress.com/item/The-Art-of-Distress... distressed restructuring distressed M&A ...

    1 comment27 Jan 2015 -

  64. Hi guys, I'm trying to value a $1bn bank loan (due 2016) of a privately held company and I could use some help here (yeah..marketing background...). This loan is currently trading at 60c (the company's EBITDA is ~$50m) I'm assuming I have t ...

    1 comment3 May 2014 -

  65. Is anyone familiar with the "creation value" concept in distressed valuation? Ie. if the current capital structure is 500 senior secured term loan, and 500 of unsecured subordinated notes. Say you purchase the notes for $0.50 on the dollar. Ofte ...

    1 comment13 Oct 2012 -

  66. For joining a distressed hedge fund focused upon investing in Asia: would a IBD analyst role (involving say 80% IPO, 20% M&A deal experience) a distressed debt trading analyst role have the upper hand in applying for an investment role with the fund? ...

    1 comment3 Jan 2011 -