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Buyside (Fam Office, Direct Investing MM) ---> Rx (Offer on Table) Make Sense?
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
2018 best RX shops on the street?
Curious about best perceived restructuring shops on the Street. Maybe in terms of deal flow, current momentum, exit ops, pay. Any perceptions are appreciated.
Switching from 'Industrials' to 'Restructuring'.
Hey! So, a bit of a background - I'm a soon-to-graduate engineer that's currently looking at MSc in Finance programs in Europe to get into IB . Reasons? Initially, it was the money, but after diving deeper into the field, I've discovered that the work is pretty interesting too. I know that life...
Evercore Restructuring Summit
So a few other kids from my school and I just got accepted to Evercore's Restructuring Summit. Has anyone attended a similar even in the past? Did this lead to an interview, or was it simply to become more familiar with the bank?
Alvarez & Marsal Restructuring
I've done some research on A&M's restructuring group here and elsewhere, but wanted to get input from other members here. My understanding is that the restructuring business is top notch, and has a reputation for great work. Base pay seems below average, but the bonuses can be significant. As with...
Accept Sales Internship at BB even when wanting to move into M&A?
Hi guys, I'm a masters student at a European target school and have a gap year coming up. Got these 6-months opportunities for the first half: 1) Got a BB Structured Products Sales offer in Frankfurt 2) Got M&A at a dutch bank (midsized) in Amsterdam 3) Have a Restructuring Offer at a Big4 (mainly...
How common is it for firms to restructure governments? Is there one firm that gets most of these mandates?
Hey everybody, I know PJT was providing restructuring services for Greece. Are there any firms in particular that specialize in restructuring on governments, particularly in developing nations? How common are such mandates?
Equity fund -> Rx banking -> Credit fund?
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PCG - Buy, Sell or Hold
Today it was made evident that PCG secured a $5.5B DIP Financing from JPM , BoA , Citi and Barclays... I was under the impression this meant chapter 11 was a done deal.. but the stock price (+12.5% at time of writing) indicates otherwise. Might there be any restructuring experts who can share some...
Rothschild NY Rx vs Evercore Rx vs Lazard Rx?
Recently got a SA position in Rothschild in NY . Most likely will place into Rx. Since their co heads just left, was wondering if it is still good? If I’m looking at distressed (Oaktree)/ traditional (Carlyle, KKR) PE or credit trading (GSO), should I try to re-recruit? Thank you so much!...
Restructuring - Communities?
I've been reading the forums here, using the search, and following general news sources but I am not familiar with a forum that is specific to restructuring. Can anyone recommend a forum/community similar to WSO that is more specific to the restructuring/turnarounds space?
RX Groups in Chicago?
Simple question - what boutiques have restructuring groups in Chicago? I know many are headquartered in NYC , but I am curious who has sizable offices in Chicago, and what kind of exposure/deal flow they have. Thanks
Restructuring / Distressed Companies
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 the restructuring process would be of great...
Covenant lite/covenant none
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 companies that are inherently healthy...
Top Restructuring practices in London
What are the top restructuring groups for London in 2018? Heard that Lazard and PWP had taken a hit. Have any of these firms produced recent exits to turnaround/loan-to-own firms (Oaktree, Ares etc.) in Europe recently?
Choosing between NYC & Dallas
Hi monkeys, I would appreciate any advice you guys might have in helping me decide on where to start my career. One offer that I received for full time is for a smaller group in a national accounting firm doing bankruptcy/restructuring work. The environment is very positive and I felt very welcome -...
Houlihan FRG HK/SG Office Off-cycle internship
Hey guys, So about a week ago I applied to Houlihan FRG HK /SG office's off-cycle internship (which is a 3-6 months internship that starts this June). I was expecting to hear back from them around this time, but it still says "under consideration" on their website. Has anyone heard back from them...
Restructuring course worth it?
Hi I am very interested in restructuring and am unsure how to better learn the materials for interviews. I am debating on purchasing the Wall Street prep course but was wondering if it is worth it? Or does anyone have any restructuring models that they might be willing to share with me so I can...
McKinsey Restructuring & Transformation
Hi, I recently wrapped up my third year at a turnaround/restructuring consulting firm (Alix, Alvarez, FTI). I’m happy where I am. A McKinsey recruiter reached out to me last week about interviewing for an open Associate position in their Restructuring & Transformation ( McKinsey RTS) practice. Has...
Any info on Millstein & Co.?
Hello All, Thanks for chipping in your thoughts on my last thread. This is a similar post but for Restructuring at Millstein & Co. The information for Millstein on WSO seems to be a bit outdated (the only recent comment was regarding the tier it was in for restructuring and how they are expanding...
Private equity firm Permira to buy Duff & Phelps for $1.75 billion
Where is this firm headed? They have built an extensive IB /Restructuring practice in last one decade and have been well placed in the league tables. Can anyone talk about the opportunities and how things are for real?
PJT RRSG Interviews for SA?
Was just wondering if anyone had any insight into PJT RRSG interview selections and interviews? How do they find kids to interview? How do I get my foot through the door there? How to prepare? What to read?
Ducera Interview Process
Hi guys, I wanted to ask if anyone has gone through the interview process for Ducera; if so, any information would be greatly appreciated regarding the nature of first-rounds and superdays (e.g. technical v. fit) as well as qualities they seem to be looking for in candidates. Thank you
Value Break Analysis | Restructuring
Hey - I have seen the concept of "value break" analysis tossed around when looking into restructuring. Does anyone have a technical example of this (i.e., with numbers / quick math), or a good explanation of this? I have an interview tomorrow and would greatly appreciate any guidance. I have...
Advice for Breaking into Rx Banking
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Difficult Summer Internship Choice
Hi everyone, I am a freshman at a target school on the West Coast intending to major in finance, and hoping to land a good investment banking internship junior year. For reasons I won't get into I sort of missed the boat on summer recruiting in the fall (not that most freshman have much luck), but I...
Question about debt restructuring
Assume a company has 500K of senior debt trading at 50%, and 250K of sub debt trading at 20%. Therefore, the market value of each is 250K and 40K, respectively. According to BIWS, this also means that creditors expect to recover 50% of the senior debt and 20% of the sub debt. Why is that so? If ALL...
Goldin Associates - Rx banking?
Anyone heard of this firm? Looks like they're a well-regarded RX consulting firm but they just hired a banker who used to run Lazard RX and was a partner at Millstein to run their RX banking practice. Would rly appreciate any comments! Am currently working for a consulting shop and would eventually...
Lateral Hire: Passed the take home Case Study - Now What?
I have been in the work force for about a year (2015 grad) and am seeking to move laterally into an analyst position within the restructuring group at a well respected boutique. I participated in a phone screen and was asked to complete a take home case study a few weeks later. A few days after...
Priming a Promote?
Hey guys, in private equity, what does it mean for an operating partner to priming their promote? I've heard this used with regards to a GP partner who is entitled to a promote under the JVA. The phrase was used when talking about the GP making a lower cost member loan to the venture, or with...
MM IB to EB RX?
I work at MM IB in a generalist program and have been here about 1 year. Overall, I think the work is very interesting with a good amount of modeling and I feel pretty competent with my work, but I want to switch into a specific group rather than a generalist program. I worked on a RX deal in the...
Top Restructuring Groups 2016
I know this has been discussed before. BX , LAZ and HL lead the pack. Lately, there has been some senior banker musical chairs in the restructuring space and I was wondering how people would rank the tier 2/3 Rx practices at banks. Rothschild, Jefferies, Greenhill, Evercore, Millstein, Miller...
Ducera Partners (RX Shop)
Anyone familiar with these guys? (http://ducerapartners.com/). My understanding is that it's a bunch of ex-PWP partners--led by Michael Kramer--who broke off to form their own firm last year. They seem to have already secured some pretty big gigs, including representing creditors in the PR fiasco....
Debtor vs Creditor Restructuring: What Is Better?
Hi guys, I will be working as an SA in Rx at PJT/LAZ/ HL . I have read bitter battles about Debtor vs Creditor but am hoping to have one thread that clearly articulates the strengths, weaknesses, and potential winner for the two different assignments. Secondly, just because I am curious, do these...
Loughlin Management Partners + Co.
Hey guys, Been a while since I've posted anything on here. I was wondering if anyone had any info/insight on the restructuring firm Loughlin Management Partners + Co? It's a small restructuring firm in NYC with only about 30-35 people (most restructuring groups are lean to begin with anyways), but...
RX vs M&A at a NY boutique
I'm starting full-time this summer at a boutique with solid M&A and RX franchises and wanted to get some info and advice before training starts. The firm is pretty well known ( Evercore / Moelis / Lazard / Greenhill ) and I have the option of going with either M&A or RX . I did not summer at the...
Big 4 RX vs lazard, rothschild, HL RX
Whats the difference between in Big4 restructuring and restructuring team from Lazard , Rothschild , HL & other specialized IBs? I noticed the big4 have dedicated restructuring teams, and the job description includes items like (formal insolvency work; financial restructuring; operational...
How is Houlihan Lokey Restructuring compared to BX (PJT) and Lazard?
I'm a sophomore and I wanted to learn more about the top firms in US restructuring. How does HLHZ compare to PJT and LAZ in terms of experience, culture, and exits? Thanks.
First round Interview at PJT (BX) RSSG and HL RX
Does anyone have some insights into what top RX groups' first round interview look like at associate level? Are they different than general boutique banking interviews (some fit + difficult technical)?
Top RX Exit Opps
Hi all, Recently accepted an offer for SA at PJT/ Laz / HL in a group that includes RX . Interested in exit opps a few years down the road. I know distressed HF / PE are very popular and feasible from all three, but what about traditional PE? PJT and Lazard have more traditional M&A exposure for...
Restructuring - Advice
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 courses I could take? Any help/advice is much appreciated - thank...
Breaking into Restructuring, Non-Target Undergrad
Top restructuring groups include the following (correct me if I'm wrong) Blackstone Lazard Houlihan Lokey Evercore Greenhill Perella Weinberg Moelis Rothschild Jefferies Questions: 1: In order to get into restructuring groups at these banks, is there a separate recruiting process, or do you just get...
Importance of Pre-MBA experience in Post-MBA associate recruiting
I missed the boat on banking out of undergrad and joined an FLDP program and now work in FP&A at a Fortune 100. I’ll be applying to MBA programs this year, and I’m interested in associate positions post-MBA. How hard is it to get into a good firm from a Top 15 (but probably not Top 5) MBA...
Valuation vs. Restructuring vs. Transaction Advisory Services vs. Financial Due Diligence
Can someone provide a high level overview of the similarities and differences between the following service areas of financial consulting: Valuation, Restructuring (consulting), Transaction Advisory Services, and Financial Due Diligence? I know the Big Four has a pretty strong grip on all of these,...
Q&A: I'm a London-based Distressed Debt Analyst
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-control) space but given the drought of opportunities (in...
Consultant Ding in Future?
Hello, I am currently working as a consultant (1 year out of college) at a top restructuring consulting firm and I'm looking to get into PE . I can do all the modeling and financial analysis, however I have heard that I should go back and restart as an Ibanker not just to get into the funnel but...
Turnaround/restructuring consulting --> distressed/deep value investing?
It seems like the general consensus is that folks move to, or are capaable of moving to p/e following a stint in a operational consulting role. Is it unreasonable that this could lead to a deep value, distressed, or micro/nano-cap investing role for public equities? Thanks for taking the time.
Best Restructuring teams in London
For the European monkeys out there; Which teams seem be doing best in the restructuring space nowadays? Am I correct in assuming that these are mostly HLHZ , BX (or PJT already?), Moelis, Lazard and maybe Rothschild? Will BX restructuring guys stay after merger with PJT? Which of them seem to be...
How to identify recently bankrupt companies?
Right now I'm searching for companies in distressed situations and have filed for protection. Time is of essence. I was wondering if anyone knows how to track updates on bankruptcy filings? I don't want to miss anything in the US and Canada.
Restructuring in Canada vs U.S.
Hi all, I'm interviewing for a FT off-cycle restructuring banking gig based in Toronto, Canada. I understand U.S. restructuring in terms of what the process is for chapter 7 and 11 (12,13)... but is it the same in Canada, in terms of the general idea of a specific chapter. For example, chapter 7 US...
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