Wall Street Prep – Corporate Restructuring

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Wall Street Prep – Corporate Restructuring

Corporate Restructuring

Learn the central considerations and dynamics of both in- and out-of-court restructuring along with major terms, concepts, and common restructuring techniques. Includes 2 Bonus Courses: Restructuring Modeling and Restructuring Primer for Junior Bankers.

Understand the Restructuring and Bankruptcy Process

Step-by-Step Video and Real Case Studies
Using real case studies and a step-by-step approach, you will learn the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques.

Taught by Experienced Restructuring Instructor-Practitioners
This is the same training program Wall Street Prep delivers to restructuring groups at some of the world’s top investment banks. It is taught by former investment bankers who have worked on high-profile corporate restructuring deals.

What You Will Learn

COURSE 1: UNDERSTANDING CORPORATE RESTRUCTURING

The Restructuring & Bankruptcy Framework

• Explore the various factors that lead to financial distress.
• Learn how to impute asset values based on market prices for a company’s equity and debt trading levels.
• Connect the concept of reorganization value to more traditional valuation concepts like enterprise value.
• Understand priority of claims.
• Learn how inter-creditor agreements, secured vs unsecured, maturity and corporate structure all play a role in restructuring outcomes.
• Explore how the competing motivations and interests of the stakeholders in restructuring all impact the process.

Valuation & Recovery Analysis and Distressed M&A

• Dive deeper into common analyses, including valuation based on management projections, liquidity analysis, a recovery waterfall, and potential equity value post emergence.
• Learn how restructuring fits within a variety of strategic alternatives for firms under distress.
• Understand the mechanics of credit bidding and 363 sales
• Model valuation and capital structure scenarios and the impact on recoveries to the various creditors.

BONUS COURSE: RESTRUCTURING MODELING

Model some of the most challenging aspects of a bankruptcy, including:

• Working capital reclassifications such as critical vendors/AP.
• DIP financing, borrowing base and availability calculations, adequate protection payments.
• Balance sheet roll-forward schedules that maintain a consistent link structure to the cash flow statement and increase transparency.
• Fees, rejection claims and CODI.
• Model recoveries at various operating scenarios.
• Construction of a recovery waterfall that can accommodate scenarios that deviate from the absolute priority rule.
• Using conditional formatting and Excel’s native date formulas to sensitize for different filing and emergence date scenarios.
• Avoiding circular references in the model while maintaining model integrity.
• Incorporating best practices for error-proofing, auditing, and model efficiency.
• Understanding how Fresh Start Accounting affects the model.

BONUS COURSE: DEMYSTIFYING RESTRUCTURING INVESTMENT BANKING

• For incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge.
• Restructuring IB process overview.
• Learn the skills you’ll need early in your IB career.
• Walk through the analyses and modeling-related techniques used by early-career IB analysts and associates using a case-study.
• Assumes little to no prior knowledge of restructuring.

Who is This Program For?

• Restructuring Investment Banking Professionals
• Distressed Debt Investors
• FP&A and Corporate Finance
• Turnaround Consultants & Advisors
• Private Equity Professionals
• Anyone interested in corporate restructuring

What’s Included

Understanding Corporate Restructuring
Using real case studies and a step-by-step approach, learners will be introduced to the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques. Learners will explore the various factors that lead to financial distress and how to impute asset values based on market prices for a company’s equity and debt trading levels and connect the concept of reorganization value to more traditional valuation concepts like enterprise value.

Introduction to Corporate Financial Restructuring
1. A Simple Example
2. Course Downloads
3. Growth Equity Raise
4. GAAP Vs Market Balance Sheet, Part 1
5. GAAP Vs Market Balance Sheet, Part 2
6. GAAP Vs Market Balance Sheet, Part 3
7. Characteristics Of Debt
8. The Party is Over: Financial Distress, Part 1
9. The Party is Over: Financial Distress, Part 2
10. Quantifying Insolvency
11. Restructuring Introduction Review

Restructuring Plan Basics
12. Options Under Distress
13. In-court Vs Out-of-court Restructuring, Part 1
14. In-court Vs Out-of-court Restructuring, Part 2
15. In-court Vs Out-of-court Restructuring, Part 3
16. Out-of-court Restructuring Recovery Analysis, Part 1
17. Out-of-court Restructuring Recovery Analysis, Part 2
18. Restructuring Plan Basics Review
Understanding Priority & Recovery Analysis in Restructuring
19. Treatment Of Claims
20. Priority Of Unsecured Claims
21. DIP Financing
22. Summary – Priority Of Claims And Recovery Waterfall
23. Recovery Waterfall Scenarios, Part 1
24. Recovery Waterfall Scenarios, Part 2
25. Other Restructuring Concepts
26. Castex Recovery Waterfall Example
27. Unallowed Claims Section
28. Restructuring Plan Revisited, Part 1
29. Restructuring Plan Revisited, Part 2
30. Restructuring Plan Revisited, Part 3
31. How Stakeholders May React To The Restructuring Plan
32. Priority & Recovery Analysis Review

Valuation
33. Role Of Valuation In Restructuring
34. Recovery Analysis With Different Valuation And Debt Capacity
35. Collateral Valuation
36. Distressed Debt Investor Perspective
37. Valuation Review

Priority – Additional Considerations
38. Determinants Of Priority: Collateral
39. Determinants Of Priority: Inter-creditor Subordination
40. Determinants Of Priority: Inter-creditor Subordination Exercise
41. Determinants Of Priority: Maturity Of Claim, Part 1
42. Determinants Of Priority: Maturity Of Claim, Part 2
43. Determinants Of Priority: Open Market Purchase Of Debt
44. Determinants Of Priority: Maturity Of Claim Additional Considerations
45. Determinants Of Priority: Corporate Structure, Part 1
46. Determinants Of Priority: Corporate Structure, Part 2
47. Protection Against Structural Subordination
48. Covenants
49. Substantive Consolidation
50. Equitable Subordination
51. Priority – Additional Considerations Review

Plan Confirmation
52. Plan Of Reorganization
53. Plan Approval Must Meet 4 Tests
54. Plan Confirmation Review

Vanguard Natural Resources
55. Vanguard Background
56. Vanguard DIP, Part 1
57. Vanguard DIP, Part 2
58. Vanguard DIP, Part 3
59. Liquidation Analysis
60. Vanguard Projections And Valuation
61. Fulcrum Security
62. Proposed Plan
63. Estimated Recoveries
64. Estimated Recoveries Review
65. Plan Feasibility

Additional Topics
66. Credit Bidding And Stalking Horse10:28
67. Vanguard Resources & Additional Topics Review

Restructuring Modeling
This course is designed to teach restructuring and bankruptcy modeling to students and professionals pursuing careers in restructuring, bankruptcy and distress. Using the Borders bankruptcy as our primary case study, we begin with an overview of the restructuring and bankruptcy framework. Then we will learn to build an advanced bankruptcy model from scratch, incorporating bankruptcy specific elements like DIP financing, the creation of liabilities subject to compromise, working capital drivers, cancellation of debt income, and Fresh Start accounting.  We conclude the course with valuation analysis and a recovery analysis, where we will layer various valuation scenarios onto the model to analyze possible recoveries to the various creditors.

Chapter 1: Restructuring Primer
1. Course Downloads
2. Restructuring Overview, Part 1
3. Restructuring Overview, Part 2
4. Restructuring Overview, Part 3
5. Restructuring Overview, Part 4

Chapter 2: Restructuring Modeling Program
6. Introduction
7. Model Structure
8. Model Structure, Part 2
9. Inputting Historicals
10. Forecasting the Income Statement
11. Forecasting Working Capital
12. Forecasting Property, Plant, and Equipment (PP&E)
13. Forecasting Goodwill and Financing Fees
14. Forecasting Accounts Payable
15. Forecasting Accounts Payable, Part 2
16. Forecasting Accounts Payable, Part 3
17. Accrued Liabilities and Other Long Term Liabilities
18. Lease Rejection Claims and Professionals Fees
19. Cleaning up the Balance Sheet and Income Statement
20. Debt Introduction and Modeling Prepetition Term Loans
21. Modeling the Cash Flow Statement
22. Modeling the Prepetition Revolver, Part 1
23. Modeling the Prepetition Revolver, Part 2
24. Modeling the DIP Revolver
25. Referencing Debt Related Forecasts into the CFS
26. Valuation and Debt Capacity
27. Sources and Uses of Funds
28. Modeling the Priority of Claims Waterfall
29. Exit Revolver
30. Debt Reinstatement
31. Modeling the Equity
32. Completing the Model
33. Additional Topics: Fresh Start Accounting
34. Additional Topics: The Thirteen Week Cash Flow

Demystifying Restructuring Investment Banking for Incoming Analysts and Associates
This course is designed for incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge. It provides an in-depth overview of restructuring and identify the skills you’ll need in the early days of your restructuring IB career. We begin by introducing the restructuring process as well as common pitchbook and financial analyses in restructuring IB. From there, we take more in-depth look at the analyses and modeling-related techniques utilized by analysts and associates early in their restructuring banking careers. This course assumes little to no prior knowledge of restructuring. Less

Demystifying Restructuring Investment Banking for Incoming Analysts and Associates
1. Introduction and Agenda
2. Overview of IB Restructuring Groups and Role of the Analyst Associate
3. Course Downloads
4. High Level Capital Structure Review
5. Overview of Absolute Priority
6. Comparison of Corporate Levered Debt Alternatives
7. Restructuring Case Study Introduction Arch Coal Industry Dynamics
8. Arch Coal Situation and Restructuring Overview
9. Arch Coal Capital Structure (Pre Bankruptcy)
10. Overview of Frequently Utilized Credit Statistics
11. Capital Structure Analyses in Excel
12. Review of Initial Discussion and Next Steps
13. Forecasting Liquidity and Building Initial Assumptions
14. Building Free Cash Flow Projections
15. Building the Debt Schedule and Credit Statistics
16. Wrap Up Free Cash Flow Projections
17. Revisiting the Arch Coal Restructuring Case
18. DIP Financing Discussion
19. Why Invest in the Arch Coal DIP
20. Excel Analysis of Arch Market Implied Asset Value Post Emergence
21. Excel Analysis of Potential First Lien Lender Recovery
22. Arch Coal Restructuring Plan
23. Sourcing Capital Structure Inputs from Public Filings
24. Sourcing Capital Structure Inputs from Market Data
25. Capital Structure Presentation
26. Using the Long Term Debt Footnote to Build the Cap Table in Excel
27. Arch’s 1st Lien Debt: Credit Facilities & Term Loan
28. Arch’s 2nd Lien Notes
29. Arch’s Unsecured Notes
30. Cap Table and Presentation Conclusion
31. Demystifying Restructuring IB Review

Course Highlights

• Used on the Street
  This is the same comprehensive course our corporate clients use to prepare their analysts and associates.
• Real Case Studies
  This course uses actual financial filings to show how restructuring is done in the real world.
• Taught by Bankers
  Our instructors are former I-bankers who give lessons real-world context by connecting it to their experience on the desk.

• Tim Pearce – DCAM 2.0 Aesthetics Marketing & Social Media

  Course Contents

  Video Modules
  Get Their Attention
  Become Their Bestie
  Become Their Hero
  Trigger Them To Book
  Save Time
  Tech Tutorials

  Downloads
  Downloads

  Video Introduction by Miranda Pearce

  Did you know that a shocking 69% of Injectors are only getting 0-1 booking per week from social media?
  And what’s worse… they’re spending up to 5+ hours creating content every week… but getting almost no results from it.

  I hear Injectors struggling with this every day…

  “The time it takes to create content doesn’t reflect the revenue that should come from my efforts”.
  I get it… it’s like adding a full-time job on top of everything you already have on your plate as a Practitioner.

  You put your heart and soul into creating the perfect post, you spend ages on it, you hit publish… and… nothing. Crickets. Or maybe a few views from other Practitioners, your mum and your grandma.

  But no real engagement from potential clients.

  And definitely not enough bookings to make it worth your while.

  You get so tempted to throw in the towel because it feels like it’s all a waste of time.

  But on the other hand, you also know that social media can be a GOLDMINE.

  And you also know that if you just rely on word of mouth, you’ll get left behind.

  You know others are having success with social media… you see those Injectors that get huge engagement, lots of bookings.

  They’re posting content online and laughing all the way to the bank.

  So why is it just not happening for you??

  What are they doing that you’re not doing?

  Do they know something you don’t?

  The truth is… they DO know something you don’t.
  And they ARE doing something you’re not.
  Over the past few months I’ve had more and more Injectors telling me they’re in the same situation…

  And if you’re stuck there too,

  IT’S NOT YOUR FAULT!

  Reach, views and engagement have dropped for everyone. It’s the algorithm’s fault.

  But I know it’s not the answer you want to hear.

  I’ve helped thousands of Injectors tap into the power of social media over the past XX years and I noticed something curious happening lately…

  While a lot of Injectors are struggling to get consistent engagement and bookings from social media…

  There’s another group of Injectors that are absolutely crushing it.

  And I wanted to know why.

  I wanted to figure out what that successful group of Injectors were doing that was helping them to get 6+ bookings per week from social media.
  So I set out on a mission.

  I surveyed over 870 Injectors and audited hundreds of social media accounts and a pattern started to emerge…

  And I realised that the Injectors missing even ONE of these things, were struggling to get any results from social media.

  So that’s when I put all my findings together to create a simple framework ANYONE could follow to get amazing results.

  I call it… The Stairway To Bookings

  Just imagine…

  No more wasting time and energy wondering what to post or creating content for the sake of it. You know exactly what to share, and best of all, every post feels like a direct conversation with your ideal client – it never feels like wasted effort.
  Confidently waving goodbye to your public health sector job knowing you’re on your way to building a wildly successful business. You open up your booked-out calendar every morning, all thanks to the magnetic pull of your social media presence.
  No longer hoping for word-of-mouth referrals. Instead, you can rely on your social media to act as your unstoppable, 24/7 ambassador, bringing in clients even while you sleep.
  Clients walking into your clinic fully trusting you and your expertise. They’ve seen your content and they’re already convinced they’re in the right hands. No hard selling, just genuine connections.
  Having a reliable and proven strategy to grow a thriving clinic that gives you the financial freedom you dream of and deserve. You know how to get clients consistently and you can finally focus on your dreams, passions, and maybe even that dream holiday you’ve been putting off.
  This is all possible when you follow a PROVEN system to turn social media into your own goldmine.

  Introducing…
  Dream Customer Attraction Method 2.0
  Dream Customer Attraction Method (DCAM) 2.0 is an online marketing course designed specifically for Aesthetic Clinicians who are serious about growing their business. Updated for what’s working NOW in social media and based on evidence-backed strategies that TRULY WORK.

  Everything you need to know from top to bottom and beginning to end is inside, so that you can:

  Easily create social media posts that get ENGAGEMENT and CONSISTENT BOOKINGS, instead of wasting time creating content that gets ignored.
  Set up a proven step-by-step system to convert scrollers into clients, so you can create financial freedom for your family.
  Stop trying to attract patients with discounts, and instead, attract the RIGHT kind of patients by establishing trust and genuine connections. Get people to see you as the expert and as their trusted friend, so that they don’t want to book with anyone but YOU.
  Do all this with a tribe of like-minded clinicians to cheer you on.
  All delivered in a clear, easy to use way, and not just from some random marketing generalist. This course is 100% bespoke to aesthetics based on myself and Tim’s success in this industry…

  Founders of a multi-million pound clinic
  Trained 20k Practitioners in our training academy and online
  Combined social media following of over 290,000
  Here’s What’s Included:

  Video Masterclasses
  You’ll learn how to:

  Set yourself apart and get attention from the right kind of followers.
  Create content that makes people online gravitate towards you and want to book with YOU and no one else.
  Create content that shows off your knowledge and expertise so that patients come to you already trusting you and ready for treatment.
  Trigger people to actually book in, so that they’re not just seeing your content and scrolling on.
  Plus 6 incredible bonuses:

  The Purple Book
  This is the marketing bible! This gorgeous book will be delivered to your home and includes all the course material from the video masterclasses in a book. And it’s got space for reflections in there so you can use it like a journal as well and it’s also a great accountability tool.

  Content Cheat Cards
  These cards are designed to make content creation feel FUN instead of feeling like a chore. There are 52 cards with step-by-step instructions and content ideas you can use. No more overthinking what to create – each content card gives you the hook, instructions about what to do, a call to action, and some fun tips to make your post even better.

  30 Days Of Done-For-You Canva Templates
  You don’t even have to think about what content to share – we’ve created one month’s worth of content that you can just plug and play easily with these beautiful templates. You can add your own touches to the templates using Canva and you’ve got an entire month of content ready to publish. And you get to reuse these forever.

  Canva Mastery Course
  Canva is an amazing and free online software you can use to easily create professional-looking content, even if you have absolutely no experience designing graphics. We’ve worked with a Canva expert and this course walks you through everything step by step, including editing the templates & designing your own content. You’re never going to need a graphic designer again after this.

  Time-Saving Bible
  I know that creating content can be really time-consuming, so this is a print-out you can refer to any time with 7 hacks that professionals use to save time when creating content. You’ll learn how to use ChatGPT to make creating content so much easier and faster, and some amazing apps you can use to save time.

  Meet Miranda Pearce

  ​Expert Marketing Advisor for thousands of Aesthetic Clinicians
  ​Founded SkinViva Clinic in 2008 with husband Dr Tim Pearce (over 1,000 5 star reviews)
  Successfully grew the business to over £3 million per year
  ​Took Dr Tim brand from 5,000 – 37,000 Instagram followers in 18 months
  Co-hosts the UK’s number 1 aesthetics podcast
  Founded ‘Medical Aesthetics Mindset Warriors’ Facebook Group with 4,500+ members
  DCAM 2.0 Aesthetics Marketing & Social Media By Tim Pearce, What Is It Included (Content Proof: Watch Here!)

  Frequently Asked Questions:

  1. Innovative Business Model:
     • Embrace the reality of a genuine business! Our approach involves forming a group buy, where we collectively share the costs among members. Using these funds, we purchase sought-after courses from sale pages and make them accessible to individuals facing financial constraints. Despite potential reservations from the authors, our customers appreciate the affordability and accessibility we provide.
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  3. Quality Assurance: Unveiling the Real Deal:
     • Delving into the heart of the matter – quality. Acquiring the course directly from the sale page ensures that all documents and materials are identical to those obtained through conventional means. However, our differentiator lies in going beyond personal study; we take an extra step by reselling. It’s important to note that we are not the official course providers, meaning certain premium services aren’t included in our package:
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       • No entry to the author’s exclusive membership forum.
       • No direct email support from the author or their team.

     We operate independently, aiming to bridge the affordability gap without the additional services offered by official course channels. Your understanding of our unique approach is greatly appreciated.

  Refund is acceptable:

  • Firstly, item is not as explained
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  • Thirdly, and most importantly, support extension can not be used.

  Thank you for choosing us! We’re so happy that you feel comfortable enough with us to forward your business here.