Special Situations
Buyside Program
Learn how restructuring bankers analyze, structure, and execute deals
using real transactions.
Step-by-step videos
On-demand video tutorials
Templates & examples
Excel walkthroughs with answers
Self-paced Program
Get immediate access; go at your own pace
Program Syllabus
The Program is comprised of easy-to-follow video tutorials that dive deep
into each topic. Each section includes supplemental templates,
spreadsheets, and PDFs for further study.
50+ lessons
15+ video hours
Guides & Templates
Chapter 1: Credit Agreement & Org Structure 101
Credit Agreements and Covenants
Understanding Credit Baskets
Pari Secured Credit Baskets
Pari Secured Debt on Org Charts
Structurally Senior Debt Capacity at NGRS
NGRS Transaction Structures
Double Dip / Pari Plus Structures
Understanding Liens & Guarantees
Unrestricted Subsidiary Transactions
Amending Docs
Lien Subordination
Other Key Considerations
Chapter Review
Chapter 2: Capital Structure Investing Considerations
Yield Analysis and Credit Capital Gains
Security Analysis
How New Money Is Priced
Applying Yield to Special Situations
Chapter 3: Cross-Capital Structure Investments Case Studies
Investing Framework
Case #1 - Structural vs. Temporal Seniority
Case #2 - Good Business, Bad Balance Sheet
Case #3 - Unitranche Debt
Chapter 4: Distressed Credit Interview Questions
Set #1: Quantitative Investment Case Study Questions
Set #2: Qualitative Investment Case Study Questions
Set #3: Distressed Company Research Questions
Chapter 5: Opportunistic Credit Questions
Set #1: HoldCo / OpCo Structure Math
Set #2: Capital Structure Analysis
Set #3: Option Value and Price Considerations
Set #4: Valuations / Multiple Analysis
Set #5: Qualitative Investment Consideration
Set #6: Miscellaneous Fund Specific Questions
Chapter 6: Out-of-Court In-Depth Case Study
Case Study Instructions
Breaking Down the Capital Structure
Transaction Case - The Company’s View
Transaction Case - The Lender’s View
Modeling the Transaction
Transaction Takeaways
Debrief Interview Question
Chapter 7: In-Court In-Depth Case Study
Case Study Instructions
Set #1 - Situation Assessment & Setup
Set #2 - Valuation & Trading Levels
Set #3 - Investor Return Analysis
Set #4 - DIP Financing & Bankruptcy Mechanics
Set #5 - Plan or Reorganization & Recoveries
Set #6 - Post Reorg Analysis & Investment Decisions
Chapter 8: Real Special Sits Case Study #1
Case Study Assignment
Supporting Materials (Financials, Research, Credit Docs, etc.)
Completed Case Study Proposed Solution Walkthrough
Completed Financials Model
Chapter 9: Real Special Sits Case Study #2
Case Study Assignment
Supporting Materials (Financials, Research, Credit Docs, etc.)
Completed Case Study Proposed Solution Walkthrough
Completed Financials Model
Chapter 10: Real Special Sits Case Study #3
Case Study Assignment
Supporting Materials (Financials, Research, Credit Docs, etc.)
Completed Case Study Proposed Solution Walkthrough
Completed Financials Model
Guest Lectures
Junior Experience: Mohit Hajarnis (Diameter & Citadel)
Senior Experience: Michael Gatto
Success Stories from Our Learners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
CONSULTING → GROWTH
“Invaluable modeling prep, especially learning how growth models differ from private equity models”
MBB CONSULTANT
Founder, Harvey Capital Partners
Don’t leave your restructuring
career up to chance
Get case studies, frameworks, and guidance from real distressed deals
so you can learn faster and make better decisions.
Give Yourself an Edge in Special Sits Recruiting
Step 1
Master the Theory
We'll start from the fundamental concepts required for this program.
These are must-knows for understanding special sits investing and the rest of the topics covered.
Step 2
Short Case Studies and Question Lists
After the theoretical chapters, we will apply these concepts to a multitude of case studies and Q&A that are asked during the first and second rounds of special sits interview processes.
Step 3
Three Real Special Sits Take-Home Case Studies
Finally, you will have the chance to practice with three real case studies that represent the final step of the recruiting process.
The program includes a detailed walkthrough of our proposed solutions and financial models.
Frequently Asked Questions
The Program is comprised of easy-to-follow video lectures that dive deep
into each topic. Each section includes supplemental templates,
spreadsheets, and PDFs for download.
Who is the Special Sits Buyside Program for?
The Special Sits Buyside Program is specifically designed for candidates applying for special sits investment roles, including:
Opportunistic Credit
Distressed Debt Investing
Distressed-for-Control / Special Sits Private Equity
Cross-Capital Structure Roles
Event-Driven / Catalyst Investing
Multi-Strategy Credit Hedge Funds
What level of background knowledge is expected for this program?
This Program is intended for experienced candidates who understand and have experience in the restructuring world. If you think you understand all the topics included in the curriculum of the Restructuring Program, you can assume you have the background required to take this Program.
If you are not sure, do not hesitate to reach out to me at [email protected]
How much time do I need before interviews?
The Program can help both candidates who are pressed for time (interview in next couple days) and candidates who have lots of time to prepare (interviews expected to be weeks or months away).
My advice would be to allocate at least 2/3 weeks for the material. Each of Chapters 8/9/10 includes a take-home case study that should take you 48/72 hours each to complete.
How important are case studies for buyside recruiting?
Case studies are the most important part of buyside programs because they represent your chance to prove you can do the job.
The program was developed with this in mind: we will start by going over the advanced conceptual topics that you must understand (Chapter 1-2), then apply these to short case studies and Q&A (Chapter 3-7), and finish with three real-life case studies where we can bring everything together (Chapter 8-10).
What is the return policy?
We built this program because we experienced firsthand how hard it is to find great special sits recruiting materials, so we are happy to have you try it risk-free.
100% money-back guarantee: If you're not satisfied, you'll get an automatic refund as long as (i) you request it within 7 days of purchase, and (ii) you've only watched Chapters 1 and 2.
For how long will I have access to the Program?
You will have access to the Program for 12 months from the date of purchase.
We believe this gives you enough time to complete the course comfortably, revisit the materials, and apply what you learn. Should you not have received a restructuring offer within 12 months, you can simply email us at [email protected], and we will give you 12 additional months of access.
Please note that access is personal to you. Password sharing is strictly forbidden and will result in account cancellation without refund.
50+ lessons
15h+ video
Templates
Credit Analysis and LME
Program
Step-by-step video lessons
Self-paced with immediate access
Case studies with Excel examples
Taught by industry expert
Try a Free Sample Lesson
Watch our introductory lecture on cap tables
Just one of more than 50 lessons and 15+ video hours
