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.
166 lessons
30+ 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: Cap Tables in Restructuring
Cap Tables Basics (Free Preview)
Liquidity Tables
Maturity Tables
Leverage & Coverage Ratios
Springers & Grid Pricing
Cap Table Distress Signals
Chapter Review
Interview Questions (PDF)
Chapter 7: Signs of Distress & Triggers
Operational vs. Financial Distress
Financial Statement Red Flags
Market Signals of Financial Distress
Chapter Review
Chapter 8: Corporate Pressure & Catalysts
Primary Distress Catalysts - Maturity Walls
Primary Distress Catalysts - Interest Payments
Primary Distress Catalysts - Covenant Breaches
Secondary Distress Catalysts - Macro Shocks
Secondary Distress Catalysts - Regulatory Shocks
Secondary Distress Catalysts - Black Swan Events
Secondary Distress Catalysts - Credit Market Changes
Secondary Distress Catalysts - Sponsor Behavior
Secondary Distress Catalysts - Investor Activism
Chapter Review
Interview Questions (PDF)
Chapter 9: In-Court Basics
Bankruptcy Code Basics
Chapter 7 vs. Chapter 11
Ways to File - Pre-Packs
Ways to File - Pre-Arranged
Ways to File - Free-Fall
Ways to File - Involuntary
Venue Selection
First Day Petitions & Motions
Creditor Committee Formations
Key Bankruptcy Provisions Used
DIP Financing
Section 363 Sales
Yellow Case Study
Thirteen-Week Cash Flow Forecasts
Chapter Review
Interview Questions (PDF)
Chapter 10: Plan of Reorganizations
The Plan of Reorganization
Voting Requirements
Cram-Downs and Cram-Ups
Exit Financing
Rights Offerings
Pros and Cons of Bankruptcy
United States vs. U.K. Bankruptcy
Chapter Review
Interview Questions (PDF)
Chapter 11: Out-of-Court Restructuring
Out-of-Court Basics
Credit Agreement Key Provisions
Amend & Extend
Debt-for-Debt Exchange
Debt-for-Equity Swaps
Debt Repurchases
Asset Sales
New Financing
Historical Out-of-Court Transactions
Chapter Review
Interview Questions (PDF)
Chapter 12: Liability Management Exercises
Introduction to LMEs
LME Key Definitions
Uptiers
Drop-Downs
Double-Dips
Triple-Dips
Pari Plus
Extend & Exchange
Sponsor Down-tier Tactics
Review of LME Transactions
Cooperation Agreements
Disqualified Lender Lists
LMEs and Litigation Risk
Chapter Review
Interview Questions (PDF)
Chapter 13: Distressed Debt as an Asset Class
Distressed Debt Investing Legends
Defining Distressed Debt
Distressed Trading Overviews
Collateralized Loan Obligations
CLOs Historically vs. Today
Default Trends
Distressed Investors Specializations
Chapter Review
Interview Questions (PDF)
Chapter 14: Distressed Investing Frameworks
Martin Whitman & Third Avenue
Distressed Investing Basics
Legal Benefits of Distress
Distressed Investing as Value Investing
Chapter Review
Interview Questions (PDF)
Chapter 15: Valuation in Restructuring
Valuation Introduction
Desktop Valuation Overview
Discounted Cash Flows
Trading Comps
Precedent Transactions
Negotiated Valuations
Market Based Valuations
Legal Arguments in Valuation Fights
Chapter Review
Interview Questions (PDF)
Chapter 16: Accounting Issues in Restructuring
The Three Statements
Working Capital Dynamics in Distress
Asset Impairments - Goodwill Write-Downs
PIK Interest
Synthetic PIK
Covenant Adjusted EBITDA
Chapter Review
Interview Questions (PDF)
Chapter 17: Structural Subordination
HoldCo vs. OpCo Structures
Guarantees
Restricted vs. Unrestricted Subsidiaries
Complex Interview Questions
Chapter Review
Interview Questions (PDF)
Chapter 18: Constituents’ Motivations & Negotiations
Debtors’ Motivations
Creditors’ Motivations
Equity Holders Motivations
Role of Trade Creditors
Value of Blocking Positions
Creditor Committees in Negotiations
Negotiation Strategies in Cram-downs
Chapter Review
Interview Questions (PDF)
Chapter 19: Modeling and Restructuring Case Studies
Modeling Case Study (Prompt & Live Modeling)
Restructuring Proposal Case Study (Prompt)
Restructuring Proposal Case Study (Detailed Walk-Through)
Restructuring Proposal Case Study (How to Present)
Serta Deep Dive (Uptier)
Pluralight Deep Dive (Dropdown)
Trinseo Deep Dive (Double-Dip Pari-Plus)
Spirit Deep Dive (Triple-Dip)
American Tire (In-Court LME)
Chapter 20: Conclusion
Wrapping Up
Extra - Market Outlook Readings)
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 Recruiting
Step 1
166 lessons over 30 hours to learn the concepts
We'll start from the basics and explain concepts in first principles to build towards the most complex topics
Restructuring can be a complex field, and a thorough understanding is required to succeed
Step 2
Interview Questions
After you learn the concepts, you will find a dedicated list of interview questions after each chapter
Once you understand the theory, there will be no memorizing
Step 3
Modeling and Proposal
Case Study
We will finish by going through a real modeling and restructuring proposal case study
Everything you need for lateral interviews
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.
How does the Restructuring Course compare to other resources out there?
A core thesis behind creating this resource is that restructuring is a complex field with nuances, and memorizing a list of questions and answers is not enough to stand out.
Therefore, we created the only resource that includes tens of hours of lectures to understand topics from first principles, the same way you would in a semester-long class.
Then, we have included a list of questions for each chapter to consolidate your learning.
Finally, you will also get access to a restructuring modeling and proposal case study, inclusive of a live walk-through that will show you exactly what you need to say when tackling case studies.
Who is the Restructuring Course for?
The Restructuring Course is designed for candidates applying for restructuring banking roles, including:
Summer Analyst or Full-Time Analyst
Pre-MBA Associate
Post-MBA Associate or VP
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).
If your interviews are very soon, the course is helpful because it covers the core topics you really need to know without fluff, and it is designed to be flexible, so you can prioritize what's most helpful for you and skip sections you already know.
However, if you have multiple weeks to prepare, this course will uniquely allow you to gain an in-depth understanding of the restructuring world and what the job entails.
How important is modeling and the case study for restructuring recruiting?
Our goal with this program was to create the most comprehensive resource to prepare you for any degree of interview complexity.
Therefore, we have included both a modeling and a restructuring proposal case study. This said, summer and full-time analyst recruiting almost never include this part of the process. On the other hand, lateral analyst interviews often include case studies.
Finally, even if you are interviewing for a role that does not require a case study, we highly encourage you to try to complete it and watch the solution as the process will give you a clear insight into what the restructuring analyst role looks like, and it will help you solidify the concepts learned in the rest of the course.
What is the return policy?
Due to the digital nature of the product, we do not offer refunds to protect the integrity of the system for everyone.
This said, we are here to help. If you have any questions or doubts, do not hesitate to reach out to [email protected]
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
63 lessons
13h 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 160 lessons and 30+ video hours
