Restructuring: A Primer to Distressed Debt Analysis
Restructuring: A Primer on Distressed Debt Analysis
A primer for investors seeking to attain knowledge about investments in distressed securities, defaulted securities and the securities of companies undergoing court supervised Chapter 11 reorganization.
Content Overview
The purpose of this content is to provide participants with the requisite skills to analyze and value companies in financial distress and bankruptcy as well as provide a detailed understanding the dynamics of investing in distressed securities and bankrupt companies. Whether an introduction on the fundamentals or more technical modeling approached for seasoned investors, the restructuring content can be customized to suit your training needs and objectives.
Prerequisites
Participants should have a basic understanding of finance, accounting, financial statement analysis and financial modeling. Proficiency with High Yield and Fixed Income concepts highly recommended.
Registration
Course date is TBD and will take place on [ ]. Early registrants (2 weeks prior) will receive a 15% discount. Course will cost $[]. The course will take place from 9am-5pm
Course Outline
Underlying causes of Financial Distress and The Distressed Investment Opportunity
• Various Distressed Strategies
o Control
o Activist
o Credit Opportunties
• Causes of Financial Distress
• The Credit Cycle
o Phases
o Monetary Policy
o Credit Growth/CLOs/PE ‘s impact
• Dynamics of the 2000’s LBO boom
• The Distressed Cycle
Capital Structure
• Where are the opportunities?
• Secured vs Unsecured
• Loans vs Bonds
• Understanding Covenants
• Contractual and Structural Subordination
• Guarantees and Inter-company obligations
Chapter 11 Restructuring
• Voluntary petition
• First day motions
o First day affidavit
o DIP Motion
o Cash Collateral
o Critical Vendor Status
• Plan of Reorganization Process
o Formation of Committees
o Contested Plan Valuation
o Cramdown/Cramup
• Establishing post-reorg capital structure
• Exit financing
• Plan confirmation process and exit
• §363 Sale process
o Protections for Stalking Horse Bidder
Distressed debt case study – Pre Restructuring
a) Travelport
• Investment Thesis
• Determining Optimal Position in Capital Structure
• Possible restructuring scenarios
• Pre-packaged vs. pre-arranged filings
• Cram downs and cram ups
b) Modeling and valuation
• Restructuring specifics to financial statement modeling:
o Common restructuring specific working capital and operational adjustments
o Normalizing EBITDA
• Recovery waterfall matrix
• Deriving valuation ranges using multiples
• Modeling exit assumptions
• Contemplating proposed plan distribution
• Recovery sensitivities by investor class
c) Execution
Position Sizing
Liquidity
Hedge/No Hedge
Monitoring
When to close trade
Target Audience
This intensive workshop will benefit students and professionals interested in learning more about the analysis and trading of distressed debt. Students will gain an understanding of valuation techniques employed by hedge funds and distressed PE funds and how they approach the investment process.
Please contact Joshua Nahas at 917-650-2968 jr_nahas@ for further details
About the Instructor
Joshua Nahas is an Analyst at Foxhill Capital Partners a Princeton based Distressed and Special Situations hedge fund. He is also Principal of Wolf Capital Advisors, a New York based advisory firm focused on distressed debt and corporate restructuring. Mr. Nahas provides advisory services to hedge funds, private equity funds, corporations and their creditors on issues ranging from investing in distressed businesses, restructuring services to debtors as well as creditor committees and distressed M&A. In addition to his advisory practice, he provides specialized training to investment banks, asset managers and other interested parties on investing in distressed and bankrupt companies. Mr. Nahas has held prior positions as a Portfolio Manager and Senior Analyst covering distressed and special situations. In addition, he has held positions in investment banking and restructuring advisory.
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- restructuring a primer to distressed debt analysis
- gn wk003 standard letter template
- bankrupcy client interview form oklahoma
- debtor creditor relations
- fbe 458 sp 2012 l0574531 docx
- bankruptcy costs and the timing of debt issuance
- grading information fredric g levin college of law
- bankrupcy client interview form
- covid 19 guidance for united states bankruptcy court
Related searches
- how to write an analysis essay
- how to consolidate debt with bad credit
- how to write literary analysis essay
- how to read urine analysis results
- how to get data analysis on excel
- how to calculate debt ratio
- how to calculate debt to assets ratio
- how to calculate debt to income ratio
- how to calculate debt ratio formula
- how to write an analysis paragraph
- how to determine debt to income ratio
- how to begin an analysis essay