Restructuring & Distressed Debt Guide
Restructuring is one of the most technical and intellectually demanding areas of finance—and the interviews reflect that. This guide covers everything from Chapter 11 mechanics to distressed valuation frameworks, giving you the edge to land roles at Houlihan Lokey, PJT, Lazard RX, and distressed credit funds.
What You Get
- Chapter 11 bankruptcy process: timeline and key milestones
- Restructuring vs. liquidation analysis frameworks
- Distressed valuation: enterprise value waterfall
- Fulcrum security identification and recovery analysis
- Credit agreement basics: covenants, defaults, remedies
- DIP financing and exit financing structures
- 100+ RX-specific technical interview questions
- Case study: real restructuring deal walkthrough
Sample Excerpt
"Walk me through a fulcrum security analysis. Start with enterprise value—typically via DCF or comparable transactions. Then work down the capital structure: secured debt recovers first, then unsecured, then sub debt, then equity. The fulcrum security is where recovery breaks—the tranche that receives partial recovery..."
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