Financial Restructuring Course

Lesson 1 • Stakeholder Landscape and Interests

Maps creditors, equity holders, management, and regulators as key parties. Explains how conflicting interests shape restructuring outcomes.

Lesson 2 • Types of Restructuring Transactions

Distinguishes operational, financial, and legal restructuring paths. Connects transaction type to the severity and nature of distress.

Lesson 3 • Defining Financial Distress

Covers liquidity crises, insolvency triggers, and early warning indicators. Establishes the baseline vocabulary used throughout the course.

Lesson 1 • Integrated Financial Model Review

Evaluates management-prepared models for assumptions, errors, and bias. Builds the foundation for independent financial modeling in later chapters.

Lesson 2 • Earnings Quality and Normalization

Identifies non-recurring charges, management adjustments, and EBITDA normalisation. Produces a reliable earnings base for valuation and negotiation.

Lesson 3 • Reading Distressed Balance Sheets

Focuses on asset impairment, off-balance-sheet liabilities, and covenant breaches. Connects balance sheet weaknesses to restructuring urgency.

Lesson 4 • Ratio Analysis for Distressed Companies

Applies leverage, coverage, and liquidity ratios to distressed contexts. Benchmarks ratios against industry peers and debt covenants.

Lesson 1 • Valuation Synthesis and Presentation

Combines multiple valuation methods into a football field summary. Prepares students to defend valuation conclusions to creditors and courts.

Lesson 2 • Asset-Based Valuation Methods

Values individual assets using appraisal, replacement cost, and market data. Critical for collateral analysis and liquidation planning.

Lesson 3 • Discounted Cash Flow in Distress

Adapts DCF methodology for high uncertainty, distress risk premiums, and scenario weighting. Produces probability-weighted enterprise values.

Lesson 4 • Comparable Company and Transaction Analysis

Applies trading and transaction multiples using distressed and healthy peer sets. Adjusts multiples for distress discounts and control premiums.

Lesson 1 • Debtor-in-Possession and Bridge Financing

Explains interim financing structures used to fund operations during restructuring. Covers lender protections, super-priority status, and draw conditions.

Lesson 2 • Working Capital Optimisation

Identifies cash trapped in receivables, inventory, and payables cycles. Implements quick-win initiatives to release liquidity.

Lesson 3 • Liquidity Monitoring and Reporting

Establishes a weekly liquidity dashboard and escalation protocol. Keeps creditors and management aligned on cash position and covenant headroom.

Lesson 4 • The 13-Week Cash Flow Model

Constructs a detailed short-term cash forecast used to manage liquidity in distress. Serves as the primary tool for creditor reporting and cash control.

Lesson 1 • Capital Stack Architecture

Maps the priority waterfall from senior secured debt to common equity. Explains how structural seniority affects recovery rates.

Lesson 2 • Debt Instrument Analysis

Examines term loans, revolving credit, bonds, and convertible instruments in distress. Identifies key terms that affect restructuring flexibility.

Lesson 3 • Recovery Rate Analysis

Calculates expected recoveries by tranche using enterprise value and collateral. Connects recovery analysis to creditor negotiating positions.

Lesson 4 • Designing the Post-Restructuring Capital Structure

Builds a sustainable capital structure aligned with projected cash flows and covenants. Tests the structure under downside scenarios.

Lesson 1 • Creditor Classification and Mapping

Segments creditors by class, priority, and economic interest. Identifies natural allies, blockers, and swing voters in a restructuring.

Lesson 2 • Negotiation Strategy and Tactics

Applies principled negotiation frameworks to multi-party creditor discussions. Manages anchoring, concession sequencing, and impasse resolution.

Lesson 3 • Intercreditor Conflicts and Resolution

Addresses disputes between senior and junior creditors over value and process. Applies intercreditor agreement terms to resolve or escalate conflicts.

Lesson 4 • Creditor Committee Dynamics

Explains the formation, rights, and negotiating power of creditor committees. Prepares consultants to engage committees as both advisor and counterparty.

Lesson 1 • Disclosure Statement Preparation

Prepares the disclosure document required for creditor voting on a reorganisation plan. Ensures adequate information standards are met for all creditor classes.

Lesson 2 • Operational Restructuring Initiatives

Designs workforce, supply chain, and asset portfolio actions to restore profitability. Sequences initiatives by impact and implementation speed.

Lesson 3 • Plan of Reorganisation Architecture

Structures the legal and financial terms of a formal reorganisation plan. Covers class treatment, voting mechanics, and confirmation requirements.

Lesson 4 • Business Plan Development for Restructuring

Builds a credible operational business plan that supports the financial restructuring. Aligns revenue, cost, and investment assumptions with market realities.

Lesson 1 • Credit Bidding and Loan-to-Own Strategies

Explains how secured creditors use credit bids to acquire distressed assets. Models the economics of loan-to-own investment strategies.

Lesson 2 • Distressed Mergers and Acquisitions

Structures distressed asset sales and going-concern acquisitions under time pressure. Covers stalking horse bids, auction processes, and buyer protections.

Lesson 3 • Prepackaged and Pre-Negotiated Restructurings

Designs accelerated restructuring processes that minimise court time and cost. Compares prepackaged, pre-negotiated, and traditional restructuring timelines.

Lesson 4 • Cross-Border Restructuring Frameworks

Navigates multi-jurisdictional restructurings using centre-of-main-interest principles. Coordinates parallel proceedings and recognition of foreign orders.