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Wall Street Prep – Restructuring Modeling

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Wall Street Prep – Restructuring Modeling

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Description

Wall Street Prep – Restructuring Modeling

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Designed for restructuring-focused investment bankers, consultants and distress debt investors. Trainees will learn the restructuring framework and build a three-statement bankruptcy model the way it’s done on the job.

This course is designed to teach restructuring and bankruptcy modeling to students and professionals pursuing careers in restructuring, bankruptcy and distress. Using the Borders bankruptcy as our primary case study, we begin with an overview of the restructuring and bankruptcy framework. Then we will learn to build an advanced bankruptcy model from scratch, incorporating bankruptcy specific elements like DIP financing, the creation of liabilities subject to compromise, working capital drivers, cancellation of debt income, and Fresh Start accounting. We conclude with valuation analysis and recovery analysis, where we layer various valuation scenarios onto the model to analyze possible recoveries to the various creditors.

Course Objective
Using the Borders bankruptcy as our primary case study, we begin with an overview of the restructuring and bankruptcy framework. Then we will learn to build an advanced bankruptcy model from scratch, incorporating bankruptcy specific elements like DIP financing, the creation of liabilities subject to compromise, working capital drivers, cancellation of debt income, and Fresh Start accounting. We conclude the course with valuation analysis and a recovery analysis, where we will layer various valuation scenarios onto the model to analyze possible recoveries to the various creditors.

At completion, trainees will have developed a 3-statement bankruptcy model from scratch and performed valuation and recovery analyses.

What You Will Learn
Model some of the most challenging aspects of a bankruptcy, including:

Working capital reclassifications such as critical vendors/AP
DIP financing, borrowing base and availability calculations, adequate protection payments
Balance sheet roll-forward schedules that maintain a consistent link structure to the cash flow statement and increase transparency
Fees, rejection claims and CODI
Model recoveries at various operating scenarios
Construction of a recovery waterfall that can accommodate scenarios that deviate from the absolute priority rule
Using conditional formatting and Excel’s native date formulas to sensitize for different filing and emergence date scenarios
Avoiding circular references in the model while maintaining model integrity
Incorporating best practices for error-proofing, auditing, and model efficiency
Understanding how Fresh Start Accounting affects the model
Working capital reclassifications, such as critical vendors/AP
Wall Street Prep’s Restructuring Modeling course is used at top financial institutions and business schools.

Course Highlights
Step-By-Step Modeling Instruction
The Restructuring Modeling Course delivers step-by-step lessons through videos, readings, ready-to-use restructuring financial and valuation models and exercises using a real case study.

Real World “On the Job” Investment Banking Training
The Restructuring Modeling self-study course bridges the gap between academics and the real world to equip trainees with the practical financial skill set needed to succeed on the job. The program utilizes a case study format, as students follow their tutorial guide alongside Excel model templates, and are directed to the appropriate external documents (SEC filings, research reports, etc.) in order to build real Restructuring models the way it’s done on the job.

Get Wall Street Prep – Restructuring Modeling on IMCLibrary.com right now!

Support Center
Upon enrollment, students gain 24 month free and unlimited access to Wall Street Prep’s Online Support Center, where they receive answers to questions, free downloads, and important updates from a support staff comprised entirely of experienced former investment bankers

Macabacus Excel Plugin
Free access to Macabacus, all-in-one suite of time-saving tools designed for people who build financial models in Excel. Use keyboard shortcuts for common number formats, to cycle rapidly through different font and color schemes and to navigate a formula’s inputs across worksheets and workbooks. Easily understand long formulas with the powerful ‘Precedents’ and ‘Dependents’ Tool, and much more. This 6-month free access is for the full version of Macabacus that also includes essential tools for Powerpoint and Word!

Prerequisites
This course does not assume a prior background in Restructuring Modeling. However, it assumes an introductory knowledge of accounting (e.g. interaction of balance sheet, cash flow, and income statement) and proficiency in Excel.

Course Agenda
Bankruptcy/restructuring industry primer

·Bankruptcy overview
Imputing asset values and measuring insolvency from market pricing of debt and equity
The importance and limitation of valuation methodologies like DCF and Comps in restructuring
Out of court restructuring process
In court restructuring process
Automatic Stay and Adequate Protection
Cash Collateral and DIP Financing
Restructuring Leases & Executory Contracts
Fraudulent Conveyance & Preference Actions
Plan of Reorg & Disclosure Statement and Cram Down Provisions
The Absolute Priority Rule
Case study modeling and valuation

· Building a fully integrated three statement bankruptcy model
Master modeling mechanics that dynamically distinguish between prepetition, postpetition and post-emergence phases of a restructuring
Make restructuring specific working capital and operational adjustments to traditional modeling assumptions
Build a sophisticated multi tranche debt schedule, including the possibility of a DIP rollup
Deriving valuation ranges using multiples
Analyzing proposed plan distribution
Performing recovery sensitivity by investor class (“waterfall” analysis)
Get Wall Street Prep – Restructuring Modeling right now!

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