Learning Path 24
The Restructuring Desk
The hardest route in the catalog. Credit agreements clause by clause, the liability-management playbook and the lender-on-lender fights it created, the doctrines a court reaches for when a structure is attacked, and the modelling that sits under all of it. Assumes you can already read a credit agreement and build a debt schedule.
- Expert
- ~25h estimated
- 24 modules
- 146 topics
Suggested before this path:
Why this path matters
When a capital structure comes under strain, the outcome is decided by documents almost nobody has read closely — the intercreditor, the restricted-payment basket, the definition of required lenders. This is the material that decides who gets paid, and it is largely learned on a desk rather than in a classroom.
What you will understand
- Every source of money — and what each one costs you.
- What happens when the money runs out — and who gets paid.
- The machinery behind serious deals — and the math nobody shows you.
Modules in this path
Self-Funding and Debt · Capital & Financing
- Bootstrapping
- Debt Financing
- Equity Financing
- Revenue-based Financing
- Asset-backed Lending
- Purchase-order Financing
- Invoice Factoring
Financing Against Assets · Capital & Financing
- Inventory Financing
- Equipment Financing
- Merchant Cash Advances
- Lines of Credit
- SBA Loans
- Seller Financing
- Earnouts
Loans, Credit, and Guarantees · Capital & Financing
- Business Credit
- Personal Guarantees
- Collateral
- Debt Service Coverage
- Interest-rate Risk
- Refinancing Risk
- Capital Stacking
Investors and Outside Money · Capital & Financing
- Friends and Family Capital
- Angel Investors
- Venture Capital
- Family Offices
- Strategic Investors
- Corporate Partnerships
- Grants
Capital Strategy · Capital & Financing
- Non-dilutive Capital
- Capital That Does not Trap You
- When not to Raise
- Fundable versus Profitable
- How the Stock Market Works
- Public versus Private Markets
- Going Public
Instruments the Pros Use · Capital & Financing
- Venture Debt
- Mezzanine Financing
- Securitization
- Letters of Credit
- Treasury and Cash Management
- Intercreditor Agreements and Subordination
- First-lien and Second-lien Structures
Credit Documents and Covenants · Capital & Financing
- Unitranche Facilities
- Payment-in-kind and Toggle Notes
- Incurrence versus Maintenance Covenants
- Baskets, Carve-outs, and Restricted Payments
- Springing Covenants and the Leverage Grid
- Make-whole Provisions and Call Protection
- The Credit Agreement Clause by Clause
When the Documents Get Tested · Capital & Financing
Seeing It Coming · Distress & Turnarounds
- The Warning Signs Before Insolvency
- The Two Insolvency Tests
- The Thirteen-week Cash Flow
- Running Out of Runway
- Covenant Breach and What Follows
- Forbearance Agreements
When Lenders Take Notice · Distress & Turnarounds
- Waivers and Amendments
- The Lender Workout Group
- Personal Guarantees When Things Go Wrong
- Directors Duties Near Insolvency
- Out-of-court Restructuring
- Debt for Equity Swaps
The Legal Machinery · Distress & Turnarounds
- Chapter 11 Explained
- Chapter 7 Explained
- The Automatic Stay
- Debtor in Possession Financing
- The Absolute Priority Rule
- The Creditor Waterfall
Rebuilding the Business · Distress & Turnarounds
- Preference Payments and Clawbacks
- Executory Contracts and Leases
- The Turnaround Diagnostic
- Cutting Costs Without Killing the Business
- Stabilizing Cash First
- Renegotiating with Suppliers
Buying and Selling Distress · Distress & Turnarounds
- Communicating with Staff in a Crisis
- Distressed Acquisitions
- Buying Assets Out of Bankruptcy
- Loan-to-own Strategies
- When to Shut Down Instead
- Uptier Exchanges and Lender-on-lender Violence
Creditor-on-Creditor Conflict · Distress & Turnarounds
- Drop-down Financings and the Trapdoor
- Fraudulent Conveyance in a Leveraged Buyout
- Solvency Opinions and Who Relies on Them
- Substantive Consolidation
- Equitable Subordination and Recharacterisation
- The New Value Exception
Doctrine That Decides Cases · Distress & Turnarounds
- Cramdown and the Cramdown Interest Rate
- Third-party Releases After Purdue
- Chapter 15 and Cross-border Insolvency
- Schemes of Arrangement versus Chapter 11
- Make-whole Enforceability in Bankruptcy
Building the Model · Advanced Finance
- The Three-statement Model
- Making the Balance Sheet Tie
- The Debt Schedule
- The Revolver and the Circularity Problem
- Sensitivity and Scenario Tables
- Modelling Working Capital Properly
Structuring a Buyout · Advanced Finance
- The Leveraged Buyout in One Page
- Sources and Uses
- Sizing the Debt
- Covenant Headroom Modelling
- The Returns Bridge
- Management Incentive Plans
Where the Money Splits · Advanced Finance
- The Distribution Waterfall
- Preferred Return and Catch-up
- Where Carried Interest Comes From
- Fee Structures and Net Returns
- Purchase Price Allocation in a Deal
- Goodwill and What Creates It
Valuing the Hard Cases · Advanced Finance
- Earnouts as Contingent Consideration
- Discounted Cash Flow End to End
- Terminal Value and Its Assumptions
- Comparable Company Analysis
- Precedent Transaction Analysis
- The Control Premium
Deciding Under Uncertainty · Advanced Finance
- Sum-of-the-parts Valuation
- Real Options Thinking
- Monte Carlo for Business Decisions
- Decision Trees and Expected Value
- Auction Theory for Sellers
- Game Theory at the Negotiating Table
The Public Markets · Advanced Finance
- Going Public and the s-1
- Secondary Offerings and Dilution
- Tender Offers and Takeover Defence
- Recapitalizations
- The Option Pricing Method for Equity Value
- PWERM and Probability-weighted Exits
Allocating Value in a Cap Table · Advanced Finance
- The Backsolve Method in a 409A
- Convertible Bond Arbitrage
- CLO Structuring and the Equity Tranche
- Significant Risk Transfer Trades
- Total Return Swaps as Financing
- Cross-currency Basis and Funding Cost
Structured Credit and Derivatives · Advanced Finance
- Securitisation Waterfalls
- Contingent Value Rights
- Monte Carlo for Path-dependent Earnouts
- Structural Credit Models and Distance to Default
- Reduced-form Credit Models and the Hazard Rate
- The CDS-cash Basis and What It Prices