Restructuring Online Course

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Corporate Restructuring

Learn the central considerations and dynamics of both in- and out-of-court restructuring along with major terms, concepts, and common restructuring techniques. Includes 2 Bonus Courses: Restructuring Modeling and Restructuring Primer for Junior Bankers.$399.2 Bonus Courses Included: Restructuring Modeling

Demystifying Restructuring IB

Understand the Restructuring and Bankruptcy Process

  • Step-by-Step Video + Real Case StudiesUsing real case studies and a step-by-step approach, you will learn the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques.
  • Taught by Experienced Restructuring Instructor-PractitionersThis is the same training program Wall Street Prep delivers to restructuring groups at some of the world’d top investment banks. It is taught by former investment bankers who have worked on high-profile corporate restructuring deals.
  • Shareable CertificationEnrollment includes the option of sitting for the Corporate Restructuring Certification Exam. Those who successfully pass the exam can present their achievement on their resumes and LinkedIn (see below).

What You’ll Learn

COURSE 1: UNDERSTANDING CORPORATE RESTRUCTURING

  • The Restructuring & Bankruptcy Framework
  • Explore the various factors that lead to financial distress.
  • Learn how to impute asset values based on market prices for a company’s equity and debt trading levels.
  • Connect the concept of reorganization value to more traditional valuation concepts like enterprise value.
  • Understand priority of claims.
  • Learn how inter-creditor agreements, secured vs unsecured, maturity and corporate structure all play a role in restructuring outcomes.
  • Explore how the competing motivations and interests of the stakeholders in restructuring all impact the process.
  • Valuation & Recovery Analysis and Distressed M&A
  • Dive deeper into common analyses, including valuation based on management projections, liquidity analysis, a recovery waterfall, and potential equity value post emergence.
  • Learn how restructuring fits within a variety of strategic alternatives for firms under distress.
  • Understand the mechanics of credit bidding and 363 sales
  • Model valuation and capital structure scenarios and the impact on recoveries to the various creditors.

BONUS COURSE: RESTRUCTURING MODELING

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.

BONUS COURSE: DEMYSTIFYING RESTRUCTURING INVESTMENT BANKING

  • For incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge.
  • Restructuring IB process overview.
  • Learn the skills you’ll need early in your IB career.
  • Walk through the analyses and modeling-related techniques used by early-career IB analysts and associates using a case-study.
  • Assumes little to no prior knowledge of restructuring.

Who is this program for?

  • Restructuring Investment Banking Professionals
  • Distressed Debt Investors
  • FP&A and Corporate Finance
  • Turnaround Consultants & Advisors
  • Private Equity Professionals
  • Anyone interested in corporate restructuring

What’s Included

67 Lessons4h 42m

Understanding Corporate Restructuring

Using real case studies and a step-by-step approach, learners will be introduced to the central considerations and dynamics of both out-of-court and in-court restructuring, along with major terms, concepts, and common restructuring techniques. Learners will explore the various factors that lead to financial distress and how to impute asset values b …View Course TOC

34 Lessons5h 55m

Restructuring Modeling

Bonus Course: This course is designed to teach restructuring and bankruptcy modeling to students and professionals pursuing careers in restructuring, bankruptcy and distress. Using the Bord …View Course TOC

31 Lessons3h 8m

Demystifying Restructuring Investment Banking for Incoming Analysts and Associates

Bonus Course: This course is designed for incoming restructuring bankers and current bankers looking to further their restructuring or distressed debt knowledge. It provides an in-depth ove …View Course TOC

Course Samples

watch video

In-court Vs Out-of-court Restructuring, Part 1

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Treatment Of Claims

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Role Of Valuation In Restructuring

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Determinants Of Priority

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Liquidation Analysis

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Estimated Recoveries

Corporate Debt Restructuring and Bankruptcy

Master restructuring framework and build a step-by-step three-statement bankruptcy model with real life case study

What you’ll learn

  • Learn the restructuring framework
  • Understand bankruptcy model
  • This course is developed precisely for restructuring-focused investment bankers, consultants and distress debt investors.

Requirements

  • Basic knowledge in Accounting and Finance
  • Passion to learn
  • A PC with internet

Description

This course is developed precisely for restructuring-focused investment bankers, consultants and distress debt investors. The attendees will learn the restructuring framework, followed by building a step-by-step three-statement bankruptcy model with real life case studies taken. 

The training will include many things like What is restructuring and types and sub types ( Corporate debt restructuring and strategic debt restructuring ) with real life examples ,CDR INDIAN RAILWAYS CLASSIC RESTRUCTURING CASE ,SDR RELIANCE COMMUNICATION- Recent SDR done by credit Suisse ,Concepts of the same on excel,Case study on Dans petroleum (US BASED COMPANY) – Distressed debt valuation. 

This course covers the financial, economic, and strategic reasons for major corporate restructuring transactions.The course begins with an overview of corporate restructuring and develops valuation methods used to evaluate corporate restructuring transactions. 

Learn the restructuring framework. Understand bankruptcy model. This course is developed precisely for restructuring-focused investment bankers, consultants and distress debt investors. This course is ideal for Anyone who wants to learn about the Investment banking industry, Students who are pursuing CFA, MBA (finance), CA, Professionals in the field of investment banking/equity research, Investment analysts, Investment bankers, Accountants, Students majoring in finance.

We have made sure that all the concepts are thoroughly explained along with examples. So in this training you will understand the nuts and bolts of how to prepare a sheets. first we will start with the understanding of Investment Banking industry. Here we will learn in details how the investment banking industry works, its role, its hierarchy etc. Then moving forward we will learn to prepare the financial models of some live operating current companies.

Who this course is for:

  • Anyone who wants to learn about the Investment banking industry
  • Students who are pursuing CFA, MBA (finance), CA
  • Professionals in the field of investment banking/equity research
  • Investment analysts, Investment bankers, Accountants, Students majoring in finance

Certificate in Restructuring

Apply a structured approach to evaluate the credit standing of a company, specifically looking for signals of weakness or potential danger.

Causes of distress

  • Macroeconomic forces and concerns surrounding current issues
  • Sector issues: Sectors most vulnerable to cyclicality, macroeconomic sensitivities and structural changes
  • Company-specific factors: Why certain companies are more vulnerable than others to credit deterioration
  • Application: Debrief of pre-read; participants come prepared with own examples of failed companies

Early warning signals

  • Symptoms of a deteriorating credit: Non-financial indicators, financial indicators, and market indicators
  • Credit ratings: Credit migration
  • Market pricing during turbulent times: Bond, CDS and share prices

Structured analytic approach

  • Application of the four-step approach to credit to expose key early warning signals: Purpose, payback, risks and structure
  • Risks to repayment: Current market conditions and their impact on risk
  • Application: Identify possible purposes and sources of repayment

Themes of Distress

This section aims to identify the themes of distress. The action(s) taken by the companies and/or lenders are explored through discussion and many real-life examples of actual or potential distress. The focus is on concluding upon lessons learned to avoid future problems.

External macroeconomic and sector indicators

  • Economic cyclicality in various markets and the potential disastrous effect on company performance
  • Vulnerability to foreign exchange movements and the effect of sudden fluctuations
  • Exposure to commodity price instability and the effect on profitability and cash flow
  • Disruptive events that can change the outlook for the sector
  • Emerging market risk and issues specific to small, young economies
  • Application: The impact of the economic cycle on a variety of sectors/the impact of changing commodity prices or FX rates

Day TwoThemes of Distress (continued)

Challenged Business Models

  • Lack of sufficient scale in an increasing competitive environment; weak part of the supply chain; low added value
  • Excessive growth with inability to finance externally; timing of expansion
  • Higher operating leverage; inability to transfer increased costs
  • Dependency on a small numbers of customers and/or suppliers
  • Financially impaired customers, price competition, CAPEX requirements, reliance on other sectors in distress
  • Application: Changing business models and identifying red flags

Management and ownership strategy and behavior

  • Poor management decisions and risk management
  • Deficient financial disclosure or reporting
  • Complex group structures and cross shareholdings
  • Lack of corporate governance, control of executive management
  • Failing of succession planning, management style
  • Lack of integrity: Behavior, relationships, social responsibility
  • Inability of shareholder to support during turbulent times
  • Exercise: Assessment management strength and weaknesses and shareholder structure/support
  • Illustration case study: Identify early indicators of deteriorating performance in earnings, asset management and cash flow

Day ThreeThemes of Distress (continued)

Disproportionate Leverage

  • Excessive leverage at the top of the economic cycle
  • Debt servicing capability: Anticipating the problem
  • New money needed to restructure or recapitalize
  • Hidden leverage: Off balance sheet obligations
  • Application: Hidden leverage and inappropriate funding structures

Poor loan structure and choice of financial instruments

  • Hybrid financial instruments or complex derivatives
  • Debt denominated in a ‘hard currency’ while domestic currency weakens
  • Illiquid debt instruments
  • Structural subordination
  • Application: Anticipate refinancing problems
  • Illustration case study: Review the financial structure and debt instrument(s)

Crossing the Threshold: Triggers for Action

This segment focuses on the most common events that trigger corporate distress and the need to act.

Cash shortfalls and liquidity problems 

  • Define and assess liquidity
  • Quantify the degree of refinancing risk and the potential challenges and costs of raising new capital
  • Reliance on existing ‘committed’ bank facilities or cash as the sole source of liquidity

Covenant breaches

  • Characteristics of effective covenants
  • Financial vs. non-financial covenants: Ability to quantify and assess the degree of protection
  • Exercise: Identify alternatives when companies face refinancing problems

Final Group Case Study

The aim of the final group case study is to allow participants to apply the framework and tools of analysis to a company in the early stages of deteriorating performance.Day FourDebt Structure

Analyzing the existing debt structures to understand what can cause a problem.

  • Purpose: Who is the borrower? Where are the assets and the cash-flows?
  • Ranking: Structural subordination concerns for holding company lenders; challenges of hold co/opco debt restructurings and multiple tranches of debt
  • What protection has been negotiated? Strong and weak forms of protection
  • Monitoring credit indicators: Deciding that the credit is indeed ‘heading south’ and at which point watch-listing is required
  • Evaluating exit options before covenant breaches or other events of default
  • Covenants: Predictive qualities of standard leverage loan covenants

Crisis Management

Once a company is clearly deteriorating, there begins a timeline. Following along this timeline, these sections cover what to look for, and what to do, at various points as the deterioration becomes more severe.Triggers to Distress

  • Covenant breach: Characteristics of effective covenants
  • Debt Capacity: how to forecast future debt capacity
  • Liquidity crunch: Refinancing challenges, other calls on liquidity
  • Insolvent trading: Defining insolvency – balance sheet and cash-flow methodologies, differences by jurisdiction

Managing crisis

  • Response options to covenant breach: Differences between large and small companies
  • Stabilizing the financing situation: Standstill agreement, covenant waiver
  • Majority decision issues
  • Appointing advisers: Role of lead bankers, accountants, lawyers and business advisers
  • Cash management: Ensuring ability to continue trading, headroom in the revolving credit facilities, need for new money
  • Establishing and certifying the company’s going concern status

Remedial Business Plan

  • Required changes to operating model to address the critical success factors of the industry and internal operational problems
  • Quantifying performance: Establishing and sensitizing a sustainable EBITDA run rate
  • Obstacles to restructuring: Legal, social, regulatory, operational and financing challenges that arise when a company is in distress

Legal framework

  • Insolvency regimes: Responsibility of directors, judicial oversight
  • Contrasting debtor vs. creditor friendly regimes
  • Brief overview of EU regulation on Insolvency Proceedings: Establishing center of main interests (COMI), main and secondary proceedings
  • Pre-pack sales as a means to maximizing value: Associated benefits and risks
  • US models: Chapter 11 (reorganization) and Chapter 7 (liquidation)
  • Parties to a legal restructuring: Trustee, secured, unsecured and preferred creditors

Day FiveDebt Restructuring Alternatives

The goal of this segment is to evaluate the available options, benchmarking likely recovery against other alternatives and the current market price of the company’s debt, where applicable.

Exit options

  • Sale of exposure: Secondary loan market
  • Hedging of exposure: CDS, credit insurance

Payback options

  • Assessing a viable level of debt: forecasting and quantifying payback from different sources
    • Cash-flow payback: Present value of sensitized cash-flows
    • Refinance – debt: Evaluating sustainable levels of debt for refinancing at maturity
    • Refinance – equity: Secondary equity issues – assessing appropriate price and discount requirements
    • Asset sales: Downsizing of operating assets; sale of business, monetizing assets (e.g. factoring, securitization, sale and leaseback)

Quantifying potential recovery for creditors

  • Establishing the relative claims and negotiating positions of various creditors
  • Stakeholders with special negotiating positions: Employees, suppliers, pension deficits, regulators, leaseholders, bonding lines, shareholders etc.
  • Situations where claims are not pro-rata: Structural subordination, cross guarantees, blocking powers of special interests (e.g. supplier)
  • Impact/influence of distressed/vulture funds on restructuring alternatives
  • Cram down rights: Forcing confirmation of a plan over the objections of dissenting classes e.g. shareholders with voting rights

Break-up and liquidation options

  • Liquidation: Estimating potential recovery value from assets for different classes of creditors in the event of liquidation
  • Going concern valuations: Using discounted cash-flows or EBITDA multiples to assess the value of subsidiaries and the group

Debt/equity swaps

  • Unsustainable levels of debt requiring debt forgiveness and/or conversion to equity
  • Valuing the equity in a distressed situation
  • Allocating equity according to the relative claims of creditors and existing shareholders

Certified Restructuring Manager

How It Works

  1. 1. Select Certification & Register
  2. 2. Receive a.) Online e Learning Access (LMS)    b.) Hard copy – study material
  3. 3. Take exam online anywhere, anytime
  4. 4. Get certified & Increase Employability

Test Details

  • Duration: 60 minutes
  • No. of questions: 50
  • Maximum marks: 50, Passing marks: 25 (50%).
  • There is NO negative marking in this module.
  • Online exam.

Benefits of Certification

  • Government certification
  • Certification valid for life
  • Lifelong e-learning access
  • Learning Hours: 12 hrs
  • Get tagged as ‘Vskills Certified’ On Monsterindia.com
  • Get tagged as ‘Vskills Certified’ On Shine Shine.com

Why should I take Restructuring Manager Certification?

Restructuring Modeling: Online Self-Study Course

This course will teach you the basic principles of corporate restructuring, takeovers, and mergers. The certification tests the candidates on various areas which include corporate restructuring, takeovers, mergers, corporate failures, corporate strategy, strategic planning, Indian laws enabling restructuring, divestitures, de-mergers, merger and amalgamation, merger management, funding, valuation, DCF method, post-merger reorganization and efficiency.

In this course you will study & learn

  • Corporate Restructuring
  • Corporate failure
  • Dynamics of Restructuring
  • Corporate Strategy
  • Demegers Mergers & Amalgamation
  • Categories of Merger
  • Methods of Merger/Amalgamation
  • Merger Management
  • Taxation Aspects
  • Process of Funding
  • Valuation of Shares & Business
  • DCF Method
  • Post Merger Re-Organization
  • Economic Aspect of Takeover

How will I benefit from Restructuring Manager Certification?

Vskills Certified Restructuring Manager will find employment in accounts department of various companies.

Companies that hire Restructuring Managers

Vskills Certified Restructuring Manager are employed in Top MNC’s and organisations like Deloitte, KPMG, PwC, Tata Capital

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