Restructuring Modeling(Wall Street Prep) 内容介绍


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.


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.


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


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