The trainer has 15 years of experience in accounting and investment banking at leading firms and is an experienced financial trainer who has delivered courses for financial institutions in the City of London and around the world, in the areas of Corporate Finance, Valuation (Industrials and Banks), Financial Modelling, M&A, LBO, Financial Accounting, Capital Markets, Bank Regulatory Capital, Financial Risks, both in English and French.
This module focuses on the analysis of companies that are solvent, but might become distressed should trading or financing circumstances deteriorate. We focus on operating cash flow dynamics (e.g. cash conversion), capital structure issues (e.g. understanding structural issues and assessing refinancing risk) and valuation implications.
Case study I – Dominos Pizza – detailled modelling and full credit analysis
This module focuses on the analysis of companies that have become distressed. We focus on reviewing the capital structures and model different alternatives, including liquidation and restruturing the debt package taking into acccunt the perspectives of the different equity and debt holders.
Case Study II: Modelling of different recovery values of an industrial company
Case study III – Detailed modelling of Schefenacker workout
Case study I – T-Mobile USA divestiture to AT&T
Case study II – Citigroup listing of Primerica
Case study III – ITT three-way spin-off in Exelis, Xylem and “old” ITT
Case study IV – Kraft split-off of post cereals business
Case study V – Mead Johnson separation from Bristol-Myers Squibb as a two-step process: equity carve-out followed by split-off
This course focuses on modelling restructuring for stressed and distressed companies.
First, we analyse stressed corporate from a credit analysis perspective and model the debt payment and key credit ratios. We then look at gone-concern scenarios and review distressed companies. We explore and model the steps facing distressed corporates, including debt restructuring packages, in-court and out-of-court settlements and liquidation. We look at the perspective of distressed corporates, debt holders and creditors.
At the end of the training, the participants will be able to:
Day three will cover the main divestiture options available to a firm as a going concern.
We focus on private market sale, Initial Public Offering (IPO), spin-off, split-off and equity carve-out. The motives, pros and cons of each structure are explained in detail in light of precedent transactions. We also discuss financial impact including balance sheet deconsolidation and EPS accretion (dilution). Spreadsheet work and real divestiture cases are used throughout the session.
Each participant should bring a laptop to the course to facilitate modelling work
Corporate Restructuring Course
Training Course Area
|Restructuring High Yield Bonds Course||Bond restructuring, Credit Default Swap, International Trade transactions|
|Advanced Negotiation Issues & Trends in Restructuring||Autodistribution case, Credit valuation adjustment|
|Advanced Debt Restructuring: For Bankers and Financiers||Cashflow forecast, External and Qualitative Risk Analysis for problem loans|