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Applied Debt Restructuring

Learn and develop a holistic, applied approach to early problem loan workouts for lenders

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A two-day course presented in a virtual class

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pdf Download:   Course Outline

DAY 1

Session 1 - Introduction to Debt Restructuring – Debt Restructuring principles

  • Overview of the current severe economic climate and its impact on corporate clients in the light of high inflation and surging global interest rates
  • Review of the current position of the leveraged loan market and the rising tide of problem loans and corporate insolvencies in 2024 and 2025
  • An analysis of why companies fail and the different stages of the crisis that companies can go through on the road to failure
  • An analysis of different reasons for restructuring (not only because of default)
  • The danger of ‘covenant light’ loans and the inability of banks to take control of problem loans; why thorough due diligence and monitoring is the key to avoiding problem loans
  • How to avoid problem loans as part of original due diligence and effective monitoring
  • Applying John Argenti’s theory to due diligence and monitoring; identifying defects and mistakes in the client and taking action to correct them.

Workshop – Advanced discussion of different alternative scenarios in dealing with loans in default and covenant breaches from case study examples. Using the case study of the collapse of the international contractor, Carillion and other high-profile corporate failures to learn how things can go wrong.

Session 2 – Leading and Qualitative Early Warning Signals of potential distress – what to do next?

  • Review of the International Finance Corporation’s (IFC’s) key EWS categories (Operating, Business, Financial, Investment and Reporting EWS)
  • The liquidity crisis is the final stage of a company collapse
  • Poor liquidity and EWS finance of poor working capital management
  • Management activities and over trading – how to spot them
  • Assessing management planning for working capital management
  • Review and Application of the Z Score to distressed scenarios to identify potential failure
  • The application of the GNPESTEL model to external risk analysis in the context of the global economy in 2025
  • Introduction to Management risk (trustworthiness as well as capability) and its impact on corporate recovery
  • Interrogating problem management and understanding gaps and areas for improvement in their capabilities as part of the debt restructuring process
  • Strategic risk and its impact on the problem client.
  • The importance of understanding whether the problem loan can be ‘worked out’ as a going concern and belief in the recovery strategy
  • How to assess whether the problem loan client can be made viable or not
  • Assessing when to ‘pull the trigger’ on the problem client
  • The importance of avoiding ‘Extend and Pretend’
  • Introduction to ‘Going Concern Solutions’ and why these are preferable to liquidation if the client is potentially viable over the medium term
  • Use and application of a problem loan decision tree to assess potential recovery strategies and the action that the banker can take

Workshop – The delegates in their project groups will work through the case study of a case study company that is in technical default (but not material default) and is showing increasing signs of financial distress. The delegates will be required to provide a solution to the problem and identify which courses of action they would need to take with client management in order to prevent the problem loan from defaulting.

Session 3 – Review of different Debt Restructuring Options and frameworks aimed at maximising the recovery of the bank’s exposure

  • Reviewing different types of problem loan workout and corporate recovery
  • Assessing the two main elements of corporate restructuring, namely financial restructuring company and organisational restructuring
  • Understanding when financial restructuring is not enough and the need to solve the root cause of the problem through operational restructuring
  • When the problem loan is only potentially viable, why undertaking the operational restructuring is an essential first step before the financial restructuring can be completed.
  • Emergency action is required to stabilise the problem loan client and prevent its financial collapse
  • When and who should provide emergency funding to save the going concern in the immediate stages after default
  • Review and application of the IFC’s restructuring framework to identify the favoured strategy for the problem loan working (going concern versus divestment)
  • Key Questions that the banker needs to ask of the problem to assess the choice of the recovery strategy
  • The overriding importance of trusting management to engage and cooperate with the bank during the restructuring process
  • What to do in the event of management not being cooperative
  • The advantages of ‘in court’ and ‘out of court’ divestment/settlement of the problem loan
  • Review of the increasing use of debt sale as an exit route, its advantages and disadvantages
  • How to deal with management during the corporate restructuring process
  • Application of the Butler Matrix to assess options for dealing with the distressed company’s management

Workshop – The delegates in their project groups will analyse and provide solutions for another problem loan case study. The group will apply the IFC framework to the case study to assess which potential restructuring/recovery strategy which best fits the bank’s aim of maximising its existing loan exposure. They will then use Butler’s Matrix to assess what are the best options to deal with management during the restructuring process, in order to protect the bank’s interests.

Session 4 – Restructuring the problem loan and assessing the Serviceable and Non-Serviceable elements of the outstanding exposure

  • The process of assessing the recovery strategy proposed by management
  • The importance of the banker having fundamental credibility and feasibility of the recovery strategy
  • The importance of assessing the forecast free cash flows (and DSCR) of the recovery strategy with management in detail
  • Assessing the income-generating ability of the loan and reviewing it in the context of the potential financial restructuring within the bank’s
  • Using cash flow forecasts to calculate the total serviceable amount of the loan that can be repaid through the recovery-free cash flows
  • Assessing what recovery strategies can be implemented for the unserviceable elements of the loan
    • Debt to equity swaps, debt to asset swaps, debt haircut, PIK, etc.

Workshop – Delegates will review an applied debt restructuring case study of a company problem loan in the tourist sector and how the financing bank dealt with the serviceable and non-serviceable elements of the outstanding exposure of the problem loan. We will then assess the recovery strategy and resulting financial forecasts of a new case study of the problem loan to assess the serviceable and non-serviceable elements of the loan. The delegates in their project teams will be required to provide solutions for both elements of the restructured loan, including how they might deal with the non-serviceable element of the loan.

DAY 2

Session 5 – The Bank's Divestment of the Problem Loan – In-court and out-of-court recovery methodology

  • A review of the advantages and disadvantages of in-court and out-of-court settlement in debt restructuring
  • The concept of the automatic stay and how it can protect the interest of the creditor
  • The importance of the ranking of claims in the debt restructuring process
  • Different methods of corporate recovery from Receivership, Administration and Insolvency in the UK
  • The impact on UK insolvency procedures resulting from the corporate insolvency and Governance Act 2020
  • When creditors can use the principle of ‘cram down’ of minority lenders across different jurisdictions.
  • Duties of managers and directors during the restructuring process and how management can be treated across a wide range of European jurisdictions
  • Personal liability of directors
  • The ranking and claims of creditors and how we need to assess the outstanding exposure of other creditors in assessing the bank’s exposure recovery
  • Time limits for filing claims in key jurisdictions
  • The importance of cooperation with other bilateral lenders and the avoidance of unilateral dent recovery by other lenders of syndicate partners
  • Introduction to Standstill Agreements and controlling the banking syndicate
  • The popularity and effectiveness of Company Voluntary Agreements
  • Examples of successful international CVAs in recent years
  • The use and effectiveness of Pre-packaged Insolvencies (Pre-packs) in certain jurisdictions.

Case Study Workshop – During this session, the attendees will review a range of case study scenarios including International CVAs and review the potential application of the different recovery methodologies discussed during the session. The delegates in their project groups will also assess how they need to engage with other creditors and assess the drafting of a standstill agreement for the problem loan restructuring.

Session 6 - Implementing the Restructuring process – The five-stage framework

  • Reviewing the importance of managing the restructuring process
  • Review of a key five-stage framework to implement a successful restructuring process.
  • Understanding different stakeholder interests and how to manage them as part of the process
  • The case for and against a moratorium/restructuring of the problem loan.
  • Review of stage 1 of the process – acquisition of data to understand the depth of the problem facing the defaulted client and the strength of the bank’s security and guarantees.
  • Review of a data checklist to ensure that the banking team has sufficient knowledge to begin to draft the strategy for debt recovery
  • Review of the company’s financial position and any recovery financial projections to assess the potential sustainability of future cash flows and debt repayment through the going concern.
  • A review of the use and application of the Standstill Agreement as part of the restructuring process.
  • What should be undertaken during the Standstill period
  • Review of the content of a Standstill Agreement entered into by the creditors
  • Review of the management process (Steering Committee process) implemented as part of the Standstill.

Applied Restructuring Case Study – The delegates in their project groups will review a major new case study. The attendees working in their project teams, will review the position problem loan and draft a list of questions and information requirements to understand the potential viability of the problem loan, the actions that need to be taken to stabilise and improve the company’s performance over the longer term and to understand the position of security that the bank can fall back on as a potential secondary source of repayment.  They will also draft a standstill Agreement.

Session 7 – Assessing the potential viability of the company and devising the recovery plan

  • Assessment of the potential viability of the problem loan and the recovery strategy and resulting forecast cash flows (Stages 2 and 3 of the restructuring framework).
  • The use and application of the Primary Assessment of the potential viability of the problem loan – the advantages and practical application of the ‘Walk Through’.
  • A review of the content and scope of the walk through and assessment of parties suitable for its undertaking and delivery
  • Examples of successful ‘walk throughs’ used as part of restructuring
  • Introduction to the Secondary Viability assessment and the role and importance of the Independent Business Review
  • The use and application of the IBR
  • The importance of Independence in terms of the delivery of the IBR
  • Parties and examples of IBRs and the scope of the work undertaken
  • Why the IBR is an essential part of the Operating Restructuring
  • Creating the Scope of Works for the IBR by the banking team.
  • Structuring the new restructured debt facility and undertaking sensitivity analysis to identify the most realistic repayment amount (Serviceable element of the debt) that the Bank can recover.

Operating Restructuring workshop: During this workshop, the delegates will devise a scope of works for both the Preliminary Viability Assessment (including the walkthrough) and the Secondary Viability Assessment (The IBR) applied to the study introduced in Session 6 above.

Session 8 – Creation of the restructured loan, conclusion of options for the Unserviceable element of the loan (Stage 4) and assessment of the Least Cost Option for the Restructuring process (Stage 5)

  • Application of sensitivity analysis and working with management to create the new restructuring loan
  • The inclusion of elements of the client’s recovery strategy into the conditions of the new loan agreement
  • The use of covenanted performance milestones and operating ratios, as well as revised financial ratios to control the recovery plan and strategy going forward
  • Using stage five of the recovery strategy to compare the selected recovery strategy with other potential lower-cost options and reviewing the checklist of areas of assessment as part of this process.
  • Negotiations with the client and pricing of the restructured loan.

Final Case Study Workshop – Using the case study, the attendees working in their project teams, will provide a complete restructuring/workout solution to the problem loan on the basis of the information covered during the course. They will review the sensitivity of the forecast financial projections in the Excel model and propose a schedule for the restructured loan. The team will also include terms of a Standstill Agreement, if required and will present their restructuring solutions. They will also provide any alternative lower-cost solutions that might be an alternative to the going concern solution identified.

For the past 20 years, the trainer has provided training programmes to some of the world’s largest financial institutions including HSBC, EBRD and the EIB. Cooperating with a number of leading training companies, he has trained delegates from some of the largest industrial and financial institutions across the Middle East, Far East, Europe and Southern and Eastern Africa. He also lectures in a number of professional papers for the ACCA and CIMA examination boards at the Tianjin University of Finance and Economics, the leading Business School in China. 

In parallel to his training, the trainer also has a 30-year career in Banking and Finance that originated in the City of London and has specialised in credit risk analysis, debt structuring and problem loan workout and corporate debt restructuring for individuals &international corporate clients. He has worked with a number of the world’s leading financial institutions providing lending facilities or private placements worth over US$ 5 billion to the corporate sector. The trainer is also a senior partner in a London-based investment management company that raises debt and equity financing for Technology start-ups for MedTech, AgTech and Fintech companies. It is this practical, hands-on experience of credit risk analysis and balance sheet restructuring that he brings to his professional finance workshops.

Before embarking on his career in banking, he acted as an Economic and Political Adviser to the Prime Minister of the Slovak Republic.

  • To understand the core principles of the aims of successfully restructuring a problem loan in order to maximise the banker’s loan exposure to the distressed client.
  • Assessment of key lessons learned from high-profile international case studies of financial distress.
  • Assessment of why the process of restructuring is important to success as finding the right solution for the problem loan.
  • A review of key qualitative and leading Early Warning Signals of potential distress and the importance of taking action ahead of time to avoid a problem loan client from defaulting.
  • To review the immediate action and different steps that bankers need to undertake once the distressed client has defaulted.
  • The importance of avoiding ‘Extend and Pretend’ for the interests of the bank’s exposure recovery.
  • What measures the corporate banker can take regarding problem loans given the bank’s overall missions and what solutions might be politically difficult to take for the bank.
  • Using the IFC and other frameworks to begin to identify debt restructuring strategies for the recovery of the problem loan depending on different key criteria.
  • Assess what can be done with management as part of the restructuring process in order to improve the chances of the client’s recovery process.
  • The importance of understanding the root cause of the client company’s distress and working with management to find solutions for those problems.
  • The importance of the Operating Restructuring for longer-term problem resolution and the interaction between the Operating Restructuring and Financial Restructuring.
  • Assessing what proportion of the problem loan can be serviced through the company’s recovery plan and generation of future free cash flows.
  • The importance of detailed cash flow forecasting and sensitivity analysis in assessing and taking confidence in the client’s recovery strategy.
  • Reviewing what solutions may be available in the UK and other European countries of operation for the unserviceable part of the problem loan.
  • A review of popular methods of corporate recovery services and problem loan work out (Debt Sales, Debt to Equity Swaps, Debt to Asset Swaps, Loan Haircuts, PIK etc).
  • An assessment of the key legal concepts surrounding debt recovery and debt restructuring and how these compare across key jurisdictions.
  • The importance of controlling the restructuring process as part of a successful workout and recovery process.
  • A detailed application of a Five-staged structured recovery and restructuring process to major case studies.
  • The importance of data gathering and assessment to understand the depth of the problem facing the distressed debt client.
  • The importance and application of external independent support in assessing the company’s potential future viability; the use and application of the Independent Business Review.
  • Using forecast, sensitised cash flows as part of the client recovery strategy in order to gain confidence in the recovery story.
  • Assessment of any least-cost alternatives for the restructuring strategy.

  • This is a highly timely, advanced debt restructuring training course that will assist delegates in facing the increasing number of problem loans that bankers are facing in light of economic headwinds, particularly across Europe 2025 and relatively high corporate interest rates.
  • It provides a review and application of internationally proven methods of identifying leading, qualitative early warning signals and problem loans, before these loans default.
  • Our course reviews a range of applied financial and operational restructuring methods used, or workout solutions by some of the world’s leading financial institutions.
  • Provides bankers with a full range of different potential restructuring options given changing economic and financial circumstances.
  • Applies problem loan workout strategies that are available to bankers and reviews international best practices in problem loan restructuring and methods and recovery.
  • Instils the discipline of seeking the optimum recovery and restructuring solution for problem loans and avoiding the perennial mistake of ‘extend and pretend’.
  • Develops a methodology and controlled framework that the banker can implement to control the work out process.
  • It allows the banker to assess how to deal with other bilateral lenders in a distressed situation, to protect the interests of the lender.
  • It provides a detailed analysis of the operating restructuring and the implementation of the independent business review report in finding long-term solutions to the problems facing clients.
  • It explains how we can assess the serviceable element of the problem exposure and what can be realistically expected to be repaid through the client’s recovery strategy.
  • Uses forecast-free cash flows created as part of the recovery plan to assess the sensitivity of the repayment profile to future risk events.
  • Our applied debt restructuring course also provides a detailed analysis of additional recovery solutions through negotiated out-of-court settlements as well as the legal tools that bankers can use for distressed debt in Europe and the UK.

Delegates are understood to be at an advanced stage of their professional banking careers and have been providing corporate loans to clients for several years. It is assumed that all delegates have a highly developed knowledge of financial analysis and holistic credit risk analysis. A good working knowledge of Excel is also an advantage in attending the course, as we will be using financial models to assess the restructuring options of a number of case study questions.

Our advanced debt restructuring course is a “must know” for practitioners in:

  • Corporate Recovery
  • Problem Loan Workout

The content covered will give you a significant technical advantage in:

  • Credit Risk Management
  • Relationship Management
  • Portfolio Management

Strong economic headwinds facing many economies across Europe, as well as relatively high interest rates and the threat of trade wars are resulting in increased corporate failure during 2025. Because of this, corporate debt restructuring courses are more important than ever.

Our course is designed for bankers and financiers to develop a holistic, applied approach to early problem loan workouts through a range of different techniques currently applied in international finance. It provides the attendee with a comprehensive overview of the challenges of problem loan workouts that their banks may be facing and with an insight into some of the key methods that can be implemented to assist in the recovery of their financial exposure.

By offering a range of different case studies, financing scenarios and potential solutions to workshop case studies, the attendees will be able to develop a broad applied overview of debt restructuring methods and techniques. This is particularly important in an area of finance where ‘one size fits all’ solutions are not possible and where the financier needs to be open-minded, flexible and quick to react to changing circumstances.

The programme draws from the experience of a range of different high-profile debt restructuring case studies and failures, including the test case collapse of Carillion in the UK and the failed CVA of House of Fraser in the UK retail industry. A number of the case studies used during the course are those that have been undertaken directly by the trainer.

Our corporate debt restructuring course is highly interactive, with the course attendees working in project teams. They will be required to work in their project teams in devising solutions and providing recommendations to the rest of the delegates who will cross-examine their proposals in a credit committee environment.

During the second day of training, the attendees will use forecast cash flow analysis as part of the strategic business review for the restructuring candidate. Knowledge of the working of Microsoft Excel will be an advantage for the attendees.

METHODOLOGY

The online version of this training programme will be delivered through a highly interactive online platform through which the delegates will be able to fully engage with the trainer. The course will be separated into four, 90-minute sessions which will be delivered over two consecutive days. Delegates will work through case study exercises and questions in project groups with the course trainer. 

For both in-class and online variants of the course, the learning techniques will be a mixture of formal presentations, written materials, assignments and case studies with a heavy emphasis on learning through analysing practical examples of corporate loan candidates. All the case studies will be used from real-life working examples and can include client companies of the bank, particularly non-performing loans. Sharing already developed knowledge and learning to work closely in solving practical issues is core to the learning methodology of this programme.

The workshop is designed with active delegate participation as a core theme of the workshop. Delegates will be required to present their findings and solutions to their colleagues in class via the screen-sharing option available through the online platform. Pre-course reading and preparation will be required of the delegates.

  • A good refresher on debt restructuring and a useful introduction to recent material/frameworks such as the IFC.
  • Very good presenter.
  • The course provided concise but useful information and principles that can be applied in restructuring. In my opinion, the course content is well worth the hours allocated to it. I will be applying the Altman Z-score modelling in addition to the financial analysis of my corporate clients.
Number of places:

£ 2380.00

18-19 September 2025 Virtual class 09:30 - 17:00 UK Time
22-23 June 2026 Virtual class 09:30 - 17:00 UK Time

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