Distressed Restructuring and Turnaround Management

The era of easy money is over. Following years of unprecedented global disruptions—from supply chain shocks and geopolitical conflicts to persistent inflation and aggressive interest rate hikes—the economic bill has come due. Today, the resulting market volatility is exposing a significant number of companies to heightened financial distress. Bankruptcies are surging, and a record number of private equity-sponsored companies are actively seeking protection from creditors.

For sophisticated investors and executives, this volatility creates a generational opportunity—if you know where to look and how to act.

In this intensive 4-day program, we adopt a rigorous “value investing” approach to analyzing special situations. You will learn how to accurately assess the depth of financial distress in individual businesses, quantify the investment opportunity, and execute the strategic steps required to ensure an acceptable return for the activist investor.

Program Architecture: A Total Balance Sheet Approach 

We will dissect the restructuring imperatives across both sides of the balance sheet:

• The Left-Hand Side (Asset Optimization & Turnaround): We address what must be done operationally within the business to drive a successful turnaround. This segment focuses on crucial turnaround restructuring tools, including mastering the 13-week cash flow forecast and managing the critical organizational and human dynamics necessary to steer a company out of crisis.
• The Right-Hand Side (Liability Management & Capital Structure): We analyze how to strategically restructure liabilities. You will learn how to engineer and extend the liability “runway,” securing the vital breathing space a business needs to stabilize, recover, and scale.

How you will benefit

• Understand the key success factors to turning around a distressed situation
• Appreciate the hurdles and solutions to restructuring the liabilities in order to buy time for the turnaround
• Assess both financial restructuring and business turnaround and their integration
• Learn about the legal environment in distressed situations
• Explore the game theory behind investing and restructuring in distressed situations
• Explore the theory and practical application of investing in distressed situations
• Develop a thorough understanding of the fundamentals of value investing
• Estimate the fundamental value of a business using discounted cash flow valuation
• Examine debt capacity and its implications for investors
• Learn to use the content of the typical capitalization table
• Gain the skills to perform a ‘waterfall’ analysis
• Identify potential investment opportunities
• Practice with building an investment thesis
• Improve your negotiation skills to earn an exceptional return on investment in special situations