The Restructurer includes

micro degree icon

The Restructurer

| Micro-Degree

skills certificate

Leveraged Finance Primer

| Skills Certificate
Accordion White Arrow Icon

5.5

Hours

24

Practical exercises

1

Exam

Get to grips with the different aspects of debt products and capital structures in general, especially in the context of highly leveraged companies.

Leveraged Buy Out

67 video minutes

18 excel exercises

Accordion Arrow Icon

Video minutes 67

Excel Exercises 18

  • Revolving credit facility
  • Term loans
  • Cash sweep mechanisms and covenant mechanisms
  • Bullet / high yield loans
  • Credit ratios
  • Calculating returns to equity holders

Debt Products - Financing Instruments

13 video minutes

0 excel exercises

Accordion Arrow Icon

Video minutes 13

Excel Exercises 0

  • Types of Debt
  • Senior Debt /Subordinated
  • Preferred Stocks and Equity Injection
  • Management Rachet
  • Debt Providers
  • Covenants
  • Collateral: 1st vs 2nd, All assets or Bifucated
  • Financing Fees: Upfront Fee, Commitment Fee, etc.
  • Key Considerations: Interest Rate, Typical Term, Repayment

Debt Products in PE – Documentation

10 video minutes

0 excel exercises

Accordion Arrow Icon

Video minutes 10

Excel Exercises 0

  • Typical contracts:
  • Credit Agreement
  • Indenture
  • Regulatory Documents
  • Collateral Contracts
    • – Credit Agreement
    • – Indenture
    • – Regulatory Documents
    • – Collateral Contracts
  • Typical Clauses:
    • – Cashsweep Clauses
    • -Cross Default Clauses: Triger Event
    • – Pari-passu
    • – Repayment / Redemption

Credit Risk Introduction

17 video minutes

0 excel exercises

Accordion Arrow Icon

Video minutes 17

Excel Exercises 0

  • How Banks Make Money
  • The Credit Perspective
  • How Bad Loans Affect Banks
  • Intro to the Credit Process
  • The 5 Cs of Credit
  • Quantifying Credit Risk
  • Default Risk
  • Loss given default risk

Debt Capacity

36 video minutes

6 excel exercises

Accordion Arrow Icon

Video minutes 36

Excel Exercises 6

  • Debt Capacity Overview
  • Cash Flow-Based Debt Capacity
  • Creating Cash Flow Scenarios
  • Amortizing The Loan
  • Creating Tranches
skills certificate

Early Warning Signs

| Skills Certificate
Accordion White Arrow Icon

1.5

Hours

5

Practical exercises

1

Exam

Learn all the red flags showing a company in financial difficulty. Learn how to identify early financial and non-financial signs of distress and the events that trigger a need for restructuring.

Signs of Financial Distress

12 video minutes

0 excel exercises

Accordion Arrow Icon

Video minutes 12

Excel Exercises 0

  • Signs of operational underperformance
  • How to spot liquidity problems
  • Key credit metrics to look out for
  • Accounting issues that often arise
  • Key behaviours displayed by management during distress
  • Key signs of operational distress

Forensic Accounting – Identifying Corporate Distress

43 video minutes

4 excel exercises

Accordion Arrow Icon

Video minutes 43

Excel Exercises 4

  • Soft areas in accounting:
  • – Non-GAAP numbers
  • – Estimates
  • – Classification of cash flows
  • Calculation of non-GAAP numbers:
  • – Risk analysis of typical non-GAAP adjustments
  • –  Adjusting accounting for non-controlled entities and stock option expensing
  • – Bias in non-recurring items
  • Estimates and earnings quality:
  • – Revenue and profit recognition
  • – Inventory valuation
  • – Provisions
  • – Accounting for M&A
  • – Earnings quality analysis
  • Analyzing cash flow classification:
  • – Cost capitalization
  • – Investment income
  • – Off balance sheet finance
  • Forensic accounting toolkit – ratio analysis and red flags

Restructuring Triggers

14 video minutes

1 excel exercises

Accordion Arrow Icon

Video minutes 14

Excel Exercises 1

  • Covenant breaches
  • Non-payment of loan liabilities
  • Cross-default
  • Insolvency
skills certificate

Restructuring Options and Recovery Mechanisms

| Skills Certificate
Accordion White Arrow Icon

4.5

Hours

23

Practical exercises

1

Exam

Explore the options that a company and its advisors may consider when facing a restructuring. Get to grips with the three main routes available, a turnaround of the business, disposal of assets, and liquidation.

Restructuring Options

11 video minutes

0 excel exercises

Accordion Arrow Icon

Video minutes 11

Excel Exercises 0

  • Business turnaround
  • Asset disposal or divestiture
  • Liquidation

Divestiture Modeling

105 video minutes

20 excel exercises

Accordion Arrow Icon

Video minutes 105

Excel Exercises 20

  • How companies decide on divestitures
  • Divestiture options
  • 100% sale – asset vs share sale
  • Modeling the impact on the balance sheet and income statement
  • Tax implications of divestiture options
  • Book vs tax basis
  • Sale of majority stake
  • IPO
  • Modeling a non-controlling interest in a carve out transaction
  • Modeling different ECM structures including spin-offs and split-offs
  • Push down of debt

Legal Restructuring Tools

15 video minutes

0 excel exercises

Accordion Arrow Icon

Video minutes 15

Excel Exercises 0

  • UK specific examples
  • – Company voluntary agreements (CVA)
  • – Restructuring plan
  • – Administration
  • US specific examples
  • – Chapter 11
  • – Chapter 7

Reaching and Agreement - Consensual and Non-consensual Deals

18 video minutes

3 excel exercises

Accordion Arrow Icon

Video minutes 18

Excel Exercises 3

  • Consensual restructurings
  • Non-consensual restructurings
  • Out-of-court and in-court agreements
  • Pre-packaged transactions
skills certificate

Restructuring Modeling

| Skills Certificate
Accordion White Arrow Icon

6

Hours

23

Practical exercises

1

Exam

Dive into the operational and non-operational cash flows, including in-depth working capital analysis, calculating the borrowing base of a revolver, and understanding how financing gaps are plugged using available facilities. 

13 Week Cash Flow Modeling Scenarios

62 video minutes

3 excel exercises

Accordion Arrow Icon

Video minutes 62

Excel Exercises 3

  • Use examples from real world case to demonstrate the purpose of a 13-week cash flow (True Apparel Inc.)
  • Analysis of current trends in case company
  • – Identifying areas of weakness
  • – Identifying potential sources of immediate liquidity/cost savings
  • Ramifications of distress
  • – Covenants (discuss popularity of cov-lite loans in LBOs)
  • – Restructuring (additional loans)
  • – Bankruptcy (DIP financing)
  • – Credit Bidding/Stalking Horse bidders

Building a 13 Week Cash Flow Model

128 video minutes

14 excel exercises

Accordion Arrow Icon

Video minutes 128

Excel Exercises 14

  • Breaking down operating and non-operating expenses
  • – Components of COGS (fixed and floating)
  • – Components of SGA (fixed and floating)
  • Deep dive on OWC, including the cash flows within AR, AP, and Inventory
  • – Using actual AR schedules, purchase orders, payables schedules
  • – Forecasting non-operating revenue expenses
  • Forecasting maintenance capex
  • Adding interest and debt service
  • Determining borrowing need/repayment ability
  • Reconciling cash flows to EBITDA
  • The Revolver/DIP  financing
  • – Senior vs Super Senior
  • – Borrowing base calculation
  • – Using 13-week CFM to model revolver drawdowns and repayments

Distressed Debt Restructuring Model

58 video minutes

6 excel exercises

Accordion Arrow Icon

Video minutes 58

Excel Exercises 6

  • Industry and company analysis
  • Using cash flows to determine debt capacity
  • Approaches to a fire sale valuation
  • Liquidating assets
  • Senior versus junior debt
  • First lien vs second lien debt
completion certificate icon

Restructurer Expert Interview

| Completion Certificate
Accordion White Arrow Icon

0.5

Hours

Curious to know what it’s really like to work in restructuring? Get the answers to this and more in this expert interview with Danilo Barreto, an Investment Banker with experience in Restructuring and Leveraged Finance.

Restructurer Expert Interview

8 video minutes

0 excel exercises

Accordion Arrow Icon

Video minutes 8

Excel Exercises 0

  • Restructuring Bankers vs Restructuring Consultants
  • Key skills needed for a career in restructuring
  • Recruitment and interview process

Skills & Learning Objectives in The Restructurer Micro-Degree

Recognized by industry experts

Colin Evans

Managing Director at J.P. Morgan

Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.

Dr. Bridget Lyons

Professor of Finance

Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.

Chris Bishko

CFO

CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.

Level image

Wall Street Recognized Certification

Established on Wall Street, Financial Edge has taught at the biggest bulge-bracket firms since 2016, and now we offer that very same training online for you. It’s no secret that banking is fiercely competitive, which is why our Wall Street recognized certification is designed to let your employers know you have the skills to succeed.

This course is officially CPD certified

Continuing Professional Development (CPD) keeps a record of your increasing skills, knowledge and experience throughout your career, which now includes select Financial Edge certifications.

Complete a Micro‑degree to join our exclusive alumni

Sit beside the world’s best investment bankers on LinkedIn, and take advantage of exclusive must-have benefits for new and experienced analysts.

What Our Students Say

The Restructurer Micro-Degree is included in your Felix Plan

Boost

Includes full access to all certified courses.

£449
Billed annually.
Get Started
Boost includes:
  • 184+ hours of instructor-led learning
  • Search across 350+ playlists, 3000+ videos and Q&As
  • Role-focused pathways
  • Expert instructor support

Pro

Full Felix access including all learning content and data features.

£699
Billed annually.
Get Started
Pro includes:
  • Everything in the Boost plan
  • Streamlined company data
  • Current and historic filings for over 7000 companies
  • Market and industry data
  • Ready-to-use sector and transaction models

Compare plans

Boost Pro
Completion certificates 37 37
Skills certificates 48 48
Micro-degrees 11 11
Searchable library of 350+ playlists, 3000+ videos and Q&As
10 role-based learning pathways, including Investment Banking, Equity Research, Sales and Trading and more
Expert instructor support
Practical exercises to work alongside videos and quick quizzes to test your understanding
Weekly live webinars
Streamlined company data (WACC. & EV bridge calculator, custom comparables)
Current and historic filings for over 4,000 US firms
Current and historic filings for over 7,000 firms globally
Link to, label and share data points in filings (limited to 10 for Free and Boost users, unlimited for Pro)
Regional and industry data sets
Ready-to-use sector and transaction models
Boost £449 Billed annually Get Started
Pro £699 Billed annually Get Started

Frequently Asked Questions

What tech do I need?

Accordion Arrow Icon
Access your course across desktop, laptop, tablet or phone; either via our web portal or the dedicated mobile app. While we have optimized our video quality and size, we recommend a broadband connection to enable uninterrupted video playback. A PDF reader and spreadsheet application are required to open the supporting resources.

Is it right for me?

Accordion Arrow Icon
Our online courses reflect the training new analysts receive at the leading financial organizations. They're challenging, but if you want to demonstrate you are as good as the best in the industry then this is the course for you. The top investment banks will recognize our micro-degree certifications, making them perfect for graduates looking to land a job or a professional preparing for a new role.

Are Financial Edge's courses credible?

Accordion Arrow Icon
The leading investment banks, as rated by the FT, hire us to train their incoming analysts. If you are looking to join the best analysts in the world, why not challenge yourself with the same content and certification with the same Wall Street instructors ready to answer your questions.

Will this course help me get a job?

Accordion Arrow Icon
Absolutely. Develop practical skills you can use to impress at interviews, whether you’re looking to break into finance or change roles.

How long do I have to complete the courses?

Accordion Arrow Icon
Everyone works at their own pace so there's no restrictions, all you need is an active Felix plan for the course you are completing. All Felix plans renew annually.

Are there any hidden costs?

Accordion Arrow Icon
No. Everything you need is included, from instructor-led videos and Excel exercises to the exams.

What is CPD?

Accordion Arrow Icon
All of our online courses are CPD accredited. CPD stands for Continuing Professional Development and makes demonstrating your commitment to learning easy. Your institution or accrediting body may track CDP points through activities, units or hours. Check with the relevant party to find out how you should be monitoring your progress.

What support will I get along the way?

Accordion Arrow Icon
Our expert instructors are standing by to answer questions and help you develop a detailed understanding of finance complexities. Our technical support team are also ready to help with any system problems.

Start earning your Restructurer Micro‑degree certificate today.