Bankruptcy / Restructuring Modelling workshop

Dear Turnaround Management & Restructuring Club members,

Following constant requests and strong interest from our club member about organising a workshop focused on bankruptcy modelling, we are pleased to invite you to a 2-day workshop. This intensive 2-day workshop is designed for people interested in pursuing careers in the restructuring and turnaround industry. The workshop will teach participants how to build a robust financial statement model in the context of restructuring, distress, or bankruptcy the way it is actually performed in practice. Please bring your own laptops.

WHO SHOULD ATTEND?
Regardless of your experience, if you are interested in investment banking, distressed investing/advisory, turnaround or PE/VC, this workshop will provide strong value. Basic financial accounting, DCF and financial statement modelling recommended.

WHAT WILL YOU GET OUT OF THIS WORKSHOP?
• Conceptual overview and details of how to value distressed assets
• Modelling skill set required to conduct distressed valuation and scenario analysis required in investment banking, distressed investing/advisory and turnaround positions
• Knowledge and modelling skill development for your career progression

The workshop will be led by a visiting tutor Max Gauttsel, EMBAG2017. The course outline can be found below, as well as more information about the tutor. For questions, please feel free to email Max at mgauttsel@gmail.com (response time 24 hours).
We look forward to seeing you there!

Best,
TRMC Club

Course Content:
1. Bankruptcy / Restructuring modelling
• Bankruptcy overview and introduction to bankruptcy modelling
• Financial analysis of a distressed company and restructuring options
• Bankruptcy key accounting summary
• Tax consideration at bankruptcy (e.g. NOLs)
• Reorganisation plan analysis
• Ranking of claims
• Complexities of bankruptcy modelling
• Building a fully integrated three statement quarterly bankruptcy model (step-by-step in class during 2 days):
i. Bankruptcy model summary
ii. Bankruptcy model set-up
iii. Bankruptcy-related key assumptions
iv. Operating scenario toggle
v. Make restructuring specific working capital and operational adjustments to traditional modelling assumptions
vi. Master B/S modelling mechanics that dynamically distinguish between pre-petition, bankruptcy and post-petition phases of a restructuring
vii. Build a sophisticated multi tranche debt schedule (pre-petition, bankruptcy and post-petition phases), including the possibility of a DIP roll-up
viii. A fully integrated quarterly modelled B/S, I/S and CFS
ix. Deriving reorganisation valuation ranges
x. Analysing proposed distribution plan
xi. Claims waterfall and recovery analysis
xii. Sensitivity analysis and data tables
xiii. Results interpretation
xiv. Re-review the bankruptcy model summary

Visiting Tutor - Max Gauttsel
Max has a fundamental direct investment and M&A background for more than 14 years. This is a short summary of his experience:
• Deeply undervalued companies and special situation investments with an activist bias (as a current managing partner in a private hedge fund).
• Deeply undervalued, distressed and strategic investments (Lambert Energy Advisory).
• Corporate Finance and Transaction Services (PwC).
His professional and educational qualifications are:
• Chartered Accountant (ACCA).
• Executive MBA at Columbia Business School and London Business School - (High distinction).
• Visiting tutor at Investment Banking Institute for more than 6 years in London and New York; tailored advanced courses for Large Investment Banks and Hedge Funds in London;
• Master’s degree in Energy and Infrastructure.

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