Certificate in Restructuring

Identify companies most susceptible to credit deterioration and the factors that will impact the likelihood of default or the need for distressed exchange of debt. Review a company’s funding structure in context of its sector and operating performance to determine whether the existing structure will effectively mitigate credit deterioration or the extent to which it has the potential to reduce lenders’ recovery rates. Appreciate the importance of safeguards to enable early intervention in deteriorating credits and the correlation between early intervention and ultimate recovery rates in distressed credits. Understand the role of covenants in credit management and crisis situations: covenant structures and the implications of breaches, waivers and amendments on the company and on all classes of creditors. Understand the process for managing exposures to a company in distress. Evaluate the business and operational decisions required by the company in order to place its business on a more solid foundation. Assess the available options to lenders/investors, benchmarking likely recovery against other alternatives and the current market price of the company’s debt, where applicable. Identify the restructuring alternatives, evaluate the possible choices and select the most appropriate restructuring solution, exit and/or workout options for companies in distressed situations