Distressed Company Restructuring and Valuation Workshop
Program Sponsor: VALCOR Consulting
Master the complex analytical and valuation methods needed to gain a competitive advantage in this new and highly volatile marketplace.
2010 is poised to witness the largest number of corporate failures in U.S. history. Bankruptcies are on the rise and many other companies will seek to restructure in an out-of-court context. While this unprecedented environment will be challenging, it presents many opportunities for those who understand how to properly analyze, value and restructure companies experiencing financial and operational distress.
The workshop is designed for consulting professionals involved with financially distressed companies and securities. The intensive two-day workshop will provide attendees with the necessary skills to understand the reorganization process, the legal framework in which it occurs, and the analysis and valuation of distressed companies and their securities. It will also address accounting and legal regulations surrounding bankruptcy and out-of-court restructuring alternatives. This unique seminar will combine theoretical discussion with hands-on, in-depth modeling and restructuring analysis that will ensure a firm command of the fundamentals that will be required in this marketplace.
What You Will Learn
· Attendees of the two-day workshop will learn the fundamentals of out-of-court and in-court (Chapter 11) restructuring techniques.
· Understand the reorganization process, the legal framework in which it occurs and accounting and legal regulations surrounding bankruptcy and out-of-court restructuring alternatives.
· Learn to model and value a financially distressed company.
· Integrate various restructuring elements into a comprehensive financial model including DIP financing, assessment of creditor claims, divisional reorganization, Section 363 asset sales and other structural adjustments.
· Develop a Plan of Reorganization (POR) including the new capital structure, and the distribution of value and recovery analysis for various stakeholders.
Day 1 AM & PM
Day 1 AM – Restructuring Fundamentals - This session will provide a comprehensive treatment of key restructuring fundamentals. It will begin with an overview of the current recession and the underlying economic forces at work in the capital markets; it will then explore various operational restructuring concepts, and conclude with an exploration of corporate restructuring alternatives, including those under the Bankruptcy Code as well as out-of-court options such as an Assignment for the Benefit of Creditors. It will also address elements of each that are important in valuing businesses in distress. Topics covered include bankruptcy prediction models and telltale signs of distress; an overview of the bankruptcy process; automatic stay, property recovery including preferences and fraudulent transfers; use of cash collateral and adequate protection, DIP financing; nature and determination of claims; the disclosure statement; the plan of reorganization (POR); right to file a POR; and acceptance and confirmation of the POR.
Day 1 PM – Advanced Topics and Distressed Company Valuation Theory - This session will explore more deeply certain key concepts in a bankruptcy/reorganization process such as use of cash collateral, DIP financing options, and determination of the “equity cushion.” It will then provide a comprehensive treatment of the principles of business valuation analysis in a distressed context and conclude with a detailed discussion of the contested EXIDE Technologies valuation analysis argued in Delaware Court. Topics covered include determining an appropriate cost of capital; adjustments to the income and market approaches to account for financial distress; recent case law, and the various points at which a valuation analysis plays an important role within a restructuring context.
Day 2 AM & PM
Day 2 AM – Introduction to Restructuring Models & Case Study #1 - This session will provide a comprehensive understanding of how to apply the principles and concepts of corporate restructuring theory in the development of a restructuring model, and will then illustrate these concepts using a hands-on, interactive case study. Topics covered include filing date considerations, assessing the restructuring period, solvency/liquidity analysis, determining liabilities subject to compromise, development of the pro forma balance sheet, the 13 week cash flow forecast, debt capacity analysis, and many others.
Day 2 PM - Development of the Plan of Reorganization & Case Study #2 - This session uses another interactive cash study to illustrate certain key concepts in a Chapter 11 bankruptcy and more specifically focuses on issues that are relevant during negotiation and development of a POR. Topics include valuation of the reorganized debtor for Plan confirmation purposes, debt capacity analysis, determination of the new capital structure, allocation of reorganized value among stakeholders, recovery analysis and wrap-up.
Learning Objectives
After attending this workshop attendees will be able to:
· Explain the fundamentals of out-of-court and in-court (Chapter 11) restructuring techniques
· Explain the reorganization process, the legal framework in which it occurs and accounting and legal regulations surrounding bankruptcy and out-of-court restructuring alternatives.
· Learn to model and value a financially distressed company.
· Integrate various restructuring elements into a comprehensive financial model including DIP financing, assessment of creditor claims, divisional reorganization, Section 363 asset sales and other structural adjustments.
· Develop a Plan of Reorganization (POR) including the new capital structure, and the distribution of value and recovery analysis for various stakeholders.
Who Should Attend
Restructuring Consultants ▪ Investment Advisors ▪ Valuation Analysts and Appraisers ▪ Institutional Investors ▪ Financial Advisors ▪ Corporate Finance and Business Development Advisors ▪ Asset Managers
Designed for consulting professionals involved with financially distressed companies and securities, this intensive two-day workshop will provide attendees with the necessary skills to understand the reorganization process, the legal framework in which it occurs, and the analysis and valuation of distressed companies and their securities. It will also address accounting and legal regulations surrounding bankruptcy and out-of-court restructuring alternatives. This unique seminar will combine theoretical discussion with hands-on, in-depth modeling and restructuring analysis that will ensure a firm command of the fundamentals that will be required in this marketplace.
About the Instructor: click here
2010 Pricing | IBA and NACVA Members | Non Members |
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Two-Day Workshop | $990 | $1,100 |
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Members of both IBA and NACVA receive an additional 5% discount.
Academicians receive a 40% discount off the non-member registration fee.
To Register Online by click on the shopping cart link below.
CPE Credit
Attendees participating in this group-live course will receive 16 hours of CPE credit for this medium to advanced level program offered in the field of specialized knowledge and applications. There is no advanced preparation required; however, a prerequisite to attending this program is that a medium to advanced level knowledge through training and experience in this discipline is recommended. |
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 | IBA and NACVA are registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Web site: http://www.nasba.org. |
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