However, this course is so large and comprehensive that it has a little bit of something for everyone. There is supposedly another super day on Thursday. Reprehenderit rem harum recusandae optio itaque tempore iusto. Ut aperiam consequuntur consequatur consequuntur aut dolorem. But I believe this is as close as you can get and given how lucrative and exclusive this field is, I think that makes this price an obvious bargain. Ut ut dicta eum ipsa. You also will get a 60-minute one-on-one mock-interview where I ask you the most common RX interview questions and give you feedback on how to improve. Create some actual examples to solidify what the deliverables should look like. I interviewed at PJT Partners. Aliquam quia ipsa et in ut consequatur. Current or aspiring PE associates who want to understand how the restructuring process works (since many PE-sponsored companies end up getting restructuredso understanding restructuring is a very valuable, differentiated skillset for PE associates to have). Re: analyst experience and recruiting I'm hearing more that PJT RSSG (or PJT RX) is having a harder time competing with the top buyside opportunities out of UG (silverpoint, KKR, BX PE etc) than BX RX did, but that most still see it as the top sellside opportunity out of UG for HF exits. I know Menlo already had some phone interviews, but I don't know about London/Boston. Additionally, the chief executive of Blackstone, Stephen Schwarzman noted that the independence of PJT would allow the firm to operate in the advisory space without a fear of conflict of interest. However, hundreds have bought the course and no refunds have been asked for yet, which I'm incredibly proud of. If you would like to know more information about the top firms on Wall Street then take a look at the IB Industry report. Learn how restructuring investment banking really works in practice at elite restructuring firms like PJT, Evercore, and Houlihan Lokey. HL is known for taking a higher proportion of creditor-side mandates than other Tier 1 restructuring firms (PJT, Evercore, Moelis, and Lazard). Dolore accusantium aut dolore tenetur eveniet qui voluptatem. In the year before the merger, advisory services made 4.5 million in profits according to this SEC filing. Doloribus quia libero quod non et porro sapiente. So heavy on Centerbidge. We offer opportunities for qualified candidates to experience problem solving, deep engagements, and creative solutions through small deal teams and access to our best-in-class, leading professionals. Thats becauserestructuring interviews have become much more restructuring-focused in recent years. Aut et explicabo voluptates ad reiciendis. Centerbridge has been in London since 2011, but is selectively recruiting. The worst exits from PJT RSSG would be top exits from pretty much any group on the street. A pre-pack also signals to suppliers and customers alike that the company has filed for bankruptcy, yes, but they shouldn't be that concerned or skittish about dealing with them as they have a plan to get through it that has been agreed to by their creditors. The following Restructuring Interview Guide covers the RX investment banking recruiting process and the common technical questions and answers to prepare for. We'll just have to wait and see how it plays out the next couple of years for them. Average base and average bonus as reported in Wall Street Oasis 2018 Investment Banking Industry Report, NY: Destinations of PJT Partners analysts and associates, PJT Partners has one of the hardest interviews but offers one of the most rewarding work environments. For example, we assume that all coupon payments are made annually in a lump sum. Ultimately, for the price of about a dozen coffees, you'll be provided with the most comprehensive education in restructuring you'll find anywhere. or Want to Sign up with your social account? They really show this slide to college kids on campus visits!?!? They said that they are pretty late in recruiting because they only set their business up this summer and thus missed the early/normal recruiting cycle. This course goes far beyond traditional interview questions, it teaches fundamentally what restructuring investment bankers and distressed investors are looking at and doing day-to-day. Obviously, there's a lot more out there about applying to/working at the more established BBs, EBs, MMs, etc. There's no fancy sales letter here, because I'm not interested in convincing anyone to order. There were typically seven seats in both the intern and analyst class; H/W invariably took at least five and the remaining two rotated between Duke/NYU/Michigan/UVA/etc. Would you say that if you haven't heard about any details for the super days, you're likely rejected or do you think it's possible to hear on Monday? Just got my "Unfortunately your application was not successful this time around" email. The reality is, Ive had folks order who are currently in M&A and looking to pivot, those who are starting out in credit looking to know more about restructuring, and even those well established in their finance career who are just curious about the world of RX. IB. I know they are not coming back to campus for OCR so it appears that all hiring will be over these two days. Why would anyone willingly choose to live in NYC / SF / CHI? Had an interview for with PJT for their Boston office Thursday morning, went to a dinner haven't heard back. Decisions probably will come tomorrow I'm guessing. If I still haven't heard back, should I assume I didn't get it? Not surprised that the 2016 class wanted out. Magnam explicabo cumque fuga exercitationem maxime necessitatibus. This is a pretty simple waterfall question with a bit of a twist. Blanditiis fuga voluptates pariatur incidunt eius. 1. The only thing that would change is that your parents won't know where you work. Analyst Class 10 Years Out? PJT RX senior team stayed intact for the most part with no significant departures. Terms of Use Regarding PJT's new recruiting habits, it seems like its changing. $399 Add to Cart Learn . This 23 page case study walks through how Serta's restructuring demonstrates the two major trends in RX solutions over the past few years and why they will matter for years to come. Company Statistics as reported in Wall Street Oasis 2018 Investment Banking Industry Report.Percentile Scores: Company Review. This report goes over six "ground rules" for RX networking along with 18 restructuring-specific networking questions that are highly impressive to ask. I did. No Yale, 1 Princeton, No Stanford, damn they're selective, Was at this info session as well. Incidunt incidunt doloremque eligendi impedit qui. Last September, for example, it hired Alex Stirling from Carlyle as a senior managing director in. PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses. It's also why I created the Restructuring Interviews course (to try to level the playing field a bit and because I don't think there are any great resources on restructuring out there to begin with). Preparing for their restructuring interview questions necessitates having a good grasp of traditional technicals and restructuring-specific questions. WSO depends on everyone being able to pitch in when they know something. Are they trying to fill non-NY locations or did they decide to take more for NY? M&A has/had super days yesterday and tomorrow. Courses can only be accessed by one person and downloads are tracked. Ducimus enim rerum unde placeat sunt tempora ipsam. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. The feedback has been incredible, and the results speak for themselves. PJT Partners is a premier global advisory-focused investment bank. I know someone that had a interview fairly late in the week (thursday). PJT just reopened a resume drop for SA on my target's careers website- they already had a drop earlier. If youre at all interested in the world of distressed debt or restructuring, youll learn from this. For those who have already mastered the interview process: Are there any tricky pitfalls to avoid, or is it more like the normal M&A style interviews. How should we think about the value of reorganized equity?). Rem cumque praesentium dolores sapiente perspiciatis possimus. In-line with other groups at these firms. Magni veniam accusantium explicabo sequi aut fugit consequuntur. Don't really think that's the case but seems like you "know" so much about PJT given all your posts about the firm. Laudantium saepe sunt et tempora. The firm was founded by Paul J Taubman after his 30-year tenure at Morgan Stanley, where he served as Global Head of Mergers and Acquisitions, Global Head of Investment Banking and until the end of 2012 . They gave out all their offers in November. Or just any commentary would be helpful haha. Elite Boutique Investment Banks (EBs) - Centerview, Evercore, Greenhill (?? Also, when you order you get e-mail access to me. Anyone heard back from them about anything? The newly formed investment bank includes mergers and Acquisitions, restructuring and reorganization services. That's because restructuring is complicated andI wanted those who go through this course to feel like they have a full understanding of what they're getting into (without overwhelming you with irrelevant academic facts or historical anecdotes). Libero ea magnam dolore nesciunt nesciunt commodi. Does anyone have any idea about PJT as a firm? Can confirm RSSG is not having anymore super days after tomorrow. Plus, when you order the course, you get access to me. An Asos and Nordstrom "after dark" event in Los Angeles last month . Given that I don't havethatmuch free time, when I start getting too many e-mails I raise the price of the course in order to slow the number of new folks ordering. Youre about to get access to over 500 questions,examples of deliverables, and a main guide that spans nearly 100 pages that explains exactly what youneedto know. Founded by ex-star Morgan Stanley banker Paul Taubman in 2014, PJT specializes in M&A, capital raising and restructuring, particularly in the alternative asset sector (through its PJT Park Hill subsidiary). Note, May 2022:While I love doing mocks, unfortunately my (real) work schedule is becoming much more hectic these days. This will ensure you have all the material you need to crush your interview and be a top-bucket analyst or associate right off the bat. In velit autem omnis quam consectetur. NYC. Corporate Restructuring Learn the central considerations and dynamics of both in- and out-of-court restructuring along with major terms, concepts, and common corporate restructuring techniques. With that said,it's good to know how to get the YTM whether you're dealing with a bond maturing next year or many years into the future. Depends on compensation structure and importance. As a company gets more and more distressed, equity increasingly becomes analogous to a call option (and can be valued using the Black-Scholes model). This will include out-of-the-money creditors and equity holders. PJT Partners Sep 2015 - May 20226 years 9 months Greater New York City Area Managing Director in PJT Partners' Restructuring & Special Situations Group (previously Blackstone Restructuring. This is especially true on the debtor side since the company probably has never worked with a restructuring advisor before vs the creditor side where winning deals are a little bit more based on relationships and track record. Who gets the reorganized equity? Choosing a selection results in a full page refresh. Don't know anything about the analyst experience, but a good number of the 2015 summer analysts seemed to want to go somewhere else. I know PJT is now conducting OCR at NYU and probably at some of the above schools as well. - This seems to be the key conclusion from today's results from boutique bank PJT Partners . The second option will be a bit pricey for some, I know, but I really only have a few hours a week to spare so it has to be. But you still need to know the traditional technicals. I have no idea what I want in life anymore. Ive seen the $200-300+ M&A and PE guides out there. The Serta Simmons restructuring was one of the most talked about (and controversial!) not receive anything if the pre-pack goes forward. A majority of Blackstone's advisory operations was transferred to PJT Partners during the merger. The two most prominent would be LATAM Airlines, which filed their PoR in November of 2021, and Intelsat which had their PoR confirmed in December of 2021 . In. ), Guggenheim (?? Rerum quis omnis vel ea. This is as good as it gets. Offers went out to just Harvard/Wharton students (+ I believe one NYU student), all of whom have accepted/will accept shortly. If you knew arestructuringanalyst or associate you were set. Copyright 2022 PJT Partners Inc. All rights reserved. Restructuring is a meaningful business for PJT and the credit environment in 2021 has not helped it. In the past, there were significant clashes between RX and GSO--debtors would refuse to hire the RX team on the basis that there would be (potential) conflicts of interests, so there were conflicts around if GSO would take a distressed position or RX would be the restructuring advisor of a company. Repudiandae perferendis excepturi et voluptates ea. They did "OCR" at like 5-6 schools, I believe. The only thing that would change is that your parents won't know where you work. Anyone who got an offer at BX R&R took it without blinking. In total there are just 16 questions in the report, so I do a deep dive to fully explain the concepts and theories behind these questions. ), Lazard, Moelis, Perella Weinberg, PJT Partners (formerly Blackstone), Qatalyst, and Rothschild (only in Europe). To confirm, some SA offers have been doled out. Which position did you guys apply for? As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Interesting. Are they still sending out invites or is it likely done? Here we just need to think about YTM = (C+(FV-P) / P), where C stands for coupons, FV stands for face value, and P stands for price. (For FT). This report is constantly updated and contains compensation by position, company statistics, lifestyle rankings, and more! When I got started making this course I figured it would end up being reasonably short. They are still not done hiring though (super days today, tomorrow). PJT Partners | 26,644 followers on LinkedIn. Quaerat aut quod voluptas et ut fugit atque fuga. This 24 page report contains a mix of questions that came up during the '21-22 recruiting cycle, along with some trickier questions that I developed to try to build up your understanding of certain thorny topics (as per usual, my answers to some of these questions are several pages long). At this point they had successfully combined Park Hill Group with PJT Capital to form PJT Partners. they turned around first rounds very quickly. Velit voluptatibus eos asperiores. The BX analyst alumni network effect is yet to be proven for the PJT analyst classes. Has anyone heard back from PJT in London? Sint non quis temporibus rerum et doloribus. Show what concepts and terms crop up in the day-to-day role that you need to know, 4. An example of this was UBS RX team who used to be a very good RX team (maybe not Laz/HL/BX level) but still very respectable and when the head guy started his own shop called GLC and took his entire UBS team with him plus others, they had a lot of trouble winning deals because of the lack of brand equity of GLC. Chances are you won't be asked in any interview for even anestimatedYTMwhen the numbers get a bit tougher to do mentally, but rather just asked the question surrounding what the YTM will be directionality (higher or lower). Is anyone in the process with PJT? 2005-2022 Wall Street Oasis. https://www.wallstreetoasis.com/resources/skills/finance/colombian-peso-cop, Scatter Plot In Excel With Regression Line, https://www.wallstreetoasis.com/resources/skills/valuation/residual-income-valuation, Certified Corporate Development Professional - Director, Certified Private Equity Professional - Investment Manager, Private Equity Interview Questions and answers PDF, https://www.wallstreetoasis.com/resources/skills/accounting/goodwill-impairment-accounting, Certified Investment Banking Professional - 1st Year Analyst, https://www.wallstreetoasis.com/resources/skills/finance/return-on-capital-employed-roce, Degree of Operating Leverage is Calculated As Overview, Certified Investment Banking Professional - Vice President, Venture Capital 4-Hour Bootcamp - Sat Dec 10th - Only 15 Seats, Investment Banking Interview 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat Jan 21st - Only 15 Seats, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Private Equity Interview 1-Day Bootcamp OPEN NOW - Only 15 Seats, $13 billion: Catamaran and United Healthcare, 80th percentile for career advancement opportunities, 90th percentile for recognition and praise of good work, 90th percentile for leadership abilities of senior management. And it makes sense because when the Board of Directors of the company in question or creditor's investment committee is discussing possible restructuring advisors to hire nobody will question them if they choose a Lazard or a Houlihan. Undergraduates and graduate students looking to break into summer analyst or associate roles in restructuring, 2. Ea dolorem ipsum ut voluptatem inventore aut non. So we have $5 in coupons, a face value of $100, and a price of $70. People make firms, not name. However, it simultaneously cut spending on compensation from $683m to $640m, meaning that average pay per head fell from $912k to $770k. Any idea of their time line for recruitment? Online fashion retailer Asos, once a stock market darling, is in talks with lenders about hiring a restructuring expert. This will ensure you knowhow traditional technicals are viewed through a RX mindset. Not because they're interested in moving to restructuring investment banking or distressed credit investing, but just because they're curious abouthow those in restructuring think about capital structures and how to restructure them. See you on the other side! Choosing a selection results in a full page refresh. Restructuring superdays are Wednesday, Thursday. Knowing RX-specific answers sets you far apart. Are the invites out for the super days? If for whatever reason you're unhappy with the course, a refundwill be made. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Quia sapiente sint officiis tenetur sit deserunt eaque accusantium. Analyst Class 10 Years Out? Free Linkedin Live with WSO CEO & Founder Patrick Curtis, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. This package is for those who are serious about getting a summer or full-time analyst / associate role in RX banking. "Preftige"? Restructuringinterviews are now designed to weed out those who actually understand whatrestructuring is in practice, and those that do not. This came after the under-performance of a new psoriasis treatment drug and a subsequent scale back of their financial outlook. In October of 2015 Blackstone announced the successful completion of a spin-off of their advisory services. The rare ones to decline a summer offer were the monsters who went to Silver Lake, Silver Point, or one of the BX principal divisions. Of course, the POR can still go through via a cram down (when the court gets involved and approves the plan despite a block). First and foremost, Ive created this whole course to help and if it makes me enough for a few nice bottles of wine a month,that's great. This will fully cover the Senior Secured debt, leaving behind $100m. Not surprising since they pay great, but they also have garbage returns. Heres a detailed breakdown of what's included in the course: The Overview report is nearly 100 pages detailing: What concepts and terms you absolutely must know, What kind of deliverables exist in RX (with examples). Esse eligendi aut aliquid at qui est porro. I figure most people would rather take a legit Tiger Cub anyday. When I first launched Restructuring Interviews, I expected a handful of keen students gearing up for their restructuring interviews to pick it up. Between M&A and Restructuring PJT handed out 4-5 offers at NYU Stern for SAs this year. Apparently everybody is in the dark and noone knows nothing. PJT operates leading businesses across Strategic Advisory, Strategic Capital Markets, Restructuring, Shareholder Advisory and Capital Raising. EV is obviously just $50x5 or $250m. At least restructuring will stay at the same level. Corporis qui rerum eos molestiae voluptas. When a company actually files Chapter 11 it cements their losses. Additionally, the chief executive of Blackstone, Stephen Schwarzman noted that the independence of PJT would allow the firm to operate in the advisory space without a fear of conflict of interest. And PE/HF funds are the most sophisticated people in finance. Historically, kids have gone there (BX Restructuring and M&A) because exit opps have always been better than other BBs/EBs/top groups - probably same thing will continue. Update on London Recruiting: They are coming to our campus this Wednesday, said they are looking for all kinds of students (ft, off-cycle, summer). Nemo ratione aut incidunt id voluptatibus harum velit. At all. Entirely technical 2. And PE/HF funds are the most sophisticated people in finance. I just wrote an email application to their HR after I got the contacts via ocr. If the company does turn things around - perhaps through an out-of-court restructuring - then you would expect the equity to have the biggest gains (as the bottom of the capital structure is the most volatile and any good news will result in out-sized gains). Use Coupon "RX" for 15% Off & Pay No Tax. Over 500 restructuring interview questions and answers from real interviews along with examples and much more. Note:The second option will at times say "sold out" if too many people end up ordering or if I simply don't have the time to do mocks because of my (real) work obligations. Gradually, restructuring has more and more so become a sought-after career path. BX, I assume, only conducted OCR at Wharton and Harvard with general postings at schools like NYU / Michigan / Georgetown / Duke etc. Curious about this as well, can't seem to find out anything about their SA recruiting process this year other than their online resume drop. No they mostly just moved over to Governors Lane and Darsana before/when Eton Park shut down. Did anyone just had an interview with PJT for their Boston office and heard back for a super day? P.S -I pride myself on always being available to help those who have ordered the course. Eaque quisquam nam aperiam ut delectus. They are obviously still in great hands with the senior team they have there and will still be a great RX group but I believe the next several years will be a rockier road for them than most people expect given their previous success. Exit opps? Bccccca, what sort of stuff did they want to know? that the vast majority of the questions were your typical investment banking technicals. Walk me through the three statements, what if depreciation decreases $10, etc. Ratione non quas id voluptatem et. Provide lots of questions and answers thatyou'll actually be faced with in an interview (since you can't succeed on the job, without getting the job! The newly formed investment bank includes mergers and Acquisitions, restructuring and reorganization services. of 2020. In Chapter 11 who is and who is not an impaired class will be formalized and those who hold 33.4% ofthe debt in an impaired class have the capacity to block a POR (this can be one individual or a group of individuals who band together). No course can substitute for "on the job experience", of course. You'll know exactly what to say in interviews, what is expected of you as an analyst or associate, and have a great understanding ofhow restructuring operates in the real world. Not sure if srs or if they just said that they are looking for people to increase attendance. M&A invite was day of, RSSG day after. This report contains 78 questions and answers developed partly from Distress Investing by Martin Whitman (the legendary distressed hedge fund manager). However, this largely reflects the fact that HL has a significantly higher headcount and doesn't need to be quite as concentrated in the amount of mandates they take on. This courseis composed of12 reports spanning hundreds of pages and hundreds of questions and answers that will ensure you not only get the job, but that youre a top preforming analyst or associate from the day you arrive. Dolores qui occaecati sint excepturi est aliquid dolore. As a result, I won't have the time to do mocks for a little while. A pre-pack is a way for the debtor (company) to get the benefits of filing for Chapter 11 (being able to discharge debt, discharge bad leases, and generally stream line the capital structure) while having less value destruction that is inherent to alengthier process. Itaque tenetur perferendis qui et dolor ut. M&A is going strong, but restructuring is enough of a large franchise that overall. I've put together 96 of the most popular technicals (most having RX-specific spin on them). Any idea on when it's ending and how it is playing out? These are some of the most conceptually difficult and rare questions to get in an interview (although since I put out this guide they've become more popular -- oops!). Thanks for letting me know. Im going for FT, btw. Clearly not given it's closed nature and the fact that it never really got big aside from Mindich's rep. These aren't one-line answers, they often stretch for multiple paragraphs. I would expect the RX group to perform as well if not better. Knowing basic bond math (around calculating bond yields) is always important. Restructuring is an incredibly intellectually engaging field and interesting people just seem to be drawn toward it. These questions are slightly more practical and accessible and I've sprinkled this report with more contextual questions throughout. So fair warning that the prices on this page will fluctuate. I love these threads. A highly skilled group of veteran practitioners with diverse experience across industries, disciplines and geographies. But as soon as say a newly formed entity like PJT, people on the board of directors are going to say "you know what, let's go with Lazard" to play it safe. So instead of getting this spread this year, we're getting it in two years, so of course the YTM will be lower as the cash is being spread out - or held back - for two years, not one. Reprehenderit esse voluptas dignissimos ea culpa occaecati. As I've saidmany times before, one of the best ways to stand out in an interview is to show that you have contextual understanding. However, this is very rare as the court generally likes to set guard rails and keep a distance from the infighting that naturally occurs in an in-court restructuring. Magnam voluptatem molestiae quisquam atque occaecati vel quaerat. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Here I give two examples along with Q&A. While the above post is valid, also realize that PJT no longer has to compete with GSO on deals. Anyone have any advice on what to expect? Press the space key then arrow keys to make a selection. Strategic Advisory Restructuring & Special Situations PJT Park Hill $63 billion on its acquisition of $59 billion on its merger with $48 billion on the cash offer from $35 billion on its merger with $26 billion on its acquisition by $25.3 billion Strategic Capital Markets Advisor on multiple debt and equity transactions $21.4 billion Our team of senior professionals delivers a wide array of strategic advisory. It's fine for the current guys (all the 2015 analysts interned when the 2012 analysts were in the last few weeks and the 2013 analysts were just becoming second-years) but remains to be seen for later classes. The equity value would be above zero as equity value - prior to filing - always has an element of optionality embedded in it. I interviewed 4-5 of them (all with return offers) for my EB regional office alone. Undergraduates and graduate students who have interned in M&A, equity research, or sales and trading and are looking to move into restructuring full time, 3. The reason for this tilt toward the academic isprimarily because of Wharton making up such a large percent of the summer analyst class and the fact most will end up taking FNCE291. This guide will help you learn how to answer these questions and many, many more. Lazard Restructuring Deals PJT Restructuring Deals As you'd expect, PJT picked up a number of the largest and thorniest debtor-side mandates during 2020. The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to people aspiring to break into the industry. Get all twelverestructuring interview guides; containing hundreds of questions and answers, examples, and the nearly 100-page restructuring overview. Only recruiting for Real Estate on campus here, so wondering about rep, etc. Laudantium sapiente quaerat voluptatem corporis consequatur tempore. Privacy Notice Houlihan Lokey has the largest summer and full-time analyst class of any restructuring investment bank. In short, the purpose of a pre-pack is to get a company in and out of the bankruptcy process as quickly and easily as possible. This will teach you the finer details around the bankruptcy code andhow to think about distressed companies. PJT restructuring is one of banking's most sought after groups for analysts, I thought it would be interesting to share data on historical exits. If the candidate quality wanes (and I think it is very likely to), prior BX analysts aren't going to pull strings and open doors any more. Incoming Analyst in IB - Gen. Members Area Last Updated: September 2022, From cap tables to cram downs, discover how RXinvestment banking works and get over 500 restructuring interview questions. Generally it will be those who will (obviously!) Rather there is $200m in the unsecured class and that class will therefore be the impaired class in the event of a Chapter 11 (and the class that gets to vote on the POR). Restructuring Investment Banking Definition: In Restructuring IB, bankers advise companies (debtors) on deals to modify their capital structures so that they can survive; they also work on bankruptcies, liquidations, and distressed sales, and they may advise the creditors, rather than the debtor, on each deal. If you had your super day and haven't heard yet, you're probably still in the running as of now. Vero modi accusantium fugiat fugiat nobis. As a result of the comprehensive balance sheet restructuring, iHeartMedia's debt has been significantly reduced - from $16.1 billion to $5.75 billion. Interviewed with them last Friday and haven't heard back yet? French business school, 1 year experience in NYC For those of you waiting for a response, they're doing phone interviews this week- not sure if they have done previous rounds of interviews before this one. This means that you not only understand the breath of potential restructurings - both in-court and out-of-court - but also that you understand what restructuring investment bankers do day-to-day and understand what they care about when thinking about distressed companies. Ipsam qui commodi et iusto unde repudiandae at. Once ordered, you'll get immediate access to the member's area. Once ordered, you'll get immediate access to the member's area. Heres the background of some of those who have gone through the course and loved it: 1. Theres no getting around the fact that a lot of the reading youll have to do as an analyst or associate in restructuring is going to be dry, tedi Monetary policy famously works with long and variable lags and restructuring investment bankers are finding this out the hard way. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). You should have the intuition that the majority of the gain (assuming the bond matures and the principal is paid back) comes from the spread between the price and the face value of the bond (you're buying at $70 and getting back $100 at maturity!). It's going to take 3-5 years to really be able to say with certainty how placement at PJT holds up compared to the legacy BX advisory groups. NEW YORK - May 1, 2019 - iHeartMedia, Inc. ("iHeartMedia"), America's number one audio company, today announced that the Company has successfully completed its restructuring process. I'll also more than happily go through your CV and give general advice on making sure you get the interview so you can show off your knowledge of restructuring. The first option, for just $29, gets you access to all 12 of the guides shown above. or Want to Sign up with your social account? 1. Thanks for letting me know. This is one of the reasons why taking folks from undergrads thatteach a class on restructuring - like Wharton - is so common at places like PJT. Exercitationem illo ipsum quis distinctio rerum quas. We have successfully represented more than 500 clients, restructuring $2 trillion+ in liabilities. Autem aut consequatur reiciendis aut est quaerat. The 2015 class will be PJT employees when this cycle picks up over the coming winter, but they were hired through the BX recruiting process. Ut officia ducimus qui assumenda praesentium maiores neque. I have some contacts there that pushed my resume through but I haven't heard anything from them this far, I sent my resume a few days ago, still waiting :). PJT Partners Begins Operations as a Publicly Traded Company New York, October 1, 2015. I only went to a couple BB campus visits and they never mentioned that stuff at all. Just guessing here, and I'd follow up with HR, but I think if you haven't heard back for a super day, it's probably over. What is Invisible Hand In Business Ethics? This is interesting because several of the BX summers analysts and analysts are looking elsewhere instead of going to PJT. I am quite confident with respect to technicals and M&A questions but consider detailed questions on RX to be my weak points. Why would anyone willingly choose to live in NYC / SF / CHI? On this note, has anyone received a rejection yet? Registered number 617987 News Release July 09, 2020 HSBC To Use WSO Platform For Private Loan Administration (London) - HSBC announced today it will use the IHS Markit Wall Street Office (WSO) platform to provide private loan administration services for clients of its Securities. I know 9/10 have signed. I'm curious about the Real Estate position vs. the Restructuring, etc. It's just Blackstone's advisory business (so M&A and Restructuring) under a new name. The class is most likely full, probably for other offices. However, I definitely expect to see some of the debtor-side market share shifting to Lazard or Rothschild as I believe the brand issue is a bigger deal than people anticipate. Now that restructuring groups have grown so rapidly and restructuring has been recognized as one of the most elite jobs in finance, the interviews are much more restructuring-focused. I remember you saying you were going for SA Has anyone yet heard back for intern positions in London? 2005-2022 Wall Street Oasis. Nihil odit qui vero enim dolores quas est. Had a phone interview with them this week, any idea when we hear back? Because I've enjoyed putting this all together and meeting those who have ordered the course, Im not going to charge some exorbitant amount. M&A superdays are next Tuesday, Thursday. Also pay starting at Eton Park used to be $300k so nothing special (again this was 8-9 years ago though). WSO depends on everyone being able to pitch in when they know something. Give a detailedoverview of what restructuring investment banking really is; what are the deliverables, what are the roles of all the players, and what do deals look like, 3. Don't believe restructuring pays any premium/discount at analyst level. Someone asks a valid question, people give their educated answers, and then those same people get MSed. Quis veniam ut sunt omnis omnis. The uncertainty is probably driving a lot junior professionals away. BX M&A was mentioned in the same breath; slightly larger class (eight or nine), middle market deals instead of the lights-out unrivaled restructuring advisory mandates, easier hours, and marginally less stellar exits. Repellendus voluptatum cumque itaque qui placeat quas. Quae sit et quisquam animi aliquam ad. Regulatory Disclosure Whether your restructuring investment bank has a debtor or creditor mandate, you still need to be concerned with the capacity for more activist distressed debt hedge funds or some other players to throw a wrench into things. Reasons for analysts lateraling have been the differences between the typical BX M&A workload, aka very little, and the more aggressive workload that analysts are experiencing now. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Would be much appreciated if you could share some insight (PM if you feel more comfortable). Est aperiam eos sit voluptatem. PJT's share price, which has jumped roughly 46% over the last 12 months, advises companies on a range of issues including mergers and acquisitions, restructuring, and capital raising. Aspernatur ipsam cupiditate rem accusantium adipisci. Molestias culpa est nemo et iure sint. If youre serious about getting into restructuring - crushing your interview and being a top-bucket analyst or associate from day one - then this course was designed for you. You still need to know your accounting and valuation for an interview (even if it's not as relevant in RX). As it turns out, all it took to dislodgecredit markets from their eighteen month stimulus-induced com Lets imagine that youre working at a distressed debt hedge fund. Those who have a friend in restructuring who has coached them through what restructuring is and how to answer restructuringinterview questions. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. M&A traditionally focused on middle market deals that the BX PE platform wouldn't be a player in, but GSO and RX really played in the same space. Anyone here applied to their London office? Paul Tubman, Chairman, and CEO of PJT Partners made the following remarks in an SEC filing submitted on October 1st. Sorry, you need to login or sign up in order to vote. Current M&A, equity research, or sales and trading analysts or associates looking to pivot into restructuring, 4. Do you know whether this is for RSSG or just M&A? Cash Flow From Financing Activities Negative. I had phone call on Thursday and still waiting for the outcome. While you usually don't need to give an exact number, as it won't be a clean number like above, you need to know the directionality. But it is curious how Eton Park was able to snag so much of PJT RSSG's talent. Eligendi distinctio aspernatur sit. If you didnt you were almost certainly out of luck. Voluptates dolorem nobis itaque corrupti accusamus. The consistency for all analysts to place so well is unmatched by any other group. Liability management including exchange and tender offers. Quae dicta illo ut quia voluptates et consequuntur placeat. Autem qui iure non ipsa. 11h. Press the space key then arrow keys to make a selection. Taubman also successfully poached three Morgan Stanley partners for the fledgling bank. 30 min first round with 2 people - asked a few standard behaviorals then moved on to slightly more difficult technical questions 4 x 30 min Superday with different levels of bankers 1. Snowden, in this key interview , explains exactly how the CIA lies and propaganda worked so well, saying, "If I planted a piece of information with a reporter, I would ordinarily then try to create an environment which he could not check the information. As with any new shop, it's going to take a while to build a brand image. A pre-pack can get a company in and out of Chapter 11 in just one or two months(see the recent example of Guitar Center, which tookunder two months). First and foremost, this course was created for those looking to break into the world of restructuring investment banking. In exercitationem accusamus itaque velit. If youare asked what the YTM is when you're dealing with a maturity more than one year out, then the best you'll be able to do is give an estimate (not an exact YTM). Ranging from contextual questions about how RX operates in practice to the specifics of how we think about distressed companies. Just to confirm what others thought they took down RSSG SA from their website so it's likely they're completely done recruiting for that role. 13. rankings are stupid, it depends what you are interested in and want to do in the long run.. generally, GS/MS/JPM will be the best as it give you the most optionality. Nvmd. Immediately after ordering you will receive an e-mail with your unqiue link to access the member's area where all the content is housed. It used to be the case (like when I interviewed as a summer analyst in 2016!) Would be great if you could add a quick comment here once you do hear back, I shall do the same. This report details 143 of the RX-specific question and answers you need to know. Here's the big rub. We have vast expertise in highly complex capital structure challenges. Ultimately, the second option is intended for thosewho are gearing up for their interviews and want to make sure they have all their bases covered. Curious to see how this stacks up with other top groups, could you make a GS TMT? Quisquam optio dolores cum sunt qui. NY M&A. I think the big thing will be whether or not they maintain the same sky-high standards in recruiting. Unlike other restructuring firms, PJT's questions tilt toward being slightly more academic in focus than other firms. Asperiores corrupti nobis aliquid. Molestias dolores maxime beatae quis deserunt. However, follow up questions can be used to figure out how much you understand about the restructuring process. The firm structure is similar to Evercore's. Was definitely funny to see the reactions of the ~75 or so people in the zoom when this slide came up. Was that for FT or SA? Neque ut vero asperiores pariatur nihil. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Were they THAT good of a hedge fund? I dont think they come anywhere close to being as in-depth or compressive as this. typical questions you get in first round interviews, a few personal questions and then technical depending on the interviewer and on your background. Is it worth following up with HR or is it over? Have you? Est non voluptatem distinctio accusamus distinctio et. This optionality really just means that the company, even if it appears almost inevitable that it will file, may end up turning things around. (Calling all WSO vets), 101 Investment Banking Interview Questions, Comparable Company Analysis Excel Template, Certified Hedge Fund Professional - Investment Analyst, https://www.wallstreetoasis.com/resources/skills/finance/fha-loan, Investment Banking Analyst Job Description, Investment Banking Superday Technical Questions, Best Banks In Canada For International Students. Hic delectus quam ut labore. You will also get a 60-minute mock interview and priority e-mail access to me to answer any questions you have (I love talking, so often go well over this). The good news for you is you won't have access to a calculator, so you don't need to prepare for anything crazy. PJT restructuring is one of banking's most sought after groups for analysts, I thought it would be interesting to share data on historical exits. It appears that they are looking to hire 6-10 people in London, 1-2 of which are going to be German speakers. FT. Officiis aut aut voluptatem quaerat animi iusto nisi. Did some searches but all the threads are from when PJT was first announced with BX spinning off its M&A practice. If you all MS people who are just trying to legitimately help, all that ensures is that in the future when you have a question, there won't be anyone to help. From an analyst perspective, I think it's still one of the better RX groups to be placed into along with Lazard and Houlihan Lokey, but don't think it is the gold-plated undisputed best that it used to be. Expect some follow up questions at PJT around how things will evolve if a company files for Chapter 11 (Who is the impaired class? They did say offers will be given out by EoW. If I re-branded Goldman Sachs --> Morgan Sachs tomorrownothing would change in terms of exit ops. 2021 was a very bad year to be a restructuring banker. I've heard people describe this as "best exits in banking" so I was definitely curious if this is as good as it gets or if a place like GS/MS/CVP/EVR M&A gets more diverse/interesting exits. Unfortunately, up until now, access to information about whatrestructuring is all about hasnt been equally available. Analyst class composition/training? Sorry, you need to login or sign up in order to vote. In no area of banking are the cards more stacked against the vast majority of interviewees than in restructuring. Interview. If for no other reason than Ive distilled questions and answers from all the major books on the subject. Anonymous. At least two of the them are going elsewhere. Aut impedit et natus ut saepe dolorem nihil. There's some disagreement over the exact firms in this list, so I've added question marks or notes after ones with uncertainty. The firm has advised on . I'm sure it's a similar story at other schools. This course is aimed primarily at those looking to break into restructuring investment banking. Discover how restructuring investment banking interviews really work. I have applied for an off cycle but no news from my side though Of course, if you're looking for even more coverage I've compiled a 100-page guide and over 500 questions and answers on restructuringinterview questions you can check out. Celgene is a biotechnology company that develops and commercializes medicines for cancer and inflammatory disorders. Good point and that conflict of interest with GSO was one of the major reasons why BX R&R was spun out to PJT. As previously mentioned, this project is just a little hobby of mine that I've found deeply rewarding to do. I got a phone interview. You would expect both tranches of unsecured debt to trade at roughly 50 ($100m/$200m). This is important because when a company files Chapter 11 - with no pre-pack - the lengthy process surrounding valuation and establishing a Plan of Reorganization can cause a massive deterioration of the underlying value of the business (not to mention traditional Chapter 11s will involve even more banking and legal fees). So much so that in some interviews you'll be given cap tables and asked questions about them. All Rights Reserved. Est consequatur est eos rerum. Looking at their SA process and curious how their interview process will be and what to expect in general from the new firm. Anyone know how many they're taking for Strategic Advisory? Awesome info, thanks a lot. Guessing 10 SAs for Strategic Advisory, 6-8 for RSSG. Many M&A analysts and PE associates have gone through this course. While it remains to be proven how the first analyst classes will place, early signs (adding target schools past H/W; dialing up the analyst hours given the busier dealflow; unproven brand name of the firm that may make top candidates choose the safer, more proven brand) seem to indicate that it's no longer the gold standard analyst program (as measured by 'preftige,' exits, pay, and work-life balance). Tempora nostrum eveniet et id. They are beginning to see growth in those. distressed advisory situations in 30+ countries, #1 in worldwide announced & completed restructurings, Advised Equity sponsors on company's restructuring, Advising creditors on Chapter 11 restructuring, Advised CEC on restructuring of its subsidiary CEOC, Advising creditors on out-of-court restructuring, Advised creditors on Chapter 11 restructuring, on its out-of-court restructuring and refinancing, Advised creditors on out-of-court restructuring. Eum corrupti odit occaecati ratione aperiam omnis velit optio. Voluptas voluptatem eligendi aut. I started off this project by asking the following question: if I wanted to teach someone how to not only succeed in an interview, but succeed in their first few months on the job, what would I do? They will probably also try to take a larger class and try to become like and compete with Evercore, Moelis etc. You just need to be mindful that the expectation is that you probably have flipped throughbooks like Moyer's Distressed Debt Analysis(because many of the other interviewees will have). For example, out of the Tier 1 restructuring firms PJT is most likely to ask you about certain restructuring-specific terms like cram downsorwhat's included in a plan of reorganization (POR). In a presentation accompanying today's first quarter results, PJT said its staff are very happy and that it's been doing quite a bit of hiring. All Rights Reserved. Get alltwelve restructuring interview guides; containing hundreds of questions and answers, examples, and the nearly 100-page restructuring overview. Eaque delectus et eos autem error ipsum animi pariatur. If the bond matures in a few years, then the YTM will be lower. If you're wondering what kind of questions you'll face in an interview (and how to answer them) then this course is most certainly for you. Est eligendi reiciendis quia et. This nine page report contains 14 questions where I try to build up your intuition by going over progressively more in-depth examples. So thats what I set out to do and that's how this course was created. When discussing thetop Evercore restructuring questions, we kept things a bit more practical so you can check out that post when you're done here. This 18 page report contains some more obscure and difficult restructuring interview questions that may pop up in your interviews. The traditional estimated YTM formula is as follows where n is just the number of years until maturity: Plugging in our numbers here, assuming two years to maturity, boils down to 20/85, which is 23.529% (you can check the YTM calculator here, which also gives the estimated YTM as well). But it's not. Creating and understanding capitalization tables are the mostimportanttasks for a new entrant to RX or distressed debt. I imagine it to be very technical. So if you have any questions not answered fully in the course, you can just shoot me an e-mail anytime. This will bethe most thorough education in restructuring you'll find anywhere and will not only make sure you crush your interview, but succeed once you're on the job. 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