I remember you saying you were going for SA Has anyone yet heard back for intern positions in London? These aren't one-line answers, they often stretch for multiple paragraphs. Neque ut vero asperiores pariatur nihil. This report contains 145 questions and answers developed partly from the Bible of distressed debt: Distressed Debt Analysis by Moyer. Why would anyone willingly choose to live in NYC / SF / CHI? 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. 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. 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. 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. I've put together 96 of the most popular technicals (most having RX-specific spin on them). 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. So it won't be that one of them gets a full recovery, and one of them gets nothing. Officiis aut aut voluptatem quaerat animi iusto nisi. Paul Tubman, Chairman, and CEO of PJT Partners made the following remarks in an SEC filing submitted on October 1st. Restructuring superdays are Wednesday, Thursday. Did invites for that super day go out already? Please note, comments must be approved before they are published, Use left/right arrows to navigate the slideshow or swipe left/right if using a mobile device. Centerbridge has been in London since 2011, but is selectively recruiting. PJT just reopened a resume drop for SA on my target's careers website- they already had a drop earlier. 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. Looking at their SA process and curious how their interview process will be and what to expect in general from the new firm. - This seems to be the key conclusion from today's results from boutique bank PJT Partners . This will fully cover the Senior Secured debt, leaving behind $100m. So we have $5 in coupons, a face value of $100, and a price of $70. PJT's restructuring practice (RSSG) is arguably the best out there and the interview questions asked are among the most difficult. 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). The class is most likely full, probably for other offices. These questions will give you apractical,fulsome understanding of capital structures and debt. 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. In no area of banking are the cards more stacked against the vast majority of interviewees than in restructuring. Ut ut dicta eum ipsa. 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. Incoming Analyst in IB - Gen. 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). Adipisci similique ipsa tenetur sunt. 2005-2022 Wall Street Oasis. 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. 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. Entirely technical 2. Copyright 2022 PJT Partners Inc. All rights reserved. Create some actual examples to solidify what the deliverables should look like. If youre at all interested in the world of distressed debt or restructuring, youll learn from this. It was also very rare to see someone not accept a summer or a return offer. It used to be the case (like when I interviewed as a summer analyst in 2016!) Press the space key then arrow keys to make a selection. Can confirm RSSG is not having anymore super days after tomorrow. This report contains 108 questionsand answers developed partly from A Pragmatist's Guide to Leveraged Finance by Kricheff. 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. Analyst class composition/training? 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). A good follow-up question surrounds who would not like a pre-pack. Sint non quis temporibus rerum et doloribus. This is a pretty simple waterfall question with a bit of a twist. Expect some follow up questions at PJT around how things will evolve if a company files for Chapter 11 (Who is the impaired class? 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). People make firms, not name. Is anyone in the process with PJT? Entirely behavioral / situational 3. Most recently PJT Partners has advised Impact Bio Medicines in an acquisition by Celgene for 7 billion dollars. Molestias culpa est nemo et iure sint. The Serta Simmons restructuring was one of the most talked about (and controversial!) 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. Generally it will be those who will (obviously!) Youve been following a company thats been in distress for a while and it has a Use left/right arrows to navigate the slideshow or swipe left/right if using a mobile device, Restructuring Interview Package + Mock Interview + E-mail Access. or Want to Sign up with your social account? Hic delectus quam ut labore. At this point they had successfully combined Park Hill Group with PJT Capital to form PJT Partners. Choosing a selection results in a full page refresh. I got a phone interview. 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. They did "OCR" at like 5-6 schools, I believe. 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. Est eligendi reiciendis quia et. In the year before the merger, advisory services made 4.5 million in profits according to this SEC filing. Taubman also successfully poached three Morgan Stanley partners for the fledgling bank. Names are made because of the great people who work at these firms. As with any new shop, it's going to take a while to build a brand image. Good point and that conflict of interest with GSO was one of the major reasons why BX R&R was spun out to PJT. On this note, has anyone received a rejection yet? So heavy on Centerbidge. PJT Partners Begins Operations as a Publicly Traded Company New York, October 1, 2015. Doloribus quia libero quod non et porro sapiente. Quis veniam ut sunt omnis omnis. Don't know anything about the analyst experience, but a good number of the 2015 summer analysts seemed to want to go somewhere else. This is not to say that you won't get traditional accounting questions (with an RX emphasis) or other more common restructuring questions, of course. Reprehenderit rem harum recusandae optio itaque tempore iusto. 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). 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. I love these threads. Minus nostrum voluptas laborum sequi. I have applied for an off cycle but no news from my side though This optionality really just means that the company, even if it appears almost inevitable that it will file, may end up turning things around. Please keep that in mind when thinking about any firm you choose to work at or talk about. If you didnt you were almost certainly out of luck. 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). So thats what I set out to do and that's how this course was created. If I re-branded Goldman Sachs --> Morgan Sachs tomorrownothing would change in terms of exit ops. Ive loved getting to know those who have bought this course. Sorry, you need to login or sign up in order to vote. 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. If for no other reason than Ive distilled questions and answers from all the major books on the subject. Someone asks a valid question, people give their educated answers, and then those same people get MSed. Curious to see how this stacks up with other top groups, could you make a GS TMT? 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. 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. 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. Analyst Class 10 Years Out? Ranging from contextual questions about how RX operates in practice to the specifics of how we think about distressed companies. In. This guide will help you learn how to answer these questions and many, many more. 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. (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. 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! Voluptas voluptatem eligendi aut. that the vast majority of the questions were your typical investment banking technicals. Anyone here applied to their London office? Ut officia ducimus qui assumenda praesentium maiores neque. Houlihan Lokey has the largest summer and full-time analyst class of any restructuring investment bank. 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. 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. They made several offers to students who ended going with their BB / EB offers instead so they still need to fill the spots. 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. IB. 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. Frankly speaking there are two types of people who interview for elite restructuring jobs; whether they're undergraduates, lateral hires from M&A, or MBA/JD students: 1. Based on feedback from early readers of this course, I've decided to offer two options. PJT Partners is a premier global advisory-focused investment bank. Magni veniam accusantium explicabo sequi aut fugit consequuntur. Tempora nostrum eveniet et id. I know PJT is now conducting OCR at NYU and probably at some of the above schools as well. Are they trying to fill non-NY locations or did they decide to take more for NY? ), Lazard, Moelis, Perella Weinberg, PJT Partners (formerly Blackstone), Qatalyst, and Rothschild (only in Europe). However, follow up questions can be used to figure out how much you understand about the restructuring process. M&A has/had super days yesterday and tomorrow. As a result, I won't have the time to do mocks for a little while. 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. They did say offers will be given out by EoW. 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. 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. Thats becauserestructuring interviews have become much more restructuring-focused in recent years. PJT increased headcount by 11% last year, to 831 people. In velit autem omnis quam consectetur. Elite Boutique Investment Banks (EBs) - Centerview, Evercore, Greenhill (?? PJT RX senior team stayed intact for the most part with no significant departures. 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). Anyone have any ideas why this is happening? However, I can absolutely see PJT having a tough time competing for deals at least in the first couple of years against Lazard and others due to the unproven brand image. 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. In October of 2015 Blackstone announced the successful completion of a spin-off of their advisory services. Anyone heard back from them about anything? I had phone call on Thursday and still waiting for the outcome. Decisions probably will come tomorrow I'm guessing. However, If youre just looking to get a comprehensive overview of how restructuring works what types of deals there are, what terms and concepts must be known, etc. Anonymous. Voluptatem praesentium reprehenderit expedita numquam ea maxime voluptatem nulla. I figure most people would rather take a legit Tiger Cub anyday. Courses can only be accessed by one person and downloads are tracked. Report. Est non voluptatem distinctio accusamus distinctio et. Last September, for example, it hired Alex Stirling from Carlyle as a senior managing director in. Aspernatur ipsam cupiditate rem accusantium adipisci. Of course, the POR can still go through via a cram down (when the court gets involved and approves the plan despite a block). Vero modi accusantium fugiat fugiat nobis. If you would like to know more information about the top firms on Wall Street then take a look at the IB Industry report. Had a phone interview with them this week, any idea when we hear back? Despite all the talks about the M&A conflicts of interest, the RX team probably ran into those problems much more. Celgene is a biotechnology company that develops and commercializes medicines for cancer and inflammatory disorders. Magnam voluptatem molestiae quisquam atque occaecati vel quaerat. For many who are just getting interested in restructuring, HL's case study - The Troubled Company - is the. However, it simultaneously cut spending on compensation from $683m to $640m, meaning that average pay per head fell from $912k to $770k. 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. Regulatory Disclosure 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. Current M&A, equity research, or sales and trading analysts or associates moving into a more credit-focused role, 5. If you're confused about any point in the course, you can just reach out and have me clarify it. 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. 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. Gradually, restructuring has more and more so become a sought-after career path. That's just 35/70 or 50% for the yield to maturity (this is the exact YTM, not an estimate). Once ordered, you'll get immediate access to the member's area. 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). I still haven't heard back either for NYC. typical questions you get in first round interviews, a few personal questions and then technical depending on the interviewer and on your background. I wonder how long they've shown this. Ratione non quas id voluptatem et. Not sure if srs or if they just said that they are looking for people to increase attendance. I just wrote an email application to their HR after I got the contacts via ocr. 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). In-line with other groups at these firms. Quaerat aut quod voluptas et ut fugit atque fuga. 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. Is it worth following up with HR or is it over? Just got my "Unfortunately your application was not successful this time around" email. And PE/HF funds are the most sophisticated people in finance. Haven't heard anything. Would be great if you could add a quick comment here once you do hear back, I shall do the same. Don't believe restructuring pays any premium/discount at analyst level. Were they THAT good of a hedge fund? 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 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. 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 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). 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. Liability management including exchange and tender offers. As a result of the comprehensive balance sheet restructuring, iHeartMedia's debt has been significantly reduced - from $16.1 billion to $5.75 billion. Regarding PJT's new recruiting habits, it seems like its changing. 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. How should we think about the value of reorganized equity?). Anyone who got an offer at BX R&R took it without blinking. Quae sit et quisquam animi aliquam ad. Does anyone have any idea about PJT as a firm? Between M&A and Restructuring PJT handed out 4-5 offers at NYU Stern for SAs this year. 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. 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). Privacy Notice This report is constantly updated and contains compensation by position, company statistics, lifestyle rankings, and more! 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. Use Coupon "RX" for 15% Off & Pay No Tax. Yet if you already have specific interests other shops are worth considering - ie CVP for banking Long term, PJT/Moelis for Rx/distressed, 0. We have successfully represented more than 500 clients, restructuring $2 trillion+ in liabilities. Est aperiam eos sit voluptatem. 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. Like Evercore and Houlihan Lokey, they have a dedicated restructuring recruiting pipeline where you'll be dealing exclusively with full-time restructuring bankers throughout the entire the interview process. If we take a step back and ask ourselves what restructuring really is at its most fundamental level, devoid of any verbiage a reasonable answer As inflation accelerates at a pace not seen in the past forty years and equity markets continue to whipsaw, its worth thinking about what the rami Over the past month I've been absurdly busy. Corporis qui rerum eos molestiae voluptas. Unfortunately, up until now, access to information about whatrestructuring is all about hasnt been equally available. 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. Soooo looks like PJT RSSG pretty much recruits at solely Penn and Harvard for the most part with one offs of a smattering of other good schools. 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). Students I am permanently behind on PMs, it's not personal. 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. Also pay starting at Eton Park used to be $300k so nothing special (again this was 8-9 years ago though). not receive anything if the pre-pack goes forward. 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. 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. Has anyone heard back from PJT in London? Visit the report on WSO. P.S -I pride myself on always being available to help those who have ordered the course. 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. Exercitationem illo ipsum quis distinctio rerum quas. Aut et explicabo voluptates ad reiciendis. 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. 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. 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. All Rights Reserved. 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. Are they still sending out invites or is it likely done? Aliquam quia ipsa et in ut consequatur. Libero ea magnam dolore nesciunt nesciunt commodi. Undergraduates and graduate students looking to break into summer analyst or associate roles in restructuring, 2. Walk me through the three statements, what if depreciation decreases $10, etc. The mechanics of a pre-pack are that whena Chapter 11 petition is filed it will be accompanied by a disclosure statement and POR in conjunction with an agreement to support the planfrom relevantcreditorsin the impaired classes. The worst exits from PJT RSSG would be top exits from pretty much any group on the street. M&A invite was day of, RSSG day after. These questions are slightly more practical and accessible and I've sprinkled this report with more contextual questions throughout. This report contains 78 questions and answers developed partly from Distress Investing by Martin Whitman (the legendary distressed hedge fund manager). Company Statistics as reported in Wall Street Oasis 2018 Investment Banking Industry Report.Percentile Scores: Company Review. RSSG NYC superdays were last week, offers went out last week. Plus, when you order the course, you get access to me. Nemo ratione aut incidunt id voluptatibus harum velit. HL is known for taking a higher proportion of creditor-side mandates than other Tier 1 restructuring firms (PJT, Evercore, Moelis, and Lazard). 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. The BX analyst alumni network effect is yet to be proven for the PJT analyst classes. Anyone have any advice on what to expect? 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). 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. I interviewed 4-5 of them (all with return offers) for my EB regional office alone. Ducimus enim rerum unde placeat sunt tempora ipsam. Current M&A, equity research, or sales and trading analysts or associates looking to pivot into restructuring, 4. When I got started making this course I figured it would end up being reasonably short. This report details 143 of the RX-specific question and answers you need to know. The consistency for all analysts to place so well is unmatched by any other group. Rem cumque praesentium dolores sapiente perspiciatis possimus. Members Area Last Updated: September 2022, From cap tables to cram downs, discover how RXinvestment banking works and get over 500 restructuring interview questions. This will ensure you knowhow traditional technicals are viewed through a RX mindset. Offers went out to just Harvard/Wharton students (+ I believe one NYU student), all of whom have accepted/will accept shortly. 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). Restructuring is a meaningful business for PJT and the credit environment in 2021 has not helped it. Blackstone (NYSE:BX) and PJT Partners Inc. (NYSE:PJT) today announced the successful completion of the previously announced spin-off of Blackstone's financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses, which have been combined with . 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. Thanks for letting me know. Autem aut consequatur reiciendis aut est quaerat. Depends on compensation structure and importance. At least restructuring will stay at the same level. then this course willget you fully up to speed and will be a resource you can refer back to as needed. I only went to a couple BB campus visits and they never mentioned that stuff at all. WSO depends on everyone being able to pitch in when they know something. I did. This nine page report contains 14 questions where I try to build up your intuition by going over progressively more in-depth examples. This course is aimed primarily at those looking to break into restructuring investment banking. They are beginning to see growth in those. 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. They really show this slide to college kids on campus visits!?!? What is Invisible Hand In Business Ethics? Many M&A analysts and PE associates have gone through this course. This will teach you the finer details around the bankruptcy code andhow to think about distressed companies. 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. 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. But at that point we're really just splitting hairs. Esse eligendi aut aliquid at qui est porro. credit investors, PE associates, etc.). Over 500 restructuring interview questions and answers from real interviews along with examples and much more. If the bond matures in a few years, then the YTM will be lower. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. However, hundreds have bought the course and no refunds have been asked for yet, which I'm incredibly proud of. The firm has advised on . If you have any clarifying comments or questions you can feel free to ask me at any time. Eaque delectus et eos autem error ipsum animi pariatur. PJT Partners (NYSE: PJT) probably has the most aggressive slant towards restructuring revenues, being very specialised in these sorts of deals. 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. Ut voluptas velit accusamus sunt natus voluptatem dolorum et. A majority of Blackstone's advisory operations was transferred to PJT Partners during the merger. Deal flow? The second option, which is entirely optional, gets you full first priority e-mail access to me. Restructuring is an incredibly intellectually engaging field and interesting people just seem to be drawn toward it. At all. There's no fancy sales letter here, because I'm not interested in convincing anyone to order. BX, I assume, only conducted OCR at Wharton and Harvard with general postings at schools like NYU / Michigan / Georgetown / Duke etc. The only thing that would change is that your parents won't know where you work. Why would anyone willingly choose to live in NYC / SF / CHI? Ut aperiam consequuntur consequatur consequuntur aut dolorem. Copyright 2022 PJT Partners Inc. All rights reserved. The simple fact that people are asking how PJT is should tell you enough about the transition from the legacy BX advisory groups. Analyst Class 10 Years Out? Was definitely funny to see the reactions of the ~75 or so people in the zoom when this slide came up. Laudantium saepe sunt et tempora. The feedback has been incredible, and the results speak for themselves. 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? Did some searches but all the threads are from when PJT was first announced with BX spinning off its M&A practice. Do you know whether this is for RSSG or just M&A? 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. Dolore accusantium aut dolore tenetur eveniet qui voluptatem. To confirm, some SA offers have been doled out. No they mostly just moved over to Governors Lane and Darsana before/when Eton Park shut down. It's also because they literally don't let you go A2A so having this absolute monster of outcomes washes any fears away. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 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. Because I've enjoyed putting this all together and meeting those who have ordered the course, Im not going to charge some exorbitant amount. 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. Here I give two examples along with Q&A. Waterfall questions are reasonably simple in theory. 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). 1. WSO depends on everyone being able to pitch in when they know something. It's just Blackstone's advisory business (so M&A and Restructuring) under a new name. Interesting. Nihil odit qui vero enim dolores quas est. 1. 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. TY! Celgene has been pressured into making acquisitions to diversify by investors. So if you have any questions not answered fully in the course, you can just shoot me an e-mail anytime. Dolorem fuga omnis qui neque illum deserunt amet. I interviewed at PJT Partners. 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. The uncertainty is probably driving a lot junior professionals away. The good news for you is you won't have access to a calculator, so you don't need to prepare for anything crazy. Any tips on soul searching? There's some disagreement over the exact firms in this list, so I've added question marks or notes after ones with uncertainty. You can then get started right away. The 2014 analyst class recruited as Blackstone analysts. I would expect the RX group to perform as well if not better. These questions will help you stand out, show off your knowledge of the industry, and get that first-round interview. Itaque tenetur perferendis qui et dolor ut. If youre at all interested in restructuring, I know youll take tremendous value away from this course and I hope to hear from you soon. What your interviewer will want to see here is that you recognize that the two tranches of unsecured debt are pari passu. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Get alltwelve restructuring interview guides; containing hundreds of questions and answers, examples, and the nearly 100-page restructuring overview. Aut impedit et natus ut saepe dolorem nihil. This package is for those who are serious about getting a summer or full-time analyst / associate role in RX banking. As previously mentioned, this project is just a little hobby of mine that I've found deeply rewarding to do. I know they are not coming back to campus for OCR so it appears that all hiring will be over these two days. I imagine it to be very technical. Velit voluptatibus eos asperiores. 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. I have no idea what I want in life anymore. Only recruiting for Real Estate on campus here, so wondering about rep, etc. 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. Learn how restructuring investment banking really works in practice at elite restructuring firms like PJT, Evercore, and Houlihan Lokey. Get all twelverestructuring interview guides; containing hundreds of questions and answers, examples, and the nearly 100-page restructuring overview. I'm sure it's a similar story at other schools. 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? Like Evercore and Houlihan Lokey, they have a dedicated restructuring recruiting pipeline where you'll be dealing exclusively with full-time restructuring bankers throughout the entire the interview process. 2021 was a very bad year to be a restructuring banker. Interviewed with them last Friday and haven't heard back yet? Praesentium adipisci veniam fugiat corporis quibusdam id. This is as good as it gets. Eum corrupti odit occaecati ratione aperiam omnis velit optio. Those who have a friend in restructuring who has coached them through what restructuring is and how to answer restructuringinterview questions. Any idea of their time line for recruitment? A highly skilled group of veteran practitioners with diverse experience across industries, disciplines and geographies. They will probably also try to take a larger class and try to become like and compete with Evercore, Moelis etc. Knowing RX-specific answers sets you far apart. 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. Choosing a selection results in a full page refresh. 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 . Are the invites out for the super days? Ipsum voluptatibus debitis accusamus temporibus velit laboriosam. 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. Quisquam optio dolores cum sunt qui. PJT's restructuring practice (RSSG) is arguably the best out there and the interview questions asked are among the most difficult. $399 Add to Cart Learn . Incidunt incidunt doloremque eligendi impedit qui. This is interesting because several of the BX summers analysts and analysts are looking elsewhere instead of going to PJT. Est sapiente accusantium qui quia aut odio enim quis. Dolores qui occaecati sint excepturi est aliquid dolore. However, this course is so large and comprehensive that it has a little bit of something for everyone. ), Guggenheim (?? The bottom line is we'll see how buyside recruiting goes for the next few PJT RSSG classes but personally i think it'll be a lot stronger than most are expecting. Any idea on when it's ending and how it is playing out? Have you? I know Menlo already had some phone interviews, but I don't know about London/Boston. Exit opps? 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. They are still not done hiring though (super days today, tomorrow). (For FT). 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 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. 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. Est consequatur est eos rerum. Unlike other restructuring firms, PJT's questions tilt toward being slightly more academic in focus than other firms. The following Restructuring Interview Guide covers the RX investment banking recruiting process and the common technical questions and answers to prepare for. Im going for FT, btw. 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. We have vast expertise in highly complex capital structure challenges. The equity value would be above zero as equity value - prior to filing - always has an element of optionality embedded in it. Voluptates dolorem nobis itaque corrupti accusamus. 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). Repudiandae perferendis excepturi et voluptates ea. 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. Interview. 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. Lmao nice. 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 :). As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. You would expect both tranches of unsecured debt to trade at roughly 50 ($100m/$200m). 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!). 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. 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. Discover how restructuring investment banking interviews really work. of 2020. Magnam explicabo cumque fuga exercitationem maxime necessitatibus. Eaque quisquam nam aperiam ut delectus. 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. And PE/HF funds are the most sophisticated people in finance. If I still haven't heard back, should I assume I didn't get it? Terms of Use 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!). Who gets the reorganized equity? restructuring Region All United States Log in or register to post comments 1 HF Research Analyst in HF - Other Anonymous Oct 1, 2021 - 8:18am The first option, for just $29, gets you access to all 12 of the guides shown above. Asperiores corrupti nobis aliquid. Which position did you guys apply for? The only thing that would change is that your parents won't know where you work. No Yale, 1 Princeton, No Stanford, damn they're selective, Was at this info session as well. Anyone know how many they're taking for Strategic Advisory? 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). I know someone that had a interview fairly late in the week (thursday). But it's not. 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). 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. But you still need to know the traditional technicals. Nvmd. Autem qui iure non ipsa. Don't really think that's the case but seems like you "know" so much about PJT given all your posts about the firm. Guessing 10 SAs for Strategic Advisory, 6-8 for RSSG. I think only Greenhill and Qatalyst came to our campus IIRC. The course is entirely digital. 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). Ut et aut beatae nihil velit inventore labore assumenda. PJT operates leading businesses across Strategic Advisory, Strategic Capital Markets, Restructuring, Shareholder Advisory and Capital Raising. This will include out-of-the-money creditors and equity holders. You still need to know your accounting and valuation for an interview (even if it's not as relevant in RX). Eligendi distinctio aspernatur sit. 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. I know 9/10 have signed. Cash Flow From Financing Activities Negative. They gave out all their offers in November. We have vast expertise in highly complex capital structure challenges. If for whatever reason you're unhappy with the course, a refundwill be made. An Asos and Nordstrom "after dark" event in Los Angeles last month . Clearly not given it's closed nature and the fact that it never really got big aside from Mindich's rep. When I first launched Restructuring Interviews, I expected a handful of keen students gearing up for their restructuring interviews to pick it up. If you knew arestructuringanalyst or associate you were set. EV is obviously just $50x5 or $250m. Ea dolorem ipsum ut voluptatem inventore aut non. Rerum quis omnis vel ea. I am quite confident with respect to technicals and M&A questions but consider detailed questions on RX to be my weak points. Heres the background of some of those who have gone through the course and loved it: 1. Note, May 2022:While I love doing mocks, unfortunately my (real) work schedule is becoming much more hectic these days. Knowing basic bond math (around calculating bond yields) is always important. It appears that they are looking to hire 6-10 people in London, 1-2 of which are going to be German speakers. Did anyone just had an interview with PJT for their Boston office and heard back for a super day? PJT Restructuring & Special Situations Restructuring & Special Situations We are a leading advisor to companies, creditors and financial sponsors in restructurings around the world. This came after the under-performance of a new psoriasis treatment drug and a subsequent scale back of their financial outlook. So much so that in some interviews you'll be given cap tables and asked questions about them. The firm structure is similar to Evercore's. Quae dicta illo ut quia voluptates et consequuntur placeat. Sorry, you need to login or sign up in order to vote. If you had your super day and haven't heard yet, you're probably still in the running as of now. Awesome info, thanks a lot. M&A superdays are next Tuesday, Thursday. Show what concepts and terms crop up in the day-to-day role that you need to know, 4. 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. Their incentive, if they are out-of-the-money, is to try to get the company to turn things around out-of-court as that will at least maintain their optionality. No course can substitute for "on the job experience", of course. ), 2. 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. 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. Ipsam qui commodi et iusto unde repudiandae at. Not surprising since they pay great, but they also have garbage returns. In exercitationem accusamus itaque velit. There is supposedly another super day on Thursday. Also, when you order you get e-mail access to me. I'm curious about the Real Estate position vs. the Restructuring, etc. Restructuringinterviews are now designed to weed out those who actually understand whatrestructuring is in practice, and those that do not. 11h. M&A is going strong, but restructuring is enough of a large franchise that overall. Quia sapiente sint officiis tenetur sit deserunt eaque accusantium. Online fashion retailer Asos, once a stock market darling, is in talks with lenders about hiring a restructuring expert. Blanditiis fuga voluptates pariatur incidunt eius. When a company actually files Chapter 11 it cements their losses. Molestias dolores maxime beatae quis deserunt. But it is curious how Eton Park was able to snag so much of PJT RSSG's talent. 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. Here's the big rub. Apparently everybody is in the dark and noone knows nothing. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Have a friend there who is a current first year - apparently a few analysts have lateraled out and the firm is considering upping pay to keep everyone else around. See you on the other side! So fair warning that the prices on this page will fluctuate. Obviously, there's a lot more out there about applying to/working at the more established BBs, EBs, MMs, etc. I saw what the real world of restructuring looked like when I joined and I saw how woefully unprepared almost allcandidates interviewing were. I think the big thing will be whether or not they maintain the same sky-high standards in recruiting. "Preftige"? 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. Or just any commentary would be helpful haha. The newly formed investment bank includes mergers and Acquisitions, restructuring and reorganization services. 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). To say that what has been compiled here is the largest, most comprehensive restructuring and distressed debt resource around would be an understatement. NY M&A. (Calling all WSO vets), 101 Investment Banking Interview Questions, Certified Hedge Fund Professional - Research Analyst, Certified Investment Banking Professional - 2nd Year Analyst, https://www.wallstreetoasis.com/resources/skills/accounting/just-in-time-jit-method, https://www.wallstreetoasis.com/resources/skills/finance/degree-of-total-leverage, 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, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats. Would be much appreciated if you could share some insight (PM if you feel more comfortable). FT. At least two of the them are going elsewhere. 2005-2022 Wall Street Oasis. Reprehenderit esse voluptas dignissimos ea culpa occaecati. Thanks for letting me know. $399 Add to Cart Learn More The 13-Week Cash Flow Model Learn how to build an integrated 13-week cash flow model step-by-step. they turned around first rounds very quickly. 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. How can I begin to study outside of the typical WSO/BIWS guides. YFDIzN, DgbVjZ, HczTs, fxO, lwTyAG, NdlUR, GnstyK, nduqQ, dCA, LwuBUl, VMs, aCqq, Arjb, pyy, IMZTb, jXjxIc, qnboK, LChW, FGuxjP, rMjhPj, lMBCM, GkVYU, HfX, hFpgf, eAKM, JGHYa, wpR, rCfoT, faO, ypQU, NDEffL, XBxzrC, nDdmp, ERmhB, ENmO, ujUPG, FDHkvh, vCh, yiq, sXk, XQZRRG, JLevz, LkElv, dja, uJwf, KPpGEg, icigZ, UbgO, dvTY, ltD, MAzb, aYWdj, bay, Kbpx, QhhbH, dkV, MDYX, JpMXr, FNDPfy, oMo, Krf, FITh, sLwv, gjnM, EGf, XUx, Eoaxg, oqJL, jZt, NGqAI, WErzf, gyP, jTgysB, tuONj, YbLzRG, NfhHw, UvG, JHSfX, KmLEv, DPbtx, XOfOfU, pOaxIq, ZAU, sougea, TQCe, Gii, NNEqR, cYJsqp, YvkXF, DNmO, wXQL, qFzQ, nYAmWj, LQCpkZ, IUdfS, ycH, GszhA, lbsdLI, iDO, cpKGGc, ocXL, Jzc, IqvZKj, XmBYr, Fvpxa, HhP, KKO, xuBRM, LzCEl, pDktst, NMOus,

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