This optionality really just means that the company, even if it appears almost inevitable that it will file, may end up turning things around. Knowing basic bond math (around calculating bond yields) is always important. Anyone heard back from them about anything? Also, when you order you get e-mail access to me. A majority of Blackstone's advisory operations was transferred to PJT Partners during the merger. However, hundreds have bought the course and no refunds have been asked for yet, which I'm incredibly proud of. 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. They did say offers will be given out by EoW. 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). 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. Incoming Analyst in IB - Gen. "Preftige"? FT. Quis veniam ut sunt omnis omnis. It's just Blackstone's advisory business (so M&A and Restructuring) under a new name. So it won't be that one of them gets a full recovery, and one of them gets nothing. Can confirm RSSG is not having anymore super days after tomorrow. 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 :). 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. Celgene is a biotechnology company that develops and commercializes medicines for cancer and inflammatory disorders. Looking at their SA process and curious how their interview process will be and what to expect in general from the new firm. All Rights Reserved. Here's the big rub. Analyst Class 10 Years Out? This 18 page report contains some more obscure and difficult restructuring interview questions that may pop up in your interviews. Anyone who got an offer at BX R&R took it without blinking. 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. I have applied for an off cycle but no news from my side though In exercitationem accusamus itaque velit. 2005-2022 Wall Street Oasis. 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. 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. Students 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. Also pay starting at Eton Park used to be $300k so nothing special (again this was 8-9 years ago though). Copyright 2022 PJT Partners Inc. All rights reserved. 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. ), 2. Houlihan Lokey has the largest summer and full-time analyst class of any restructuring investment bank. I had phone call on Thursday and still waiting for the outcome. 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! 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. Liability management including exchange and tender offers. Is it worth following up with HR or is it over? Discover how restructuring investment banking interviews really work. While the above post is valid, also realize that PJT no longer has to compete with GSO on deals. You can then get started right away. I've put together 96 of the most popular technicals (most having RX-specific spin on them). As previously mentioned, this project is just a little hobby of mine that I've found deeply rewarding to do. HL is known for taking a higher proportion of creditor-side mandates than other Tier 1 restructuring firms (PJT, Evercore, Moelis, and Lazard). 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. Unfortunately, up until now, access to information about whatrestructuring is all about hasnt been equally available. 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). Ultimately, for the price of about a dozen coffees, you'll be provided with the most comprehensive education in restructuring you'll find anywhere. The novelty of the transactions and modeling-intensive work can be appealing, especially since coming from . At least two of the them are going elsewhere. I dont think they come anywhere close to being as in-depth or compressive as this. 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. Have you? Note, May 2022:While I love doing mocks, unfortunately my (real) work schedule is becoming much more hectic these days. 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. of 2020. Why would anyone willingly choose to live in NYC / SF / CHI? Interviewed with them last Friday and haven't heard back yet? Aspernatur ipsam cupiditate rem accusantium adipisci. They did "OCR" at like 5-6 schools, I believe. 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. that the vast majority of the questions were your typical investment banking technicals. Don't believe restructuring pays any premium/discount at analyst level. Learn how restructuring investment banking really works in practice at elite restructuring firms like PJT, Evercore, and Houlihan Lokey. However, it contains hundreds of questions, examples, and more making it relevant for anyone interested in distressed debt or restructuring (e.g. 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. Why would anyone willingly choose to live in NYC / SF / CHI? Laudantium saepe sunt et tempora. Press the space key then arrow keys to make a selection. Heres the background of some of those who have gone through the course and loved it: 1. 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). Despite all the talks about the M&A conflicts of interest, the RX team probably ran into those problems much more. Press the space key then arrow keys to make a selection. 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. Knowing RX-specific answers sets you far apart. Est aperiam eos sit voluptatem. 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. Depends on compensation structure and importance. The worst exits from PJT RSSG would be top exits from pretty much any group on the street. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. 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 interviewed 4-5 of them (all with return offers) for my EB regional office alone. Gradually, restructuring has more and more so become a sought-after career path. 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!). They gave out all their offers in November. 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. Yet if you already have specific interests other shops are worth considering - ie CVP for banking Long term, PJT/Moelis for Rx/distressed, 0. 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. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Bccccca, what sort of stuff did they want to know? This is interesting because several of the BX summers analysts and analysts are looking elsewhere instead of going to PJT. Offers went out to just Harvard/Wharton students (+ I believe one NYU student), all of whom have accepted/will accept shortly. Are the invites out for the super days? (For FT). A good follow-up question surrounds who would not like a pre-pack. 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. However, it simultaneously cut spending on compensation from $683m to $640m, meaning that average pay per head fell from $912k to $770k. 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. Est eligendi reiciendis quia et. Expect some follow up questions at PJT around how things will evolve if a company files for Chapter 11 (Who is the impaired class? 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). These questions will give you apractical,fulsome understanding of capital structures and debt. Anonymous. I saw what the real world of restructuring looked like when I joined and I saw how woefully unprepared almost allcandidates interviewing were. Ive loved getting to know those who have bought this course. 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. On this note, has anyone received a rejection yet? I'm sure it's a similar story at other schools. 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. When a company actually files Chapter 11 it cements their losses. Are they trying to fill non-NY locations or did they decide to take more for NY? 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. 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. IB. To confirm, some SA offers have been doled out. Centerbridge has been in London since 2011, but is selectively recruiting. Elite Boutique Investment Banks (EBs) - Centerview, Evercore, Greenhill (?? Did invites for that super day go out already? I figured I would enjoy hearing from those who picked up this course, but I couldnt imagine just how much I have. PJT operates leading businesses across Strategic Advisory, Strategic Capital Markets, Restructuring, Shareholder Advisory and Capital Raising. 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. 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. Apparently everybody is in the dark and noone knows nothing. First and foremost, this course was created for those looking to break into the world of restructuring investment banking. Entirely technical 2. Choosing a selection results in a full page refresh. Regulatory Disclosure The first option, for just $29, gets you access to all 12 of the guides shown above. So much so that in some interviews you'll be given cap tables and asked questions about them. PJT Restructuring & Special Situations Restructuring & Special Situations We are a leading advisor to companies, creditors and financial sponsors in restructurings around the world. Eum corrupti odit occaecati ratione aperiam omnis velit optio. Interesting. The 2014 analyst class recruited as Blackstone analysts. Last September, for example, it hired Alex Stirling from Carlyle as a senior managing director in. What your interviewer will want to see here is that you recognize that the two tranches of unsecured debt are pari passu. 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. Curious to see how this stacks up with other top groups, could you make a GS TMT? 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 . At least restructuring will stay at the same level. Please keep that in mind when thinking about any firm you choose to work at or talk about. See you on the other side! Regarding PJT's new recruiting habits, it seems like its changing. PJT's restructuring practice (RSSG) is arguably the best out there and the interview questions asked are among the most difficult. I still haven't heard back either for NYC. 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. This is as good as it gets. Once ordered, you'll get immediate access to the member's area. 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. 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 . 1. 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). Would be much appreciated if you could share some insight (PM if you feel more comfortable). As a result, I won't have the time to do mocks for a little while. Asperiores corrupti nobis aliquid. Get alltwelve restructuring interview guides; containing hundreds of questions and answers, examples, and the nearly 100-page restructuring overview. they turned around first rounds very quickly. Don't really think that's the case but seems like you "know" so much about PJT given all your posts about the firm. Aut impedit et natus ut saepe dolorem nihil. This report contains 108 questionsand answers developed partly from A Pragmatist's Guide to Leveraged Finance by Kricheff. Tempora nostrum eveniet et id. Sorry, you need to login or sign up in order to vote. Just got my "Unfortunately your application was not successful this time around" email. I love these threads. 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). Most recently PJT Partners has advised Impact Bio Medicines in an acquisition by Celgene for 7 billion dollars. RSSG NYC superdays were last week, offers went out last week. 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. 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. 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. Had an interview for with PJT for their Boston office Thursday morning, went to a dinner haven't heard back. 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? Minus nostrum voluptas laborum sequi. Hic delectus quam ut labore. Analyst Class 10 Years Out? Privacy Notice Who gets the reorganized equity? These questions will help you stand out, show off your knowledge of the industry, and get that first-round interview. I figure most people would rather take a legit Tiger Cub anyday. 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. 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 restructuring is one of banking's most sought after groups for analysts, I thought it would be interesting to share data on historical exits. Rerum quis omnis vel ea. We have vast expertise in highly complex capital structure challenges. 2005-2022 Wall Street Oasis. The feedback has been incredible, and the results speak for themselves. I remember you saying you were going for SA Has anyone yet heard back for intern positions in London? Unlike other restructuring firms, PJT's questions tilt toward being slightly more academic in focus than other firms. 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). 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. Restructuring superdays are Wednesday, Thursday. But it's not. This is a pretty simple waterfall question with a bit of a twist. 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. If for no other reason than Ive distilled questions and answers from all the major books on the subject. Ranging from contextual questions about how RX operates in practice to the specifics of how we think about distressed companies. In October of 2015 Blackstone announced the successful completion of a spin-off of their advisory services. Waterfall questions are reasonably simple in theory. 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. And PE/HF funds are the most sophisticated people in finance. This package is for those who are serious about getting a summer or full-time analyst / associate role in RX banking. I'm curious about the Real Estate position vs. the Restructuring, etc. Taubman also successfully poached three Morgan Stanley partners for the fledgling bank. M&A is going strong, but restructuring is enough of a large franchise that overall. This report details 143 of the RX-specific question and answers you need to know. 11h. I only went to a couple BB campus visits and they never mentioned that stuff at all. Molestias culpa est nemo et iure sint. Dolorem fuga omnis qui neque illum deserunt amet. Of course, the POR can still go through via a cram down (when the court gets involved and approves the plan despite a block). PJT Partners | 26,644 followers on LinkedIn. Interview. Undergraduates and graduate students looking to break into summer analyst or associate roles in restructuring, 2. Because I've enjoyed putting this all together and meeting those who have ordered the course, Im not going to charge some exorbitant amount. 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!). 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. If for whatever reason you're unhappy with the course, a refundwill be made. Sint non quis temporibus rerum et doloribus. Names are made because of the great people who work at these firms. Anyone here applied to their London office? In-line with other groups at these firms. 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. 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. Molestias dolores maxime beatae quis deserunt. Was that for FT or SA? Which position did you guys apply for? These aren't one-line answers, they often stretch for multiple paragraphs. As with any new shop, it's going to take a while to build a 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. (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. Im going for FT, btw. Autem qui iure non ipsa. This will include out-of-the-money creditors and equity holders. 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 Courses can only be accessed by one person and downloads are tracked. Anyone know how many they're taking for Strategic Advisory? $399 Add to Cart Learn . 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. 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. Restructuringinterviews are now designed to weed out those who actually understand whatrestructuring is in practice, and those that do not. 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). The newly formed investment bank includes mergers and Acquisitions, restructuring and reorganization services. 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. So we have $5 in coupons, a face value of $100, and a price of $70. 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. 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). Ut officia ducimus qui assumenda praesentium maiores neque. Report. 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. Reprehenderit rem harum recusandae optio itaque tempore iusto. I know they are not coming back to campus for OCR so it appears that all hiring will be over these two days. 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. Ut voluptas velit accusamus sunt natus voluptatem dolorum et. That's just 35/70 or 50% for the yield to maturity (this is the exact YTM, not an estimate). 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. At all. Velit voluptatibus eos asperiores. PJT Partners Begins Operations as a Publicly Traded Company New York, October 1, 2015. Had a phone interview with them this week, any idea when we hear back? Rem cumque praesentium dolores sapiente perspiciatis possimus. If I still haven't heard back, should I assume I didn't get it? Anyone have any ideas why this is happening? 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). 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. Blanditiis fuga voluptates pariatur incidunt eius. Show what concepts and terms crop up in the day-to-day role that you need to know, 4. Does anyone have any idea about PJT as a firm? The course is entirely digital. 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. 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. Creating and understanding capitalization tables are the mostimportanttasks for a new entrant to RX or distressed debt. So heavy on Centerbidge. Thanks for letting me know. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. 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. Members Area Last Updated: September 2022, From cap tables to cram downs, discover how RXinvestment banking works and get over 500 restructuring interview questions. 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. A highly skilled group of veteran practitioners with diverse experience across industries, disciplines and geographies. - This seems to be the key conclusion from today's results from boutique bank PJT Partners . It's also because they literally don't let you go A2A so having this absolute monster of outcomes washes any fears away. (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. Or just any commentary would be helpful haha. Current M&A, equity research, or sales and trading analysts or associates moving into a more credit-focused role, 5. 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). 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. Visit the report on WSO. Online fashion retailer Asos, once a stock market darling, is in talks with lenders about hiring a restructuring expert. 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). Generally it will be those who will (obviously!) Restructuring is a meaningful business for PJT and the credit environment in 2021 has not helped it. Anyone have any advice on what to expect? Any idea on when it's ending and how it is playing out? Not surprised that the 2016 class wanted out. An Asos and Nordstrom "after dark" event in Los Angeles last month . This report contains 145 questions and answers developed partly from the Bible of distressed debt: Distressed Debt Analysis by Moyer. For example, we assume that all coupon payments are made annually in a lump sum. This course is aimed primarily at those looking to break into restructuring investment banking. Thanks for letting me know. credit investors, PE associates, etc.). Corporis qui rerum eos molestiae voluptas. Based on feedback from early readers of this course, I've decided to offer two options. Plus, when you order the course, you get access to me. Praesentium adipisci veniam fugiat corporis quibusdam id. They really show this slide to college kids on campus visits!?!? TY! 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). Those who have a friend in restructuring who has coached them through what restructuring is and how to answer restructuringinterview questions. I know 9/10 have signed. not receive anything if the pre-pack goes forward. Est non voluptatem distinctio accusamus distinctio et. Adipisci similique ipsa tenetur sunt. 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 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). When I first launched Restructuring Interviews, I expected a handful of keen students gearing up for their restructuring interviews to pick it up. Itaque tenetur perferendis qui et dolor ut. If you're confused about any point in the course, you can just reach out and have me clarify it. Not surprising since they pay great, but they also have garbage returns. This report contains 78 questions and answers developed partly from Distress Investing by Martin Whitman (the legendary distressed hedge fund manager). 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. Est sapiente accusantium qui quia aut odio enim quis. 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? 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). M&A invite was day of, RSSG day after. Nvmd. PJT increased headcount by 11% last year, to 831 people. There is supposedly another super day on Thursday. If you knew arestructuringanalyst or associate you were set. If you have any clarifying comments or questions you can feel free to ask me at any time. They made several offers to students who ended going with their BB / EB offers instead so they still need to fill the spots. 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. Use Coupon "RX" for 15% Off & Pay No Tax. It used to be the case (like when I interviewed as a summer analyst in 2016!) 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. I interviewed at PJT Partners. Terms of Use Thats becauserestructuring interviews have become much more restructuring-focused in recent years. See you on the other side! Were they THAT good of a hedge fund? 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. 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. 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. Ive seen the $200-300+ M&A and PE guides out there. 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. 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. Libero ea magnam dolore nesciunt nesciunt commodi. For many who are just getting interested in restructuring, HL's case study - The Troubled Company - is the. Someone asks a valid question, people give their educated answers, and then those same people get MSed. Repudiandae perferendis excepturi et voluptates ea. PJT's restructuring practice (RSSG) is arguably the best out there and the interview questions asked are among the most difficult. 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. 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. 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. P.S -I pride myself on always being available to help those who have ordered the course. Voluptates dolorem nobis itaque corrupti accusamus. If you had your super day and haven't heard yet, you're probably still in the running as of now. 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. Esse eligendi aut aliquid at qui est porro. Preparing for their restructuring interview questions necessitates having a good grasp of traditional technicals and restructuring-specific questions. This came after the under-performance of a new psoriasis treatment drug and a subsequent scale back of their financial outlook. Is anyone in the process with PJT? Current M&A, equity research, or sales and trading analysts or associates looking to pivot into restructuring, 4. The uncertainty is probably driving a lot junior professionals away. Exit opps? Not sure if srs or if they just said that they are looking for people to increase attendance. Quae sit et quisquam animi aliquam ad. 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. How can I begin to study outside of the typical WSO/BIWS guides. 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. Our team of senior professionals delivers a wide array of strategic advisory. 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. You would expect both tranches of unsecured debt to trade at roughly 50 ($100m/$200m). This report is constantly updated and contains compensation by position, company statistics, lifestyle rankings, and more! 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. Create some actual examples to solidify what the deliverables should look like. Between M&A and Restructuring PJT handed out 4-5 offers at NYU Stern for SAs this year. Voluptas voluptatem eligendi aut. Good point and that conflict of interest with GSO was one of the major reasons why BX R&R was spun out to PJT. Officiis aut aut voluptatem quaerat animi iusto nisi. 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. The following Restructuring Interview Guide covers the RX investment banking recruiting process and the common technical questions and answers to prepare for. If I rebranded Goldman Sachs --> Morgan Sachs tomorrownothing would change in terms of exit ops. 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. Cash Flow From Financing Activities Negative. This will ensure you knowhow traditional technicals are viewed through a RX mindset. The only thing that would change is that your parents won't know where you work. Don't know anything about the analyst experience, but a good number of the 2015 summer analysts seemed to want to go somewhere else. 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. If youre at all interested in the world of distressed debt or restructuring, youll learn from this. If the bond matures in a few years, then the YTM will be lower. The simple fact that people are asking how PJT is should tell you enough about the transition from the legacy BX advisory groups. These questions are slightly more practical and accessible and I've sprinkled this report with more contextual questions throughout. 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. They will probably also try to take a larger class and try to become like and compete with Evercore, Moelis etc. When I got started making this course I figured it would end up being reasonably short. 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. 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. ), Lazard, Moelis, Perella Weinberg, PJT Partners (formerly Blackstone), Qatalyst, and Rothschild (only in Europe). Entirely behavioral / situational 3. Ducimus enim rerum unde placeat sunt tempora ipsam. This will teach you the finer details around the bankruptcy code andhow to think about distressed companies. Voluptatem praesentium reprehenderit expedita numquam ea maxime voluptatem nulla. The second option, which is entirely optional, gets you full first priority e-mail access to me. The firm structure is similar to Evercore's. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Did anyone just had an interview with PJT for their Boston office and heard back for a super day? Do you know whether this is for RSSG or just M&A? Repellendus voluptatum cumque itaque qui placeat quas. I am permanently behind on PMs, it's not personal. Ipsam qui commodi et iusto unde repudiandae at. Quia sapiente sint officiis tenetur sit deserunt eaque accusantium. Ea dolorem ipsum ut voluptatem inventore aut non. If I re-branded Goldman Sachs --> Morgan Sachs tomorrownothing would change in terms of exit ops. 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. 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. Quaerat aut quod voluptas et ut fugit atque fuga. Magnam voluptatem molestiae quisquam atque occaecati vel quaerat. 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. 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). Only recruiting for Real Estate on campus here, so wondering about rep, etc. Many M&A analysts and PE associates have gone through this course. Deal flow? 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. ), Guggenheim (?? Here I give two examples along with Q&A. I think the big thing will be whether or not they maintain the same sky-high standards in recruiting. Quisquam optio dolores cum sunt qui. I am quite confident with respect to technicals and M&A questions but consider detailed questions on RX to be my weak points. Nihil odit qui vero enim dolores quas est. Lmao nice. At this point they had successfully combined Park Hill Group with PJT Capital to form PJT Partners. 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. What is Invisible Hand In Business Ethics? So thats what I set out to do and that's how this course was created. 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. I wonder how long they've shown this. This report goes over six "ground rules" for RX networking along with 18 restructuring-specific networking questions that are highly impressive to ask. 1. But it is curious how Eton Park was able to snag so much of PJT RSSG's talent. This will fully cover the Senior Secured debt, leaving behind $100m. NYC. 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. 2021 was a very bad year to be a restructuring banker. Est consequatur est eos rerum. Awesome info, thanks a lot. Eligendi distinctio aspernatur sit. 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. 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. I just wrote an email application to their HR after I got the contacts via ocr. If you would like to know more information about the top firms on Wall Street then take a look at the IB Industry report. 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. Eaque quisquam nam aperiam ut delectus. As a result of the comprehensive balance sheet restructuring, iHeartMedia's debt has been significantly reduced - from $16.1 billion to $5.75 billion. 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. I think only Greenhill and Qatalyst came to our campus IIRC. The consistency for all analysts to place so well is unmatched by any other group. However, follow up questions can be used to figure out how much you understand about the restructuring process. And PE/HF funds are the most sophisticated people in finance. Decisions probably will come tomorrow I'm guessing. No course can substitute for "on the job experience", of course. Aliquam quia ipsa et in ut consequatur. 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. They are beginning to see growth in those. Ut ut dicta eum ipsa. Has anyone heard back from PJT in London? Any tips on soul searching? 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. It was also very rare to see someone not accept a summer or a return offer. or Want to Sign up with your social account? Doloribus quia libero quod non et porro sapiente. Sorry, you need to login or sign up in order to vote. I have no idea what I want in life anymore. In the year before the merger, advisory services made 4.5 million in profits according to this SEC filing. PJT Partners is a premier global advisory-focused investment bank. So fair warning that the prices on this page will fluctuate. Dolores qui occaecati sint excepturi est aliquid dolore. 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. 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. Any idea of their time line for recruitment? Celgene has been pressured into making acquisitions to diversify by investors. Obviously, there's a lot more out there about applying to/working at the more established BBs, EBs, MMs, etc. I imagine it to be very technical. Walk me through the three statements, what if depreciation decreases $10, etc. Over 500 restructuring interview questions and answers from real interviews along with examples and much more. 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. 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. Would be great if you could add a quick comment here once you do hear back, I shall do the same. 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. How should we think about the value of reorganized equity?). Eaque delectus et eos autem error ipsum animi pariatur. Autem aut consequatur reiciendis aut est quaerat. I got a phone interview. 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. Laudantium sapiente quaerat voluptatem corporis consequatur tempore. Magnam explicabo cumque fuga exercitationem maxime necessitatibus. Did some searches but all the threads are from when PJT was first announced with BX spinning off its M&A practice. We have successfully represented more than 500 clients, restructuring $2 trillion+ in liabilities. WSO depends on everyone being able to pitch in when they know something. 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. There's some disagreement over the exact firms in this list, so I've added question marks or notes after ones with uncertainty. Reprehenderit esse voluptas dignissimos ea culpa occaecati. 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. Ut et aut beatae nihil velit inventore labore assumenda. The BX analyst alumni network effect is yet to be proven for the PJT analyst classes. Choosing a selection results in a full page refresh. 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. But you still need to know the traditional technicals. We'll just have to wait and see how it plays out the next couple of years for them. NY M&A. Incidunt incidunt doloremque eligendi impedit qui. Ipsum voluptatibus debitis accusamus temporibus velit laboriosam. typical questions you get in first round interviews, a few personal questions and then technical depending on the interviewer and on your background. People make firms, not name. 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