Corporate & Financial Restructuring

Code

332

Start Date

2025-02-09

End Date

2025-02-13

City

Hong Kong

Price

5950 $

Language

Participants

1-15

Hotel

Hotel Meeting Room

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Introduction

Just because a company needs restructuring – financial or operational – does not mean it will do so. An erosion of Stakeholder value may occur for a variety of reasons, including Management interference. This program shows you how to do things right.

Corporate restructuring is defined as any fundamental change in a company’s business or financial structure, designed to increase the company’s value. Corporate restructuring is often divided into two parts; either 1) Financial restructuring or 2) Operational restructuring. This seminar emphasizes the practical side of corporate restructuring in today’s ever-challenging world. It focuses on the two objectives of the practical application through case studies, examples and Excel® models as well as discussions of alternatives.

Main ideas explored include:

What is restructuring & what are the alternatives
When & why should you restructure vs. not
How to calculate the “real” value of a firm both before & after a restructuring
What is Leverage; when to use it and how best to finance it
When to divest an operating unit & how to do it to optimize the remaining value

Seminar Objectives

On completion of this module delegates will be able to:

Fully understand the various form of restructuring
Discuss the real difference between Corporate & Financial restructuring
Know when to acquire vs. divest an operating unit
How to value an entity or an entire firm
Know when to Leverage vs. Deleverage
Learn to use a range of Excel models (provided)

Training Methodology

The training comprises teaching sessions covering each topic area with the theory blended with practical application. Additionally, real world examples & case studies will be used so that the Delegates will be able to apply these techniques immediately. Delegates then use the provided Excel® templates to apply their new knowledge case studies to reinforce the concepts.

Organizational Impact

The organization will benefit by:

Having Experts in-house to develop advanced decision support models
Higher productivity of personnel involved in restructuring analysis
Improved performance of corporate & financial restructuring methods
Better ways to plan & measure results of decisions
Realizing better options when facing divestiture choices
Better integration between functional areas leading to better decisions

Personal Impact

The delegate will benefit by:

Developing an improved understanding of the risks & benefits of corporate & financial restructuring in today’s challenging world.
Really understanding the risks & rewards of leverage
Being able to calculate the value of the firm in the real world
Understanding to cost/benefit of a divesture
Enhancing their knowledge with the use of the models in the case studies
Significantly increasing their Excel® analysis skills

Who Should Attend?

Corporate finance officers
Strategic planners
Accounting
Lenders
Investors
Mergers & Acquisition specialists
Corporate officers
Commercial and investment bankers
Securities analysts
Private equity specialists
Asset managers
And other individuals whose professional future may be enhanced by an understanding of restructuring techniques.

Programme Outline

Day 1 – Introduction to Restructuring

The Restructuring Framework
Proactive – planning the restructure before it is needed
Defensive – planning the restructure because it is needed
Distress – planning the restructure when the is no choice
Restructuring parties
Creditors – what do they expect
Shareholders– what do they hope for
Employees– what do they wish for
Case study
Excel model for decision

Day 2 – The Why & How of Restructuring

The Why & How of it
Why companies really restructure
How do companies successfully restructure in today’s world
When is the right time to restructure
The coordination and implementation of it all
The checklist for success
The “as is” value – what is the firm worth today
What is the product/service mix to decide what to keep and what to divest
Strategic partner or merger – the difference brings what value
Leverage – yes or no; pros & cons
Example
Case study
Excel model for decision

Day 3 – Valuation in Restructuring

Valuation
Which approach to use to be most accurate
Liquidation value
Fire sale
Orderly
Asset-based methods
Comparables – market driven
Free cash flows
Free cash flow to the firm
Free cash flow to equity
Option-based
Case study
Excel model for decision

Day 4 – Leverage

Leveraging and deleveraging
Leverage – yes or no; pros & cons
Establishing required rates of return
Adjusting the costs of debt and equity for leverage
Leverage optimization through capital structure (Example)
Bond buybacks (Example)
Leveraged Buy Out (LBO)
Going private – the costs vs. the benefits
The rationale for high leverage
Calculating your capacity for debt
Case study
Excel model for decision

Day 5 – Divestitures

Divestitures
Why divest a business unit
The rationale for divestiture vs. alternatives
Divestiture vs. a spin off
Equity carve-outs
Voluntary liquidations
Case study
Excel model for decision
Summary and Conclusion

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