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@Restructuring__ Avatar @Restructuring__ Restructuring__

Restructuring efforts are underway in various companies, with some utilizing safe harbor regimes to avoid insolvent trading claims. Australia's safe harbor laws, introduced in 2017, have provided directors with breathing space to rescue distressed companies. Meanwhile, firms like Ares and Harbor Capital Advisors are adapting to changes in the private credit and private equity markets, with a focus on customized investing and strategic partnerships.

Engagements: XXXXXX #

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Mentions: XX #

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Followers: XXXXXX #

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Social Influence #

Social category influence finance #4049 stocks XXXX% vc firms XXXX% countries XXXX% currencies XXXX% travel destinations XXXX%

Social topic influence debt 6.52%, chapter 11 #6, files 4.35%, investment 3.62%, banking #42, ipo #115, $56b 2.17%, finance 2.17%, thrive capital 1.45%, private equity XXXX%

Top accounts mentioned or mentioned by @benmbiran @beehiiv @tieyournumbers @cowardnutlick @factsetmaniac @joinyellowbrick @kemonomichinl @tbu12345678 @iamj0hn3 @thejasonchan @spac3wrangl3r @bankingslut @28nero7 @jim16021 @texasoncologist @grumpy_burner @wagiecapital @amendandpretend @seniorstrategen @eventdriveneddy

Top assets mentioned Phillips XX (PSX) Apollo Global Management, Inc. (APO) Ares Capital, Corp. (ARCC)

Top Social Posts #

Top posts by engagements in the last XX hours

"@FactSetManiac Have not followed recently but here is my summary"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-01 20:37:17 UTC 38.3K followers, XXX engagements

"Apollos $800bn Credit Revolution: How to Turn Cheap Liabilities into a Global Origination Machineand Why It Matters for Every Portfolio in the World Wall Streets usual private-equity tale ends with a splashy IPO. Apollo Global Management has written a different sequel It has turned itself into the worlds most sophisticated credit factory originating more than $250bn of debt every year and warehousing much of it on its own $330bn insurance balance sheet. John Zitoonce a credit hedge-fund trader now Apollos Co-Presidentrecently unpacked that evolution on the Invest like the Best podcast. 1)"
@Restructuring__ Avatar @Restructuring__ on X 2025-06-08 16:49:13 UTC 38.3K followers, 59.7K engagements

"Awesome data on unicorn valuations Just one thing: public Saas trade for 7x Good luck growing into your multiples"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 19:02:51 UTC 38.3K followers, 6907 engagements

"Rite Aid files for Chapter XX Sycamore buys Walgreens Walgreens new ad Rite Aid customers youre welcome here Hilarious"
@Restructuring__ Avatar @Restructuring__ on X 2025-06-22 19:42:14 UTC 38.3K followers, 3522 engagements

"Tell me you dont understand ROIC without telling me you dont understand ROIC"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 19:58:02 UTC 38.3K followers, 13.4K engagements

"7) Capital Table Liquidity Options and the LongTerm View Thrive Capital and Greenoaks lead the cap table. Both firms are long-horizon investors holding positions for five to ten years and scaling follow-on capital behind the winners a discipline that pairs naturally with Skims front-loaded spend on R&D and store build-outs. Private markets still offer semiliquid tender programmes; early employees have already taken chips off the table without forcing an immediate IPO. Yet Grede views public listing as inevitable discipline. Transparent quarters pressure management to keep transforming on the"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-10 01:37:34 UTC 38.3K followers, 2279 engagements

"5) Bankruptcy & the Aftermath The court decided Cengage's EV increased from $2.9B to $3.6B a victory for those involved in negotiations. Cengage secured between $1.5B to $1.75B in new debt. Plus they got a $250M undrawn revolving credit facility for flexibility. In terms of paying creditors the deal was split. First-lien lenders would receive XXX% of the new equity in the reorganized company. Second-lien lenders and unsecured creditors would share $225M in cash or stock. XXXX% of this amount would go to second-lien creditors. The remaining amount would be split between senior notes and"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 02:34:30 UTC 38.4K followers, 2672 engagements

"1) A High-Stakes Bet on Education In 2007 Apax Partners with Ontario Municipal Employees Retirement System (OMERS) together bought Cengage Learning for $7.75B financing it with $5.6B in debt. At the time Cengage was a giant in the college publishing world. It was the second-largest in the U.S. selling both print and digital educational materials. The higher-ed publishing market was dominated by Pearson Cengage and McGraw-Hill. All of them controlled 70%+ of the industry. Apax saw a huge opportunity. Demand for educational materials was rising and the shift to digital learning promised future"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 02:34:28 UTC 38.4K followers, XXX engagements

"4) Apaxs Next Move: Turnaround & Buying the Debt By 2012 Cengage was in crisis mode. Apax knew something had to change. They brought in Michael Hansen as CEO with a clear plan: invest in digital cut print and restructure the debt. However a financial time bomb with $2.1B in debt due by 2014. Cengage wanted to file for bankruptcy. Through an agreement with lenders holding around $2B in first-lien debt Cengage hoped to reduce debt to $4B on its balance sheet. But there was a risk: Apaxs $1.8B investment could be wiped out. So they considered buying Cengages debt to control the bankruptcy"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 02:34:29 UTC 38.3K followers, XXX engagements

"BLACKSTONE REAL ESTATE 1) Time horizon: XX years - XX funds 2) Capital: $70+ Billion Invested 3) Returns: XX% Net Get the Full Deck"
@Restructuring__ Avatar @Restructuring__ on X 2024-12-30 18:26:10 UTC 38.3K followers, 53.3K engagements

"- Study for XX years - Make LBOs for X years - Give instructions to make LBOs and memos for XX years - Find companies to make LBOs and memos on for XX years - Free for 5-10 years - Die Its Private Equity and its a dream"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-13 15:40:44 UTC 38.3K followers, 18.5K engagements

"How it started: New Moelis CEO My daughter is in banking too lets make sure we improve our culture How its going: Fuck those intern man X hour surprise modeling test make them earn those return offers"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 17:25:33 UTC 38.3K followers, 108.6K engagements

"Working with a company that is looking for Restructuring / credit professionals Pay: $150/h If interested send me a DM and I will connect you"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 01:39:00 UTC 38.3K followers, 6351 engagements

"M&A back up Trading back up On-cycle pushed out Markets all time highes IPO backk Banks ruling the world"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 19:50:08 UTC 38.3K followers, 12.1K engagements

"3) Sunnova Files for Chapter XX We covered SunPower at length and this is a similar situation with the business suffering from regulatory changes (less tax credits and reduction in net energy metering) and of course higher rates used to finance solar panels renewable tax credits and incentives"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 01:13:51 UTC 38.3K followers, XXX engagements

"The Landlords Nightmare Tool: Inside the UKs CVA POST PREVIEW Before cross-class cramdowns took center stage in English law the Company Voluntary Arrangement (CVA) quietly became the weapon of choice for distressed UK retailers. Why Because it offered a fast court-light way to slash lease obligationsoften over the loud objections of landlords. In this week's Pari Passu we break down the rise (and fall) of the CVA a legal restructuring tool once heralded for its speed and simplicitythen increasingly criticized for fairness concerns vote swamping and lack of class protections. We take you"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 01:07:23 UTC 38.3K followers, 14.2K engagements

"3) The Fall: Market Disruption & Digital Lag Heavy debt. Changing industry. The cracks were forming. The 2008 financial crisis hit education budgets hard. Schools and libraries cut spending. This slashed Cengages revenue. Meanwhile digital learning took off. E-books online homework and assessments were growing. But these had lower margins than print. Unlike print books digital learning is subscription-based. They create recurring revenue but Cengage struggled to adapt. By 2011 things got worse. Print sales dropped XXXX% leading to a $27M loss. Cengage was falling behind. Pearson was leading."
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 02:34:29 UTC 38.3K followers, XXX engagements

"If you want to get out of banking need to read Pari Passu Newsletter - See Post preview for Friday"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 01:08:18 UTC 38.3K followers, 11.7K engagements

"A $7.1B Investment Huge Debt and Big Risks Apax Partners thought they had a winning bet with Cengage Learning. But after a series of missteps the investment turned into a high-stakes game of debt management and survival. While $1.8B in equity might be at risk Apax didnt walk away empty-handed. Heres how the deal played out: a mix of high rewards high risks and lessons on using leverage: 1) A High-Stakes Bet on Education 2) The Buyout Structure 3) The Fall: Market Disruption & Digital Lag 4) Apaxs Next Move: Turnaround & Buying the Debt 5) Bankruptcy & the Aftermath 6) Lessons"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 02:34:27 UTC 38.3K followers, 13.7K engagements

"Mom how did we get so rich Your dad never returned any capital to LPs and kept rolling capital in continuation vehicles while charging X% management fees"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-10 21:23:15 UTC 38.3K followers, 120.2K engagements

"On the other hand if you would love to do a X hour modeling test here is a great (free) webinar for breaking into investment banking"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 03:26:39 UTC 38.3K followers, 2895 engagements

"This weekis when many of us lap one / two / three years at our jobs. Yes time really does pass quickly. It is always hard to ask ourselves the tough questions but you really should. How are you liking your role Is your health suffering Are you in touch with your family and friends What are you trying to maximize What are you doing this for Is this worth it I have very few answers to provide but I wanted to encourage a bit of self-reflection. It is very easy to get carried away by weeks and weeks of fake deadlines and time spent thinking about how we are spending our life is never wasted. Have"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 23:47:00 UTC 38.3K followers, 4911 engagements

"6) Lessons Even in "safe" industries too much debt can be deadly. Apax took on $5.6B in debt to finance the deal. But when the market shifted that debt became a major risk. Apax underestimated how quickly the market was moving to digital. By the time Cengage adapted it was too late to keep up with competitors like Pearson. Some deals dont pay off. Cengages EV increased during bankruptcy but it wasnt a win for everyone. First-lien creditors got XXX% of the new equity. Second-lien creditors recovered just XXXX% of their claims"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 02:34:30 UTC 38.3K followers, 2515 engagements

"U.S. CORPORATE DISTRESSED REPORT: JUNE 2025 The X Chapter XX developments you need to know 🧵 1) At Home Files for Chapter XX 2) Marelli Automotive Lighting USA Files for Chapter XX 3) Sunnova Files for Chapter XX 4) American Tire Distributors Emerges from Bankruptcy 5) Azul SA Files for Chapter 11"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 01:13:23 UTC 38.3K followers, 8166 engagements

"Spent a lot of time discussing this with my friends I know I will get pushback for this but if by the end of your summer internship you cannot do an LBO in X hours you are behind Great summer analysts are expected to operate like full-time analysts at the end of the summer and an analyst should do an LBO in much less than X hours"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-19 02:33:23 UTC 38.3K followers, 14.8K engagements

"2) Marelli Automotive Lighting USA Files for Chapter XX Marelli did a Japanese restructuring in 2022 yet another case of failing to solve underlying issues and ending up in court"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 01:13:50 UTC 38.3K followers, XXX engagements

"When the Principal gets a question about the model but he cannot point to the associate to answer and therefore has to explain the numbers"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-15 21:36:40 UTC 38.3K followers, 3209 engagements

"HR that goes deep to create personal relationships"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-18 02:50:19 UTC 38.3K followers, 5879 engagements

"3) Permanent Privates Gurley describes a new late-stage trend where companies are considering staying private permanently. He cites Josh Kushners Thrive Capital as pioneering this trend which approaches IPO-ready companies with offers too good to refuse persuading them to cancel their roadshows. The logic is that deep-pocketed investors prefer late-stage private rounds because they can secure a far larger slice of the company than in a traditional IPO. In an IPO the bank rations shares so even if a fund oversubscribes by 100x it might only get 1-2% of the offering whereas a private deal with"
@Restructuring__ Avatar @Restructuring__ on X 2025-06-19 23:12:16 UTC 38.3K followers, XXX engagements

"8) Debt Financing Permira financed the acquisition with $XXXX billion in senior secured debt from Blackstone Credit & Insurance (BXCI) Blue Owl Capital and Ares Capital Corp. The loan was structured as a unitranche facility combining all debt into a single package. It included a $XXX billion term loan a $XXX million delayed-draw term loan and a $XXX million revolving credit facility. Pricing was set at SOFR + XXX bps with a 7-year maturity. The debt was covenant-light offering flexibility while reflecting high leverageover XX EBITDAsupported by Squarespaces strong subscription revenue high"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-05 23:17:23 UTC 38.3K followers, 3525 engagements

"4) American Tire Distributors Emerges from Bankruptcy has a writeup ready on this very interesting situation - I won't reveal too much but you should subscribe to read our deep dive on the transaction - very fascinating"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 01:13:51 UTC 38.3K followers, 2736 engagements

"5) Azul SA Files for Chapter XX is about to publish a writeup about GOL I am not too familiar with Azul but in GOL's case the business was killed by Covid XX FX volatility (Brazilian Real depreciated a ton against the US dollar) and by the Boeing XXX MAX groundings"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 01:13:52 UTC 38.3K followers, 2741 engagements

"Great data from the @WSJ but it is clear no one on the editorial team has any attention to detail See below for how many formatting mistakes and inconsistencies there are on a single graph"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-13 16:11:42 UTC 38.3K followers, 32.8K engagements

"@mengxilu Understanding corporate finance"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 20:02:59 UTC 38.3K followers, 1041 engagements

"Navigating the Private Credit and Private Equity Landscape: Perspectives from David Golub In the most recent edition of "Private Market Talks" David Golub president of Golub Capital about the private credit and private equity markets. With over $XX billion in assets under management Golub Capital has established itself as a dominant player in the sector. In this podcast they discussed: 1) The Evolution of Private Credit and Private Equity Markets 2) Key Drivers of Golub Capital's Growth 3) Growth Strategies and Market Trends 4) Current Market Environment and Investment Strategies 5) Emerging"
@Restructuring__ Avatar @Restructuring__ on X 2025-06-22 12:58:55 UTC 38.3K followers, 10.3K engagements

"6) Stores Loyalty Apps and the EightyTwenty Rule of Retail Postpandemic U.S. apparel has reverted to its 2019 ratio: eighty percent brickandmortar twenty percent ecommerce. Grede refuses to remain in the minority share. Flagships in Los Angeles and New York test immersive concepts diner popups with rootbeer floats sculptural fitting suites before rolling scaled but smaller boutiques across TierOne malls. Build-out costs run roughly $800$1000 per square foot expensive for apparel but in line with experiential chains like Lululemons concept stores and cover the in-store kiosks and back-end tech"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-10 01:37:34 UTC 38.3K followers, XXX engagements

"1) At Home Files for Chapter XX We all know of this beautiful failed LME - finally ended in court"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-14 01:13:24 UTC 38.3K followers, XXX engagements

"Struggle to answers how many golf balls fit in an airplane Or how many chickens are sold in the US every year Tomorrow morning there is an awesome free event covering market sizing - link below to register"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 02:44:31 UTC 38.3K followers, 4334 engagements

"2) The Buyout Structure Apax didnt just buy Cengage they leveraged it to the tits. The deal was fueled by $5.6B in debt but there was a problem. Investors werent convinced. High leverage. Modest free cash flow. Too much risk. To calm the fears Cengage downsized its bond sale and added covenants. They also agreed to cap senior secured debt at 8.25x EBITDA. Then Apax doubled down. Later in 2007 Cengage bought Houghton Mifflins college assets for $750M to expand its textbook business. How did they pay for it More debt. A $620M loan pushed Cengages total net debt to $6.2B"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-16 02:34:28 UTC 38.3K followers, XXX engagements

"AI is surging. Energy systems are breaking. For decades nuclear energy was ignored. It was deemed as too risky too slow and too expensive. But now tech companies are buying nuclear power. Engineers are building reactors the size of shipping containers. Policymakers are rethinking economics. Nuclear is quietly becoming a pillar of the future. 1) The rise the panic and the long freeze 2) The economics are brutal and havent budged 3) Small reactors are breaking the big-reactor mold 4) Microsoft and Amazon are already buying nuclear power 5) Public perception hasnt kept up with reality 6) The"
@Restructuring__ Avatar @Restructuring__ on X 2025-06-29 16:32:20 UTC 38.3K followers, 37.1K engagements

"Pari Passu Newsletter - Deep Dive I just crossed 35k followers so its a good time to re-introduce myself - Heres my story 👇👇 (and entire growth timeline) I fell in love with restructuring my freshman year I read Moyer and was hooked - I knew this was what I was meant to do After graduation I started as a restructuring and special situations analyst at PJT / Houlihan / Evercore During my time there I would get tens if not hundreds of emails from students interested in chatting. After doing a few calls I realized I was wasting time and that I should share my passion for the field in a way"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-06 18:18:43 UTC 38.4K followers, 44.4K engagements

"Wall Streets consensus is that every great venture outcome must now wear a SaaS or AI badge. Jay Hoag disagrees. For XX years the cofounder of Technology Crossover Ventures (TCV) has wagered that growth itselfthe messy leap from first productmarket fit to durable public franchiseis the real scarce asset. From coldcalling dialups in 1994 to an AIdriven screen of XX mm private companies today Hoags team has funded category makers like Expedia Spotify and Netflix while skirting the minefields that sank dozens of hype cycles. In his latest interview Hoag maps the playbook that still guides TCV at"
@Restructuring__ Avatar @Restructuring__ on X 2025-06-27 21:23:12 UTC 38.4K followers, 19.8K engagements