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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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CreatorRank: XXXXXXX #

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Social Influence #

Social category influence finance #2522 stocks XXXX% countries XXXX% travel destinations XXXX% vc firms XXXX% technology brands XXXX% currencies XXXX%

Social topic influence debt 8.2%, chapter 11 #4, investment #372, files 4.1%, heinz #5, ipo 4.1%, banking #273, $56b 2.46%, finance 2.46%, automotive XXXX%

Top accounts mentioned or mentioned by @benmbiran @beehiiv @joinyellowbrick @factsetmaniac @kemonomichinl @tieyournumbers @tbu12345678 @cowardnutlick @bankingslut @28nero7 @texasoncologist @grumpy_burner @amendandpretend @wagiecapital @seniorstrategen @buysidehub @secretcfo @cooldeepme @jmatthewmcgarry @cooldeepai

Top assets mentioned Berkshire Hathaway Inc. (BRK.A) Phillips XX (PSX) Apollo Global Management, Inc. (APO) Microsoft Corp. (MSFT)

Top Social Posts #

Top posts by engagements in the last XX hours

"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 38.4K followers, 8178 engagements

"@FactSetManiac Have not followed recently but here is my summary"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-01 20:37:17 UTC 38.4K followers, XXX 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 38.4K followers, XXX 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 38.4K followers, 18.2K engagements

"1) The Acquisition In 2013 Berkshire Hathaway and 3G Capital completed a full acquisition of Heinz taking the company private in a $XX billion buyout that included debt. Each invested $X billion in cash and Berkshire also put in $X billion in preferred shares with a X% dividend. The purchase price was $XXXXX per share a XX% premium. At the time Heinz had $XXXX billion in revenue and $X billion in profit. Its European and Asian markets were growing fast. Buffett had been interested in Heinz since 1980. Though the deal was similar to a LBO he saw it as a long-term investment. 3G would manage"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-21 01:29:45 UTC 38.4K 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 38.4K followers, 59.7K engagements

"1) Takeover Mauser from Dubais PE In 2007 Dubai International Capital (DIC) acquired Mauser from JP Morgans buyout unit for 850M. Mauser was initially part of a larger portfolio sale but buyers werent interested in the full package. Instead DIC sold Mauser separately in one of the largest asset disposals by a Dubai state-owned fund since the debt crisis. When DIC owned Mauser the company grew fast. They went from XX to XX facilities in XX countries. Mauser made packaging products like metal drums and plastic containers. These are important for moving chemicals and medical waste safely. As"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-12 18:59:40 UTC 38.4K followers, XXX engagements

"2) Deal Structure & Strategy CD&R bought Mauser from DIC for 1.25B which is about $1.72B. To pay for this buyout CD&R took out a 1B loan. The debt was 6.25x Mausers EBITDA of 154M. The loan includes both first and second lien loans in euros and dollars. This investment came from CD&Rs Fund IX - worth $6.25B with $XXX mm from GPs. Instead of making big cuts CD&R chose to improve Mausers reconditioning services. This part of the business cleans and recycles packaging. It helps customers save money and is great for the environment. CD&R teamed up with Mauser's management to make operations"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-12 18:59:41 UTC 38.4K followers, XXX engagements

"2) Option 2: Intercompany Derivative/Capital Structure Instruments Structuring A company could use swaps options and other derivative instruments between subsidiaries to create a third claim. Like the intercompany loan a derivative instrument represents a contract between two parties and if structured appropriately it could represent additional recoveries for the triple-dip lenders. Figure #4 below depicts how this structure could arise. As it was in Figure #3 there is a first claim from the $400mm intercompany loan and a second claim from the $400mm restricted company guarantee. However the"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-05 16:10:42 UTC 38.4K followers, XXX 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 38.4K followers, 13.6K engagements

"4) Capital Uses Valuation & Thoughts Going into this IPO McGraw Hill holds around $3.2bn of debt against $400mm of cash implying a net leverage ratio of around 3.8x FY 2025 adj. EBITDA. The company aims to sell 24.4mm shares priced at a range of $XX to $XX per share with banks holding an option for an additional 3.7mm shares from Platinum if there is demand. An offering priced at the midpoint of $XXXXX would provide nearly $467mm of net proceeds which will be used for a partial repayment of its term loan facility. Paying down the term loan reduces interest and lowers leverage providing"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-18 22:45:45 UTC 38.4K followers, 2474 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 38.4K followers, 2286 engagements

"HR that goes deep to create personal relationships"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-18 02:50:19 UTC 38.4K followers, 6051 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 38.3K followers, 2685 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) The Ongoing Challenges Their stock crashed from its peak $XX in 2017 to $XX in 2019. One day it wiped out $4.3B in value. The company had to write off $XXXX billion in brand value and change its 2016 financial reports. It also faced a $XXX million lawsuit for misleading investors. Even partner 3G Capital lost confidence selling $1B+ in stock. The restructuring failed because Kraft Heinzs old brands like Jell-O and Velveeta couldnt keep up with the demand for healthier or cheaper options. Both companies struggled to meet the trend for fresher healthier foods before merging. When they raised"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-21 01:29:47 UTC 38.4K followers, XXX 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

"2) The Kraft Merger Heinz which was privately held merged with Kraft in 2015 to grow its domestic and international market share. The deal was worth around $XX billion. Kraft shareholders had 49%. 3G Capital and Berkshire Hathaway held 51%. They invested an additional $XX billion for the deal. Including their initial investment in 2013 their total investment was $XXXX billion. The new company Kraft Heinz became publicly traded on NASDAQ. The merger was initially successful. The stock price rose from the $70s to $XX by 2017. The company aimed for $XX billion in annual sales. They also planned"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-21 01:29:46 UTC 38.4K followers, XXX engagements

"Ladies & Gentlemen the quality and depth of VIC pitches in 2025 Ridiculous"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-20 20:07:00 UTC 38.4K followers, 27.9K 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 38.4K followers, 2746 engagements

"3) The Role of 3G Capital 3G Capital used zero-based budgeting. This is a method where every expense must be justified from scratch at the beginning each year. They applied it to cut costs and boost profits inspired by their success with Burger King. The cuts left no room for future savings. The company ignored trends like healthier food choices. Focusing too much on cost-cutting hurts innovation. R&D is also crucial in consumer retail to track spending habits but the company neglected it. An SEC investigation into accounting issues damaged trust in management. Kraft was slow and"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-21 01:29:46 UTC 38.4K followers, XXX engagements

"3) Performance Snapshot Since acquiring McGraw Hill in 2021 Platinum Equity has focused on enhancing the core business. FY 2025 net loss has shrunk to $85.8mm XX% lower than 2024s $193mm and XX% below 2023s $404mm. Adj. EBITDA climbed XX% to $727mm pushing margins to 35%. For additional perspective Bloomberg reported McGraw Hills 2021 EBITDA at $450mm implying an increase of over XX% since the purchase. Recurring revenues stemming from multi-year contracts and digital subscriptions now account for XX% of sales up from XX% two years ago. Management has been trying to shift the revenue mix away"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-18 22:45:45 UTC 38.4K followers, 2626 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, 18.6K engagements

"4) Microsoft and Amazon are already buying nuclear power In 2024 Microsoft signed a 20-year deal with Constellation Energy to purchase power from the soon-to-be-restarted Unit X at Three Mile Island. Amazon Web Services bought a data center in Pennsylvania fully powered by the neighboring Susquehanna nuclear plant. This is an infrastructure strategy. Data centers need clean uninterrupted high-density power. Solar and wind cant deliver that consistently. Natural gas carries long-term emissions risk. Nuclear despite its baggage offers a solution that runs XX hours a day with zero carbon output."
@Restructuring__ Avatar @Restructuring__ on X 2025-06-29 16:34:13 UTC 38.3K followers, XXX 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 38.4K followers, 2747 engagements

"@mengxilu Understanding corporate finance"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-17 20:02:59 UTC 38.3K followers, 1063 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 38.4K followers, 112.6K engagements

"6) 3G's Exit and Buffett's Commitment to Kraft Heinz 3G had been reducing its position in Kraft Heinz since 2018. This included a significant sale of shares in 2019. In 2023 3G Capital sold its XXXX% stake in Kraft Heinz. This marked the end of its nearly nine-year involvement with the company. Over time 3Gs influence diminished. Its representation on the board dropped from three seats to none by 2022. Despite this Warren Buffetts Berkshire Hathaway remains the largest shareholder. They hold a XXXX% stake in the company. Berkshire Hathaways stake has also been impacted by Kraft Heinzs"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-21 01:29:48 UTC 38.4K followers, 2292 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 38.4K followers, XXX engagements

"3) Small reactors are breaking the big-reactor mold The next chapter of nuclear energy is being written in smaller units. Microreactors and Small Modular Reactors (SMRs) are built in factories. They are compact enough to power hospitals university campuses or military bases. They can be scaled and configured to meet local demand. Some are designed to cool themselves automatically if anything goes wrong. Others can run for years without refueling. SMRs not only cut construction time and cost but they also reduce risk improve flexibility and can be deployed in places where traditional plants"
@Restructuring__ Avatar @Restructuring__ on X 2025-06-29 16:34:11 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

"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 38.4K followers, 12.3K 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 38.4K 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 38.4K followers, 14.6K engagements

"Warren Buffett's $28B Kraft Heinz bet teaches a crucial investing lesson: Even legends make mistakes Kraft Heinz shares have underperformed the broader market in recent years. Warren Buffett admitted he overpaid for the deal. Yet he remains committed to the brand. Despite recent cuts to Apple & BOA holdings he's keeping this "mistake." His rationale "Price is what you pay value is what you get." Heres the story behind one of Buffetts most challenging investments: 1) The Acquisition 2) The Kraft Merger 3) The Role of 3G Capital 4) Ongoing Challenges 5) Admitted Mistakes & Strategic Plan 6)"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-21 01:29:45 UTC 38.4K followers, 16.6K engagements

"Interesting data some thoughts: 1) KKR / BX / TPG get a lot of attention and this is well deserved numbers back them up 2)Clearlake is holding up better than most people would expect (surprising how they are basically on par with Silverlake) 3)The hype around CD&R is real and well-deserved 4)Carlyle has truly fallen less than 1/3 of KKR's fundraising"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-08 02:23:51 UTC 38.4K followers, 40K 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, 4364 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 38.4K followers, 12K 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

"Agree the best exit is staying in the same building Apollo Tiger is a prime example"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-18 15:59:32 UTC 38.4K followers, 6361 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 38.4K 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, 44.7K 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 38.4K followers, 120.3K 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, 20.2K engagements

"3) Option 3: Contingent Convertible Capital Securities Additionally a triple-dip could be created via another capital structure instrument such as Contingent Convertible Capital Securities (CoCos). Contingent convertible capital instruments are hybrid securities that can absorb the losses of financial institutions. These instruments can be written off to zero or converted to equity. The primary purpose of these securities is to assist banks in distress. CoCos are structured to absorb losses even to the point of bankruptcy. However these securities don't always act as a loss-absorber. They"
@Restructuring__ Avatar @Restructuring__ on X 2025-07-05 16:10:42 UTC 38.4K followers, 2317 engagements

"5) Admitted Mistakes & Strategic Plan In 2013 F&B acquisitions over $XX billion had an average EV/ EBITDA multiple of 14.7x. Heinz's acquisition price reflected a multiple of 16.4x which was slightly higher. Buffetts investment in Heinz since 2013 has faced challenges. The return for Buffett has been disappointing over the years. Despite this he has continued to hold his investment. This reflects his confidence in the brands long-term value and strategic potential. Buffett admitted in 2015 that the company overpaid for the merger. Yet he still believes in Kraft Heinzs strong brand collection."
@Restructuring__ Avatar @Restructuring__ on X 2025-07-21 01:29:47 UTC 38.4K followers, 2462 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, 2528 engagements