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# ![@Restructuring__ Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1519523016119619585.png) @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 [#](/creator/twitter::1519523016119619585/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1519523016119619585/c:line/m:interactions.svg)

- X Week XXXXXXX +33%
- X Month XXXXXXXXX +39%
- X Months XXXXXXXXXX +1%
- X Year XXXXXXXXXX +29%

### Mentions: XX [#](/creator/twitter::1519523016119619585/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1519523016119619585/c:line/m:posts_active.svg)

- X Week XXX -XXXX%
- X Month XXX +35%
- X Months XXXXX +66%
- X Year XXXXX +25%

### Followers: XXXXXX [#](/creator/twitter::1519523016119619585/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1519523016119619585/c:line/m:followers.svg)

- X Week XXXXXX +1.30%
- X Month XXXXXX +4%
- X Months XXXXXX +19%
- X Year XXXXXX +68%

### CreatorRank: XXXXXXX [#](/creator/twitter::1519523016119619585/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1519523016119619585/c:line/m:influencer_rank.svg)

### Social Influence [#](/creator/twitter::1519523016119619585/influence)
---

**Social category influence**
[finance](/list/finance)  #4453 [stocks](/list/stocks)  XXX% [vc firms](/list/vc-firms)  #527 [technology brands](/list/technology-brands)  XXX% [countries](/list/countries)  XXX% [cryptocurrencies](/list/cryptocurrencies)  XXX% [fashion brands](/list/fashion-brands)  XXX%

**Social topic influence**
[private equity](/topic/private-equity) #195, [investment](/topic/investment) #521, [debt](/topic/debt) 0.5%, [has been](/topic/has-been) #3169, [finance](/topic/finance) #905, [compound](/topic/compound) 0.2%, [team and](/topic/team-and) 0.2%, [up the](/topic/up-the) 0.2%, [$19b](/topic/$19b) 0.2%, [cash flow](/topic/cash-flow) XXX%

**Top accounts mentioned or mentioned by**
[@benmbiran](/creator/undefined) [@tieyournumbers](/creator/undefined) [@highyieldharry](/creator/undefined) [@threadreaderapp](/creator/undefined) [@cowardnutlick](/creator/undefined) [@beehiiv](/creator/undefined) [@costcocharlie](/creator/undefined) [@rich_toad](/creator/undefined) [@9finhq](/creator/undefined) [@polymarket](/creator/undefined) [@hebbiaai](/creator/undefined) [@factsetmaniac](/creator/undefined) [@yummycenturyegg](/creator/undefined) [@compounds365](/creator/undefined) [@sfsego](/creator/undefined) [@grok](/creator/undefined) [@arbitragegod](/creator/undefined) [@umangmvarma](/creator/undefined) [@harneetk__](/creator/undefined) [@jonnytab](/creator/undefined)

**Top assets mentioned**
[Core Scientific, Inc. Common Stock (CORZ)](/topic/core-scientific) [Bitcoin (BTC)](/topic/bitcoin) [Lazard Ltd. Class A (LAZ)](/topic/$laz) [GE HealthCare Technologies Inc. Common Stock (GEHC)](/topic/ge-healthcare) [Microsoft Corp. (MSFT)](/topic/microsoft) [Alphabet Inc Class A (GOOGL)](/topic/$googl)
### Top Social Posts [#](/creator/twitter::1519523016119619585/posts)
---
Top posts by engagements in the last XX hours

""10 Years. XX Hard-Earned Lessons in PE" Beautiful piece read it 1) On pursuing PE vs. other paths 2) Good work ceases to be enough once you become seasoned a web of relationships is more important 3) It's all just selling at the end of the day. Communication and charisma. 4) Dont expect fairness. Respect the powers of collateral damage. 5) Founders management and industry operators are sometimes very underrated 6) The myth of the mighty senior partner 7) Even PE work becomes just a people projects and admin job after some years. 8) Dont allow PE to be your main thing 9) You need to make some"  
[X Link](https://x.com/Restructuring__/status/1977892552171786697) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 42K followers, 36.3K engagements


"The idea behind Compound is interesting I did a few consulting sessions with the team and used it myself for multiple hours and it is clear they are on the right path based on the way they are approaching the problems of using AI in finance today They are very focused on enabling users to create trusted work output with AI. In particular I really like the ability to work on Excel directly on the browser (which avoids repeated downloads and reuploads) after every prompt. I have seen how this really enables users to work side by side with AI at a higher speed and getting to the right answer. I"  
[X Link](https://x.com/Restructuring__/status/1978503788815069426) [@Restructuring__](/creator/x/Restructuring__) 2025-10-15T16:50Z 42K followers, 41.3K engagements


"Get fired up The grand final of our X part series on Thames is out tomorrow Sign up now to get it for free restructuringnewsletter. com"  
[X Link](https://x.com/Restructuring__/status/1978847709583851644) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T15:37Z 42K followers, 14.4K engagements


"Coatue Updated Fantastic XX See below what they added and removed"  
[X Link](https://x.com/Restructuring__/status/1979190883497968015) [@Restructuring__](/creator/x/Restructuring__) 2025-10-17T14:20Z 42K followers, 5648 engagements


"Update Sycamore x Walgreens = Closed "Walgreens Boots UK CareCentrix Shields Health Solutions and VillageMD will operate as separate and distinct companies within Sycamores portfolio" So exciting to follow the Private Equity deal of 2025 Thank you to Sycamore for making Buy fix sell cool again Mega-Funds buying B2B SaaS at 25x NTM take this Private Equity is Back Baby"  
[X Link](https://x.com/Restructuring__/status/1961632075481534559) [@Restructuring__](/creator/x/Restructuring__) 2025-08-30T03:28Z 41.9K followers, 10.3K engagements


"We got it all wrong Sycamores Walgreens buyout leverage is XX% (not 83%) 1) Background and mistakes 2) Actual uses 3) Actual sources 4) Actual leverage 5) Final thoughts (I am sorry) Let's get to the bottom of this historic buyout 🧵"  
[X Link](https://x.com/Restructuring__/status/1974927138047615377) [@Restructuring__](/creator/x/Restructuring__) 2025-10-05T19:58Z 41.8K followers, 47K engagements


"Hey guys See below for a great break into IB panel It is really good covering everything from networking effectively and building a competitive profile to preparing for technical and behavioral interviews definitely check it out"  
[X Link](https://x.com/Restructuring__/status/1975191551942041819) [@Restructuring__](/creator/x/Restructuring__) 2025-10-06T13:28Z 41.8K followers, 5699 engagements


"On July XX Walgreens Boots Alliance shareholders approved a $23.7bn take-private by Sycamore Partners. But you probably dont even know the biggest winner in this saga so far. Its Warburg Pincus - who quietly walked away nearly three years earlier after one of the most successful exits in its healthcare portfolio (10x+ MOIC). This is the story of how Warburg built and exited Summit Health what made the deal work and why Walgreens is still trying to make sense of it: 1) Betting on CityMD 2) Tuck-Ins and the Summit Merger 3) The Strategic Sale Process 4) VillageMD and Summit Health 5) Reality"  
[X Link](https://x.com/Restructuring__/status/1948206127751049635) [@Restructuring__](/creator/x/Restructuring__) 2025-07-24T02:18Z 41.9K followers, 43.9K engagements


"5) Lower Middle Market Opportunity in Private Equity Today a lot of the largest mega funds in private equity are becoming more similar to traditional asset managers than traditional private equity firms. They are focusing on interval vehicles that cater to the broader market or custom solutions for large sovereign wealth funds. These funds often have a lower cost of capital allowing them to bid higher prices on assets than traditional funds. For example in a recent high-profile secondary sale a lot of traditional funds placed bids at mid-eighties pricing. Interval funds which needed to deploy"  
[X Link](https://x.com/Restructuring__/status/1969471104902111535) [@Restructuring__](/creator/x/Restructuring__) 2025-09-20T18:37Z 41.9K followers, 2095 engagements


"6) Changing Dynamics in Venture Capital In the past XX years there has been a trend with larger venture funds like Sequoia Kleiner Perkins and Founders Fund increasingly focusing on growth investing. To fill this gap a lot of dedicated solo capitalist and early-stage investors have been emerging recently. Some of the largest venture firms today like Andreessen Horowitz Sequoia Lightspeed and General Catalyst are so large that they operate similarly to an asset manager. These firms typically focus on expanding and increasing headcount to the point where senior leaders only see deals that had"  
[X Link](https://x.com/Restructuring__/status/1969471106886033819) [@Restructuring__](/creator/x/Restructuring__) 2025-09-20T18:37Z 41.9K followers, 2068 engagements


"Moffett published this piece today and its already not updated given the OpenAI / AMD news What a time to be alive"  
[X Link](https://x.com/Restructuring__/status/1975214247413272919) [@Restructuring__](/creator/x/Restructuring__) 2025-10-06T14:59Z 41.9K followers, 17.3K engagements


"Great event: How to Buy a Small Business - Tomorrow Thinking about entrepreneurship through acquisition or curious about how search funds work In this (free) session youll learn the ins and outs of buying and running a business from Search Fund expert and coach Whether youre exploring search funds as a career path an investment opportunity or a way to become a CEO this event will give you practical insights and actionable takeaways on how to navigate the process of buying a business. Space is limited so RSVP below to secure your spot"  
[X Link](https://x.com/Restructuring__/status/1975986861840404746) [@Restructuring__](/creator/x/Restructuring__) 2025-10-08T18:09Z 41.9K followers, 3130 engagements


"What began as a messy activist fight in 2017 ended with one of the most profitable private equity deals of the decade. Lets learn how Elliott and Athenahealth redefined how activists can get involved with large buyouts: 1) HBS Roots 2) First IPO & Initial Acquisitions 3) Elliott Mgmt Looks Closer 4) The Bidding Process 5) The Final Deal 6) The Elliott Hold 7) Exit 8) Returns Analysis"  
[X Link](https://x.com/Restructuring__/status/1976099858445402479) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 41.9K followers, 3615 engagements


"1) HBS Roots Athenahealth began in 1997 as an ambitious Harvard Business School project from Todd Park and Jonathan Bush. The pair originally envisioned a network of maternity clinics that would offer a more humane and cost-efficient experience for patients and doctors. The model was almost too complex to execute - it depended on aligning hospitals independent practice associations insurers and state Medicaid plans. The venture struggled but in trying to build a clinic they stumbled onto a bigger opportunity. The founders had developed a software system to handle the paperwork and"  
[X Link](https://x.com/Restructuring__/status/1976099860748091793) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 41.9K followers, XXX engagements


"3) Elliott Mgmt Looks Closer By 2017 the skepticism had turned into an opportunity for Elliott Management. Paul Singers hedge fund took a XXX% stake in May sending Athenahealths stock up XX% in a single day. Elliotts thesis was clear: Athenahealth was underperforming burdened by costs and failing to capture its full market opportunity. The company was a prime candidate for either a sale or a leveraged buyout. Jonathan Bush tried to resist. In October 2017 Athenahealth cut X% of its workforce closed offices and sold the company jet in a bid to show seriousness about operational discipline. At"  
[X Link](https://x.com/Restructuring__/status/1976099864204202204) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 41.9K followers, XXX engagements


"4) The Bidding Process In May 2018 Elliott made its move. The fund submitted an all-cash takeover bid at $XXX per share valuing Athenahealth at $6.9bn - a XX% premium to its prior close. The stock jumped nearly XX% on the news. Athenahealth advised by Lazard and Weil Gotshal began a formal process. The timing could not have been worse for Jonathan Bush. Allegations of misconduct surfaced in the press and by June 2018 he had resigned as CEO. Former GE chief Jeff Immelt already chairman took over leadership of the board and the sale process. Over the summer multiple bidders circled."  
[X Link](https://x.com/Restructuring__/status/1976099866653651389) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 41.9K followers, XXX engagements


"5) The Final Deal The Elliott-Veritas transaction closed in early 2019. Roughly $4.6bn in debt financed the deal giving the LBO an estimated loan-to-value of 81%. Shortly after the LBO Elliott and Veritas executed a transformative merger with GE Healthcares value-based care division that Veritas already owned. That merger was key. Just months before Veritas had acquired this GE Healthcare division including revenue cycle management and workforce management assets for $1.1bn. Veritas rebranded it as Virence Health and merged it with Athenahealth immediately after the buyout. The combination"  
[X Link](https://x.com/Restructuring__/status/1976099868356587723) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 41.9K followers, XXX engagements


"6) The Elliott Hold Private ownership brought immediate changes. In December 2019 Athenahealth sold its 29-acre Arsenal Street headquarters in Watertown Massachusetts for $525.5mm through a sale-leaseback signaling a shift toward asset-light operations. Workforce reductions continued though the company also invested in integrating the Virence assets and developing new cloud-based modules. By 2022 Athenahealths turnaround was evident. Analysts noted it was now nearly as valuable as Cerner one of the two dominant U.S. hospital EHR vendors. The companys total addressable market was still"  
[X Link](https://x.com/Restructuring__/status/1976099870139134286) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 41.9K followers, XXX engagements


"7) Exit In February 2022 Elliott and Veritas sold Athenahealth to Bain Capital and Hellman & Friedman for $17bn. Veritas and Elliott retained minority stakes alongside new co-investors GIC and Abu Dhabi Investment Authority. The $17bn price tag marked one of the largest healthcare IT buyouts ever and a dramatic vindication of Elliotts activist-turned-owner playbook. To fund the deal Bain and H&F raised a $9.3bn debt package including $6.9bn in leveraged loans priced at XXX basis points over SOFR. The structure implied a loan-to-value of XX% more conservative than the 2018 financing but still"  
[X Link](https://x.com/Restructuring__/status/1976099871749964226) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 41.9K followers, 2188 engagements


"Since launching the newsletter three years ago we have never received so many requests to cover a situation like what we are finally publishing starting today. These requests have reasons to exist; this is an evolving situation with over $30bn of debt multiple private equity buyouts political and national involvements and so much more. Here we can really say it: this is the perfect intersection of finance law economics and politics; some are calling it The Restructuring of the Decade. So without any further ado ladies and gentlemen we are so excited to bring you a three-part (true) deep dive"  
[X Link](https://x.com/Restructuring__/status/1976670930936991787) [@Restructuring__](/creator/x/Restructuring__) 2025-10-10T15:27Z 41.9K followers, 22.1K engagements


"So excited to see the strong reception Read it now"  
[X Link](https://x.com/Restructuring__/status/1976737923036070161) [@Restructuring__](/creator/x/Restructuring__) 2025-10-10T19:53Z 41.9K followers, 10K engagements


"@MrNQDC Totally even XX% seems above what you should expect"  
[X Link](https://x.com/Restructuring__/status/1977073052308656287) [@Restructuring__](/creator/x/Restructuring__) 2025-10-11T18:05Z 41.9K followers, 1811 engagements


"Is anyone actually that degenerate How did people get blown out by one () day"  
[X Link](https://x.com/Restructuring__/status/1977111462373212659) [@Restructuring__](/creator/x/Restructuring__) 2025-10-11T20:38Z 41.9K followers, 14K engagements


"4/4 Source: WSO"  
[X Link](https://x.com/Restructuring__/status/1977406870626148830) [@Restructuring__](/creator/x/Restructuring__) 2025-10-12T16:11Z 41.9K followers, 4810 engagements


"If you want to learn a lot more about this topic check out my tweet below"  
[X Link](https://x.com/Restructuring__/status/1977453487974936803) [@Restructuring__](/creator/x/Restructuring__) 2025-10-12T19:17Z 41.9K followers, 8234 engagements


"If you are just looking to learn a bit more register below to a great free event where you will cover how to create a stock pitch from Point XX analyst"  
[X Link](https://x.com/Restructuring__/status/1977453873615745503) [@Restructuring__](/creator/x/Restructuring__) 2025-10-12T19:18Z 41.9K followers, 6945 engagements


"1) Factoring Basics Factoring is a form of financing that allows companies to convert their accounts receivable into immediate cash. Traditionally when a company sells goods or services it issues an invoice to its customer which is often not paid for thirty sixty or even ninety days. Instead of waiting for the cash payment some companies opt to sell the invoice to a third party known as a factor at a discount typically around XX to XX% of the receivables face value (this discount represents the fee charged by the factor). Importantly factors often wont advance the entire cash balance upfront."  
[X Link](https://x.com/Restructuring__/status/1977544500537868418) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T01:18Z 41.9K followers, 2631 engagements


"2) Dummy Example To numerically illustrate concepts well use ABC Co. as a hypothetical example. First imagine ABC Co. sells $100k worth of goods to a customer on sixty-day terms. Instead of waiting two months to collect ABC Co. sells the invoice to Factor Co. On the day of the sale Factor Co. advances XX% of the invoice or $85000 to ABC Co. When the customer eventually pays the full $100000 on day XX Factor Co. sends the remaining $15000 back to ABC Co. but subtracts its $3000 factoring fee. In total ABC Co. has collected $97000 with $85000 upfront and $12000 later with the $3000 difference"  
[X Link](https://x.com/Restructuring__/status/1977544502387622240) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T01:18Z 41.9K followers, 2531 engagements


"3) Common Factoring Structures Although the basic idea of factoring is simple facilities can be structured in several different ways depending on the borrower's needs and the factors risk tolerance: Notification vs. Non-Notification: First a factoring arrangement can be a notification or non-notification agreement. In a notification deal the customer is explicitly informed that its invoice has been sold and is directed to pay the Factor rather than the operating entity. This makes receivable collection straightforward and reduces the risk of misdirected payments. In a non-notification deal"  
[X Link](https://x.com/Restructuring__/status/1977544505365569588) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T01:18Z 41.9K followers, 2502 engagements


"4) Reasons for Factoring To understand why companies use factoring facilities well return to ABC Co. covering two primary use cases. The first and more intuitive use case is working capital management. Imagine that ABC Co. is a middle-market supplier of specialty cleaning products selling primarily into big box retail with Walmart accounting for more than XX% of its sales. Like most large retailers Walmart is able to leverage its scale and bargaining power to negotiate extended payment terms often 9060+ days leaving smaller vendors like ABC Co. waiting for months to collect cash. On the other"  
[X Link](https://x.com/Restructuring__/status/1977544508834226412) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T01:18Z 41.9K followers, 4197 engagements


"5) The infamous Weil email explained We have all seen the below image but what do it mean In an October X exchange between Weil and Orrick Weil acknowledged that they did not know whether First Brands had ever actually received the roughly $1.9bn in factoring proceeds. Additionally they confirmed that the segregated collection accounts contained $X. To understand why this is a red flag you must know that in a properly structured factoring program cash management and segregation are extremely important. Under normal circumstances cash should flow into segregated collection accounts. Having $0"  
[X Link](https://x.com/Restructuring__/status/1977544513737359857) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T01:18Z 41.9K followers, 6330 engagements


"How does this make any sense"  
[X Link](https://x.com/Restructuring__/status/1977818461700313229) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T19:27Z 41.9K followers, 25.6K engagements


"Thames Water Part X was a success time for Part X tomorrow In Part X we explained the 1989 privatization Ofwat's model (RCV WACC ODIs and ring fencing) and the ownership journey from RWE to Macquarie's whole business securitization. That context shows how value extraction regulatory limits and underinvestment laid the ground for today's crisis. In Part X we will get into the nuts and bolts of the ongoing restructuring. We dive deep into the company's multi-layered capital structure which reveals a key driver of distress only really found in the UK. From there we present our narrative of the"  
[X Link](https://x.com/Restructuring__/status/1977842339776246131) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T21:02Z 41.9K followers, 8304 engagements


"1) On pursuing PE vs. other paths"  
[X Link](https://x.com/Restructuring__/status/1977892555229405349) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 2631 engagements


"2) Good work ceases to be enough once you become seasoned a web of relationships is more important"  
[X Link](https://x.com/Restructuring__/status/1977892557704060947) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 2413 engagements


"3) It's all just selling at the end of the day. Communication and charisma"  
[X Link](https://x.com/Restructuring__/status/1977892560329703842) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 1944 engagements


"4) Dont expect fairness. Respect the powers of collateral damage"  
[X Link](https://x.com/Restructuring__/status/1977892562921775516) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 1729 engagements


"5) Founders management and industry operators are sometimes very underrated"  
[X Link](https://x.com/Restructuring__/status/1977892566021423160) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 1597 engagements


"6) The myth of the mighty senior partner"  
[X Link](https://x.com/Restructuring__/status/1977892568554692817) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 1521 engagements


"7) Even PE work becomes just a people projects and admin job after some years"  
[X Link](https://x.com/Restructuring__/status/1977892572300292414) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 1455 engagements


"8) Dont allow PE to be your main thing"  
[X Link](https://x.com/Restructuring__/status/1977892575496286550) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 1341 engagements


"9) You need to make some mistakes to learn from them. It probably won't make a difference that you read this post"  
[X Link](https://x.com/Restructuring__/status/1977892577929019436) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 3068 engagements


"10) Careers are often made out of nothing or everything Source: WSO"  
[X Link](https://x.com/Restructuring__/status/1977892580726636657) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 41.9K followers, 4437 engagements


"Wild Bloomberg article.wait let me get this straight: - Chad Williams founded data center company QTS in 1999 - Took it public in the 2010s - Blackstone buys in 2021 - This year "differences of opinion bubbled up between the founder and private equity firm" (lmao) - Blackstone buys his share of QTS for $X billion - Williams is launching a new data center company that will start in international markets and will then pursue US facilities starting the second half of next year Solet me clarify: he builds a business takes it public sells to Blackstone cashes out billions and then the year after"  
[X Link](https://x.com/Restructuring__/status/1977922781065916509) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T02:21Z 41.9K followers, 48.7K engagements


"4/n Valuation do not match the track record. Why is the industry misunderstood"  
[X Link](https://x.com/Restructuring__/status/1978632753466749158) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 41.9K followers, 1417 engagements


"6/n Point 1: Misunderstood Value Proposition We are not talking about sellers of fuel tabacco snacks and beverages. We are looking at a provide of services. C-stores provide a unique premium service through a nearly impossible to replicate network. The industry has been around for a century and has evolved over time"  
[X Link](https://x.com/Restructuring__/status/1978632758588027215) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 41.9K followers, 1589 engagements


"7/n Point 2: Industry Structure The industry is highly fragmented and this creates an amazing opportunity"  
[X Link](https://x.com/Restructuring__/status/1978632760920084612) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 41.9K followers, 1365 engagements


"8/n Point 3: Electric Vehicles Concerns with EV are overblown XX% of stores are merch-only. Without taking into account that the transition to EV will take decades (the likelihood of the transition is not the focus of the pitch)"  
[X Link](https://x.com/Restructuring__/status/1978632763688317146) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 41.9K followers, 1250 engagements


"9/n Declining Volumes can make wonderful businesses"  
[X Link](https://x.com/Restructuring__/status/1978632766414561512) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 41.9K followers, 1086 engagements


"10/n How declining volumes make companies thrive Loved this section so interesting"  
[X Link](https://x.com/Restructuring__/status/1978632768729796877) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 41.9K followers, 1083 engagements


"11/n Couche-Tard is already seeing this declining volumes dynamics This creates positives: 1) No incremental capacity 2) Incremental consolidation (classic of declining industries) 3) Fuel margin increased on non-discretionary goods"  
[X Link](https://x.com/Restructuring__/status/1978632771296710792) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 41.9K followers, 3025 engagements


"2) First IPO & Initial Acquisitions Athenahealth went public in September 2007 raising $113mm priced at an initial $569mm market capitalization. The IPO was a success oversubscribed and priced above its initial range ($18 vs $14-16 range). At the time the company offered cloud-based revenue cycle management medical billing and practice management services to independent doctors a segment still heavily fragmented and underserved. In its first years as a public company Athenahealth was a growth story. Investors bought into its SaaS model and recurring revenues and the stock surged reaching a"  
[X Link](https://x.com/Restructuring__/status/1976099862446743680) [@Restructuring__](/creator/x/Restructuring__) 2025-10-09T01:38Z 42K followers, XXX 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"  
[X Link](https://x.com/Restructuring__/status/1941924787573735676) [@Restructuring__](/creator/x/Restructuring__) 2025-07-06T18:18Z 42K followers, 64.2K engagements


"COATUE RAISING PRIVATE EQUITY FUND Earlier in the year Coatue hired Blackstone's Head of Core Private Equity Peter Wallace These past weeksI have confirmed from two separatesources that Coatue is launching a private equity firm and they are recruiting mega-fund private equity associates My thoughts 🧵 1) There are privates and privates PE is not your classic HF-backed privates 2) PE firms have HF arms HF do not have PE arms 3) Are HF the new capital aggregators 4) PE is just a better business than HF 5) Deepen LP relationship"  
[X Link](https://x.com/Restructuring__/status/1955074661945061849) [@Restructuring__](/creator/x/Restructuring__) 2025-08-12T01:11Z 42K followers, 58.3K engagements


"PREVIEW I Core Scientific On Friday we unpack one of the fastest pivots in recent restructuring memory. Core Scientific went from a leveraged bitcoin miner with power-cost exposure and customer concentration risk to a relisted operator supplying high-demand infrastructure for AI workloads. We trace the journey from the 2022 filing to emergence the replacement DIP plan treatments for converts and equipment lenders and why post-reorg equity proved so powerful for creditors. We then follow the strategy shift that mattered: converting power and real estate into long-duration utility-like cash"  
[X Link](https://x.com/Restructuring__/status/1965598220278501712) [@Restructuring__](/creator/x/Restructuring__) 2025-09-10T02:08Z 42K followers, 9943 engagements


"PUBLISHED I Core Scientific: From Bitcoin Miner to AI Powerhouse and the CoreWeave Deal The full piece is live. We break down Core Scientific from first principles: operating model power contracts cost stack and why mining margins whipsawed in 2021 to 2022. We map the prepetition capital structure explain the DIP swap that restored flexibility and walk class by class through plan consideration recoveries and the rights offering math. We then quantify the post-emergence pivot to AI infrastructure. Read how the shift from self-mining to long-term colocation altered cash flow visibility why"  
[X Link](https://x.com/Restructuring__/status/1966599248486760837) [@Restructuring__](/creator/x/Restructuring__) 2025-09-12T20:26Z 42K followers, 15.2K engagements


"Awesome piece by MoffettNathanson today In particular the below graphic is something everyone should understand 1) In the AI Capex cycle the majority of theinfrastructureis short-lived vs. long-lived for Telecom cycle 2)In the AI Capex cycle the costs are linear vs. high upfront and low at the margin for the Telecom cycle (making a bubble easier to form) 3)In the AI Capex cycle spending tends to be more success-based than in the Telecom cycle"  
[X Link](https://x.com/Restructuring__/status/1975308376356614457) [@Restructuring__](/creator/x/Restructuring__) 2025-10-06T21:13Z 42K followers, 39.5K engagements


"Whos going to tell Mad Money that with 120k youre not hiring someone who understands stocks The abysmal quality of their recommendations now makes a lot of sense"  
[X Link](https://x.com/Restructuring__/status/1978511795619803251) [@Restructuring__](/creator/x/Restructuring__) 2025-10-15T17:22Z 42K followers, 22.5K engagements


"2/n Convenience / Gas Station Stores are truly underappreciated businesses While most people think of them as dying industry they make up some of the biggest case study of success in private & public markets. Couche-Tard has a track record of 20+ years of positive US same store sales"  
[X Link](https://x.com/Restructuring__/status/1978632748639080618) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 42K followers, 1959 engagements


"3/n Phenomenal Public Market Record outperforming comps but also some of the best companies in the world. This is not unique to Couche-Tard but also to its comps which have outperformed the S&P by a wide margin"  
[X Link](https://x.com/Restructuring__/status/1978632751180918922) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 42K followers, 1710 engagements


"5/n Let's get to the thesis"  
[X Link](https://x.com/Restructuring__/status/1978632755782058473) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 42K followers, 1453 engagements


"12/n Conclusion We are dreaming much bigger Note: Data as of 2024"  
[X Link](https://x.com/Restructuring__/status/1978632774274711598) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 42K followers, 4228 engagements


"EQT turned Nestls forgotten skincare unit into Galderma the worlds largest pure-play dermatology company. 🚀 Through operational overhaul targeted R&D and smart use of public markets EBITDA nearly doubled + sales surged. A case study in PE vision + value creation. 👇 1) The vision of a pure-play dermatology leader 2) Operating and strategic refocus 3) Skyrocketing growth as a sponsor-backed derma pure-play 4) The IPO 5) The IPO (cont.) 6) A new anchor investor 7) Exiting Galderma 8) Unrealized returns 9) Projected return analysis 10) Its not all about financial engineering"  
[X Link](https://x.com/Restructuring__/status/1957101423747084588) [@Restructuring__](/creator/x/Restructuring__) 2025-08-17T15:25Z 42K followers, 21.8K engagements


"10) Its not all about financial engineering EQT's investment in Galderma stands out as a textbook example of private equity value creation driven by strategic vision and operational excellence not solely by financial engineering. EQT's stewardship fueled a near doubling of EBITDA and significant sales growth. Simultaneously their astute navigation of public markets provided an ideal off-ramp for exceptional financial performance all while perfectly aligning with the strategic vision for Galderma's standalone future. This integrated approach blending operational value creation with strategic"  
[X Link](https://x.com/Restructuring__/status/1957101457368547388) [@Restructuring__](/creator/x/Restructuring__) 2025-08-17T15:25Z 42K followers, 4103 engagements


"Brunello Cucinelli is usually described as a philosopher-saint and a man who leads his company based on his philosophy of "Humanistic Capitalism. Activist hedge fund Morpheus Research released a bomb today claiming: 1) Cucinellis Substantial Ongoing Russian Business 2) Intimate Partnership With Mercury Group in Russia 3) Third-Party Exports of Products Into Russia 4) Inventory Problems and Brand Dilution 5) Big Valuation Risk The stock is currently suspended from trade pending company statement Let's dive in 🧵"  
[X Link](https://x.com/Restructuring__/status/1971245269179072520) [@Restructuring__](/creator/x/Restructuring__) 2025-09-25T16:07Z 42K followers, 69.9K engagements


"List of First Brands ad hoc group largest holders Awesome data from @9finHQ (drop a link and send me a DM for full list)"  
[X Link](https://x.com/Restructuring__/status/1975645320353599947) [@Restructuring__](/creator/x/Restructuring__) 2025-10-07T19:32Z 42K followers, 46.5K engagements


"Drivers of Total Shareholder Return If you think the S&P will keep compounding at 15%+ you are wrong and this is why: Stock returns are the sum of dividend yield and price appreciation. So why is XX% not sustainable 1) Dividend Yield has historically been between X% and X% every year (excluding 2008) 2) Price appreciation is result of (i) EPS growth and (ii) change in price to earnings (i) EPS have compounded at X% for decades do you really think you have a view that will make the entire market see a structural change in growth (ii) Change in multiple: today but starting at 22x which is"  
[X Link](https://x.com/Restructuring__/status/1977069135096959167) [@Restructuring__](/creator/x/Restructuring__) 2025-10-11T17:49Z 42K followers, 59.1K engagements


"Single-Manager Hedge Fund (Tiger Lone Pine etc.) Transitioning to -- Multi-Manager Hedge Fund (Point XX Citadel etc.) 1) SM vs. MM A different sport 2) Different type of role & bets 3) Changed how I'd think about holding periods 4) Learnings & Conclusion 🧵1/4"  
[X Link](https://x.com/Restructuring__/status/1977406862799577379) [@Restructuring__](/creator/x/Restructuring__) 2025-10-12T16:11Z 42K followers, 46.1K engagements


"We have all seen the email below but what do it mean What are factoring facilities And what is going on here 1) Factoring Basics 2) Dummy Example 3) Common Factoring Structures 4) Reasons for Factoring 5) The infamous Weil email explained"  
[X Link](https://x.com/Restructuring__/status/1977544497635758122) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T01:18Z 42K followers, 33K engagements


"I firmly believe that one of the most underrated benefits of working great buyside jobs is the ability to invest in funds that are usually reserved for Institutional Investors (often with backleverage and no fees but thats a discussion for another day). The problem Getting K1s and seeing our tax filings get a lot more complicated. I have experienced this and if you have not already you will. This is why when Agent Tax reached out I was so excited to learn more and I am now excited to bring this service to you. Agent is a modern tax strategy firm purpose-built for investment professionals. You"  
[X Link](https://x.com/Restructuring__/status/1978119713361154384) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T15:24Z 42K followers, 45K engagements


"My favorite Pitch of Sohn 2024: Couche-Tard by Nikhil Daftary (NK Capital) This pitch is easy to follow and presents a differentiated thesis. True investing masterclass. Let's dive in ----- 1/n Big Picture Let's learn how a convenience store chain has outperformed Microsoft and Google over the last XX years and why it will continue to do so"  
[X Link](https://x.com/Restructuring__/status/1978632745401081946) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T01:23Z 42K followers, 30.9K engagements


"First Brands collapse surprised private credit marks. "The vast majority of investment funds holding the companys loans marked the credit instruments XX% or above""  
[X Link](https://x.com/Restructuring__/status/1978879971239014646) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T17:45Z 42K followers, 253.7K engagements


"Get full article 👇👇"  
[X Link](https://x.com/Restructuring__/status/1978941330672722290) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T21:49Z 42K followers, 13K engagements


"@oscarthecount Nothing but surprised not a single one actually was looking and take the thing at face value"  
[X Link](https://x.com/Restructuring__/status/1979184101316858233) [@Restructuring__](/creator/x/Restructuring__) 2025-10-17T13:53Z 42K followers, 1418 engagements


"The Trilogy is Completed Today we have a very exciting edition: Part X of our Thames Water series where we bring you up to the present day (early October 2025). Thames Waters story has been anything but straightforward. InPart X we dove into the mechanics of the water companys inflation-linked debtan eight-year turnaround plan that was cut six years short the water regulators increasing powers the revamped Water Special Administration Regime (WSAR) and finally the Kemble companies defaulting on their debt which puts all eyes onto the Whole Business Securitisation. In Part X the heat is really"  
[X Link](https://x.com/Restructuring__/status/1979193145058304007) [@Restructuring__](/creator/x/Restructuring__) 2025-10-17T14:29Z 42K followers, 10.8K engagements


"Is anyone sharp on Off Balance Sheet Factoring Facilities Currently finalizing a writeup on the topic and would love any thoughts to perfect the article with someone with domain subject expertise"  
[X Link](https://x.com/Restructuring__/status/1979194148843368460) [@Restructuring__](/creator/x/Restructuring__) 2025-10-17T14:33Z 42K followers, 6790 engagements


"George Soros is one of Wall Street's most famous and successful investors generating 30%+ over XX years During his career he wrote The Alchemy of Finance" where he explained his theory of "reflexivity While the book is very dense and hard to read understanding what he means with Reflexivity is essential to understanding financial markets 1) The Standard Linear Model 2) A Vicious Circle 3) Cognitive Function + 4) Participating Function = 5) = Reflexive Loop A Thread 🧵"  
[X Link](https://x.com/Restructuring__/status/1979654246313210135) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:02Z 42K followers, 3507 engagements


"1) The Standard Linear Model The shortest path between two points is a straight line and the way the human brain operates is no exception. Humans tend to think linearly linking causes to effects to generate logical chains that describe the world around us. For example we may use the following cause-effect diagram to describe the results of a firm lowering its prices:"  
[X Link](https://x.com/Restructuring__/status/1979654249379512775) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:02Z 42K followers, XXX engagements


"2)A Vicious Circle This linear thought fairly describes reality but it is only a half-truth. This is because there is another half to the story: game theory predicts that Firm B will react to stem the loss of its market share. Together these half-truths link together to form a whole a vicious circle in which both firms continually lower prices to remain competitive thus destroying the profitability of their industry. Putting these things together that we have drawn a false dichotomy (division) between cause and effect Any point on the circle is both an effect of the previous cause and a cause"  
[X Link](https://x.com/Restructuring__/status/1979654252869169588) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:02Z 42K followers, XXX engagements