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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 +88%
- X Month XXXXXXXXX +55%
- X Months XXXXXXXXXX +3.80%
- X Year XXXXXXXXXX +28%

### 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 -XX%
- X Month XXX +31%
- X Months XXXXX +67%
- 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 +1.10%
- X Month XXXXXX +4.20%
- 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)  #3064 [stocks](/list/stocks)  XXXX% [cryptocurrencies](/list/cryptocurrencies)  XXXX% [countries](/list/countries)  XXXX% [technology brands](/list/technology-brands)  XXXX% [vc firms](/list/vc-firms)  XXXX% [fashion brands](/list/fashion-brands)  XXXX% [social networks](/list/social-networks)  XXXX%

**Social topic influence**
[debt](/topic/debt) #350, [private equity](/topic/private-equity) #95, [ipo](/topic/ipo) #60, [investment](/topic/investment) #1836, [finance](/topic/finance) #2417, [has been](/topic/has-been) #3103, [balance sheet](/topic/balance-sheet) #368, [facilities](/topic/facilities) #52, [dove](/topic/dove) #132, [exit](/topic/exit) XXXX%

**Top accounts mentioned or mentioned by**
[@9finhq](/creator/undefined) [@costcocharlie](/creator/undefined) [@polymarket](/creator/undefined) [@crockejo](/creator/undefined) [@threadreaderapp](/creator/undefined) [@arbitragegod](/creator/undefined) [@jayskywalker16](/creator/undefined) [@mrnqdc](/creator/undefined) [@privateinequity](/creator/undefined) [@perkybeat](/creator/undefined) [@don_tran_enloai](/creator/undefined) [@yummycenturyegg](/creator/undefined) [@highyieldharry](/creator/undefined) [@modernmoneyclub](/creator/undefined) [@beehiiv](/creator/undefined) [@umangmvarma](/creator/undefined) [@maverick_equity](/creator/undefined) [@mjkobeflocka](/creator/undefined) [@geneajonesjr](/creator/undefined) [@drainedballsjr](/creator/undefined)

**Top assets mentioned**
[Core Scientific, Inc. Common Stock (CORZ)](/topic/core-scientific) [Bitcoin (BTC)](/topic/bitcoin) [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

"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 42K followers, 3626 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


"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 42K 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 42K followers, 2195 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 42K 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 42K followers, 1818 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 42K followers, 14K engagements


"4/4 Source: WSO"  
[X Link](https://x.com/Restructuring__/status/1977406870626148830) [@Restructuring__](/creator/x/Restructuring__) 2025-10-12T16:11Z 42K followers, 4828 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 42K followers, 8265 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 42K followers, 6978 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 42K followers, 2684 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 42K followers, 2583 engagements


"How does this make any sense"  
[X Link](https://x.com/Restructuring__/status/1977818461700313229) [@Restructuring__](/creator/x/Restructuring__) 2025-10-13T19:27Z 42K followers, 25.7K 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 42K followers, 8403 engagements


"1) On pursuing PE vs. other paths"  
[X Link](https://x.com/Restructuring__/status/1977892555229405349) [@Restructuring__](/creator/x/Restructuring__) 2025-10-14T00:21Z 42K followers, 2644 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 42K followers, 2426 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 42K followers, 1950 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 42K followers, 1734 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 42K followers, 1602 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 42K followers, 1524 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 42K followers, 1458 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 42K followers, 1343 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 42K followers, 3072 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, 1728 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 42K followers, 1442 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, 1463 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 42K followers, 1381 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 42K followers, 1269 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 42K followers, 1103 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 42K followers, 1098 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 42K followers, 3048 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, 4275 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, 1442 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, 5822 engagements


"No business school can ever make your non-target background prestigious"  
[X Link](https://x.com/Restructuring__/status/1980077525368799354) [@Restructuring__](/creator/x/Restructuring__) 2025-10-20T01:04Z 42K followers, 4171 engagements


"BURGERFI - PREVIEW Earlier this year we covered the case of Red Lobster and learned how complex elements fit together in its bankruptcy. Today we are looking at another restaurant bankruptcy BurgerFi. We will see how shifting consumer tastes from premium goods to value deals combined with high operating expenses led to the companys inability to service its debt. Through the case of BurgerFi we will also learn about restaurant-specific operating metrics and understand how they contribute to restaurants profitability. See below a small preview of the setup. Im very excited for this one - Pari"  
[X Link](https://x.com/Restructuring__/status/1927842768526971011) [@Restructuring__](/creator/x/Restructuring__) 2025-05-28T21:41Z 42K followers, 9711 engagements


"$500000 is the number Once you have that much in a private equity fund you can product $7500-$10000 a month distributions That's taking into account no new investments & minimal effort Then life goes on easy mode"  
[X Link](https://x.com/Restructuring__/status/1962588309353373927) [@Restructuring__](/creator/x/Restructuring__) 2025-09-01T18:48Z 42K followers, 54.8K 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 42.1K followers, 9944 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 42.1K followers, 15.2K 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 42K followers, 22.2K 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 42.1K followers, 59.3K 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 42.1K followers, 46.3K 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 42K followers, 2556 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 42K followers, 4262 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 42K followers, 6409 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 42.1K followers, 4482 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 42.1K followers, 48.9K 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


"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 42.1K followers, 41.4K 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 42.1K 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, 1999 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 42K followers, 1623 engagements


"Get full article 👇👇"  
[X Link](https://x.com/Restructuring__/status/1978941330672722290) [@Restructuring__](/creator/x/Restructuring__) 2025-10-16T21:49Z 42.1K followers, 13.1K 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 42.1K followers, 7129 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 42.1K 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


""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 42.1K followers, 36.4K engagements


"I learned that a Pari Pass paid subscriber has passed away last year He died eight days short of his 40th birthday leaving behind his wife Joanna his treasured daughter Emma and his unborn child He was a Senior Investment Professional covering stressed / distressed credit special situations and private capital at Bluebay Asset Management In case you are interested I have add below the obituary page where you can contribute to his childrens college fund Restructuring and credit is a small world and I feel very sad for the loss"  
[X Link](https://x.com/Restructuring__/status/1979668801634361479) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:59Z 42.1K followers, 19.1K engagements


"6) A Heavier Balance Sheet The recapitalization reversed several years of deleveraging. Between 2020 and 2024 Clarios' debt (including off-balance-sheet factoring) declined by about $XXX billion. Fitch Ratings noted that Clarioss gross leverage which had fallen from 10.0x in 2020 to 4.6x by 2024 was expected to rise back into the mid-6x range post-transaction. EBITDA interest coverage was projected to dip below 3.0x compared to 3.4x the prior year. Free cash flow margins were forecast to decline from XXX% to around XXX% due to higher cash interest costs. Still Fitch acknowledged that Clarios"  
[X Link](https://x.com/Restructuring__/status/1980452094986362918) [@Restructuring__](/creator/x/Restructuring__) 2025-10-21T01:52Z 42.1K followers, 2248 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 42.1K followers, 65.3K 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 42.1K followers, 43.9K 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 42.1K followers, 21.9K 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 42.1K followers, 69.9K 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 42.1K followers, 37.2K 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 42.1K followers, 31.2K 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 42.1K followers, 257.4K 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 42.1K followers, 37.4K 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 42.1K followers, 12.8K engagements


"3) Cognitive Function + Soros explains that the stock market acts as a self-referential circle comprised of two connected linear logical chains. The first one is the logical chain which is not controversial. It says that reality is reflected in peoples thinking. Soros (and the rest of the economic world) believes that investors use all available information to assess the magnitude and riskiness of cash flows. Investors then discount these cash flows to the present value and buy or sell these securities in the open market accordingly. Nothing new under the sun"  
[X Link](https://x.com/Restructuring__/status/1979654255574466654) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:02Z 42.1K followers, XXX engagements


"4) Participating Function = This is where things get interesting. Soros also believes that at certain times investor expectations as quantified by a stock price can affect the fundamentals. This is the second and more controversial logical chain which Soros terms the participating function. IF a company can take advantage of market prices to affect its fundamentals THEN a company can change its fundamentals by taking these actions"  
[X Link](https://x.com/Restructuring__/status/1979654257772290538) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:02Z 42.1K followers, XXX engagements


"5) = Reflexive Loop If we accept both of the above logical chains then we can link them together in a reflexive circle. Ok but in practice how does this manifest Lets look at an example. Lets assume that a company is valued at $XXX but fundamentals only justify $XXX of value. A company can decide to issue equity at their inflated valuation and use that capital to generate incremental earnings that increase the fundamental value of the business. Market prices affected fundamentals"  
[X Link](https://x.com/Restructuring__/status/1979654259797803375) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:02Z 42.1K followers, 2288 engagements


"What a difference X years can make"  
[X Link](https://x.com/Restructuring__/status/1979660848256942500) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:28Z 42.1K followers, 3023 engagements


"You can find here the obituary where you can contribute to his childrens college fund"  
[X Link](https://x.com/Restructuring__/status/1979668803408851001) [@Restructuring__](/creator/x/Restructuring__) 2025-10-18T21:59Z 42.1K followers, 3059 engagements


"Hey guys I am trying to pull together an open repository of advanced finance resources and primers Think about something that you go and read at 5pm on a beautiful Sunday Requirements: -Free only content this page will be open to everyone so no paywalled/private content (No copyrighted content) -File Type: everything (PDF letters YouTube videos etc.) -Important: no single stock content these materials should not be pitches letters covering one stock etc. If you have anything to share my DM and inbox -info@restructuringnewsletter(.)com- is open Very excited to pull this together Cheers"  
[X Link](https://x.com/Restructuring__/status/1979706775059194033) [@Restructuring__](/creator/x/Restructuring__) 2025-10-19T00:30Z 42.1K followers, 21.8K engagements


"Finance bro when he meets a marketing analyst who just graduated from a tier-2 public school"  
[X Link](https://x.com/Restructuring__/status/1979720403137515902) [@Restructuring__](/creator/x/Restructuring__) 2025-10-19T01:25Z 42.1K followers, 15.1K engagements


"If you have not already go read it I promise you you will not regret it"  
[X Link](https://x.com/Restructuring__/status/1979916558118895713) [@Restructuring__](/creator/x/Restructuring__) 2025-10-19T14:24Z 42.1K followers, 23.1K engagements


"Blackstone shitco right here Child labor violations and upcoming restructuring TLB at 34c today"  
[X Link](https://x.com/Restructuring__/status/1979936158445432995) [@Restructuring__](/creator/x/Restructuring__) 2025-10-19T15:42Z 42.1K followers, 5597 engagements


"Hunter-Gatherer - The Latest Restructuring Structure You Must Understand At its most basic the structure is as follows: a third-party investor purchases a companys existing unsecured or subordinated debt on the secondary market and then the company exchanges it for newly issued senior secured debt under a pre-agreed structure. So how is this done Let's see a simple example. The full article explains this concept in greater detail (including all definitions required to follow) what brought us here everything there is to know about the mechanics analysis of the Apollo-Ardagh deal and what are"  
[X Link](https://x.com/Restructuring__/status/1979993542572621865) [@Restructuring__](/creator/x/Restructuring__) 2025-10-19T19:30Z 42.1K followers, 22.7K engagements


"Holy shit The S&P XXX is trading in the top X% of its historical valuation range Good luck it won't be pretty"  
[X Link](https://x.com/Restructuring__/status/1980106271433892000) [@Restructuring__](/creator/x/Restructuring__) 2025-10-20T02:58Z 42.1K followers, 17.4K engagements


"Bankruptcy court preview for week of XX October Source: @9finHQ"  
[X Link](https://x.com/Restructuring__/status/1980271248165720305) [@Restructuring__](/creator/x/Restructuring__) 2025-10-20T13:53Z 42.1K followers, 3188 engagements


"What do we think Fintweet"  
[X Link](https://x.com/Restructuring__/status/1980396357371220427) [@Restructuring__](/creator/x/Restructuring__) 2025-10-20T22:11Z 42.1K followers, 3392 engagements


"US private credit league tables Data from @9finHQ"  
[X Link](https://x.com/Restructuring__/status/1980422869063725419) [@Restructuring__](/creator/x/Restructuring__) 2025-10-20T23:56Z 42.1K followers, 40.3K engagements


"@HESaBSG @9finHQ hahahah well said"  
[X Link](https://x.com/Restructuring__/status/1980445958648582610) [@Restructuring__](/creator/x/Restructuring__) 2025-10-21T01:28Z 42.1K followers, XXX engagements


"In a world obsessed with software margins and asset-light models Brookfield doubled down on lead and acid. This is the story of how Johnson Controls old battery division was transformed into a $13bn leveraged cash machine: 1) From Power Solutions to Clarios 2) The LBO: Brookfields $13bn Bet 3) Holding Through Headwinds 4) IPO Plans That Stalled 5) The Upsized Dividend Recap 6) A Heavier Balance Sheet 7) Factoring: Clarios vs. First Brands 8) Future Outlook: A Continuation Fund Play"  
[X Link](https://x.com/Restructuring__/status/1980452082537709725) [@Restructuring__](/creator/x/Restructuring__) 2025-10-21T01:52Z 42.1K followers, 4446 engagements


"1) From Power Solutions to Clarios Before it became Clarios the business operated as the Power Solutions division of Johnson Controls one of the most dominant suppliers in the automotive battery market. Johnson Controls built the division through a series of acquisitions in the early 2000s including Optima Batteries in 2000 ($62mm) Germanys Hoppecke Automotive in 2001 (unknown price) and Vartas automotive battery division in 2002 (313mm). These moves gave Johnson Controls unmatched global reach in both original equipment and aftermarket battery production positioning it as a key supplier to"  
[X Link](https://x.com/Restructuring__/status/1980452084735455553) [@Restructuring__](/creator/x/Restructuring__) 2025-10-21T01:52Z 42.1K followers, XXX engagements


"2) The LBO: Brookfields $13bn Bet In April 2019 Brookfield Business Partners and CDPQ closed the $13.2bn acquisition of Clarios from Johnson Controls financing the deal with $10.2bn of debt and $3bn of equity. Brookfields ownership was anticipated to be around XX% of the final company or worth $XXX mm. The XX% loan-to-value structure gave the owners significant leverage but at attractive terms: XXX% weighted average cost of debt and seven-year maturities. The debt came with no financial maintenance covenants. The $13.2bn purchase price represents a 1.7x revenue multiple and a 7.9x EBITDA"  
[X Link](https://x.com/Restructuring__/status/1980452086866116911) [@Restructuring__](/creator/x/Restructuring__) 2025-10-21T01:52Z 42.1K followers, XXX engagements


"5) Upsized Dividend Recapitalization With an IPO off the table Brookfield pivoted to a dividend recapitalization - leveraging strong debt markets to extract cash while maintaining ownership. In January 2025 Clarios announced plans to raise $4.5bn to fund a dividend to its private equity owners Brookfield and CDPQ. The move came just days after the IPO withdrawal signaling Brookfields confidence in debt market appetite and its need to realize partial liquidity. Investor demand for the recap was strong enough to warrant an upsize of $500mm. The final $5bn debt package was split across several"  
[X Link](https://x.com/Restructuring__/status/1980452092994351166) [@Restructuring__](/creator/x/Restructuring__) 2025-10-21T01:52Z 42.1K followers, XXX engagements


"Preview Beyond the Balance Sheet: Factoring Facility Primer After the success of this thread we are diving in a lot deeper on Friday in the Pari Passu Newsletter This writeup breaks down how factoring works how GAAP and bankruptcy law define a true sale of receivables and why companies use factoring and off-balance sheet structures. Well use hypothetical examples to show how factoring can meet working capital needs improve perceived liquidity and complicate creditor recoveries. Well end with live updates on the First Brands situation which tests nearly every concept covered in this piece."  
[X Link](https://x.com/Restructuring__/status/1980660416029114827) [@Restructuring__](/creator/x/Restructuring__) 2025-10-21T15:40Z 42.1K followers, 9712 engagements