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# ![@Restructuring__ Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1519523016119619585.png) @Restructuring__ Restructuring__

Restructuring efforts are underway for several companies, including Oregon Tool, backed by Platinum Equity, which recently underwent a liability management exercise. Additionally, companies like Hertz and Clarios, which was acquired by Brookfield in a $XXXX billion deal, are navigating debt management and restructuring. Distressed investors are also playing a significant role in these processes.

### 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 -XX%
- X Month XXXXXXXXX +93%
- X Months XXXXXXXXXX +53%
- X Year XXXXXXXXXX +19%

### 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 XX -XX%
- X Month XXX -XX%
- X Months XXXXX +44%
- X Year XXXXX +18%

### 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 +0.19%
- X Month XXXXXX +1.40%
- X Months XXXXXX +17%
- X Year XXXXXX +51%

### 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

**Social category influence**
[finance](/list/finance)  [stocks](/list/stocks)  [technology brands](/list/technology-brands)  [vc firms](/list/vc-firms)  [countries](/list/countries)  [luxury brands](/list/luxury-brands)  [automotive brands](/list/automotive-brands)  [social networks](/list/social-networks) 

**Social topic influence**
[investment](/topic/investment) #964, [business](/topic/business) #4737, [debt](/topic/debt) #428, [products](/topic/products), [strong](/topic/strong), [private equity](/topic/private-equity) #162, [history](/topic/history), [ai](/topic/ai), [paint](/topic/paint), [ceo](/topic/ceo)

**Top accounts mentioned or mentioned by**
[@restructuring](/creator/undefined) [@privateinequity](/creator/undefined) [@highyieldharry](/creator/undefined) [@junkbondinvest](/creator/undefined) [@junkbondanalyst](/creator/undefined) [@beehiiv](/creator/undefined) [@9finhq](/creator/undefined) [@bottombucketaf](/creator/undefined) [@analystegg](/creator/undefined) [@richtoad](/creator/undefined) [@carrynointerest](/creator/undefined) [@billackman](/creator/undefined) [@stockjabber](/creator/undefined) [@finchatio](/creator/undefined) [@bankingslut](/creator/undefined) [@polymarket](/creator/undefined) [@itsmarkmoran](/creator/undefined) [@mikefritzell](/creator/undefined) [@litcapital](/creator/undefined) [@paripassurx](/creator/undefined)

**Top assets mentioned**
[Amazon.com, Inc. (AMZN)](/topic/$amzn) [Alphabet Inc Class A (GOOGL)](/topic/$googl) [Oracle Corporation (ORCL)](/topic/$orcl) [Metadium (META)](/topic/$meta) [Microsoft Corp. (MSFT)](/topic/$msft) [Dell Technologies, Inc. (DELL)](/topic/dell) [Phillips XX (PSX)](/topic/phillips-66)
### Top Social Posts
Top posts by engagements in the last XX hours

"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)  2025-08-17T15:25Z 43.8K followers, 22K engagements


"List of companies for your tracker"  
[X Link](https://x.com/Restructuring__/status/1991322425347194985)  2025-11-20T01:47Z 43.9K followers, 8733 engagements


"The Altice War is Here Pumped to Watch"  
[X Link](https://x.com/Restructuring__/status/1993525619523567797)  2025-11-26T03:42Z 43.9K followers, 3723 engagements


"Great LME data from @9finHQ "The number of liability management exercises this year rose to XX after Optimum Communications (formerly Altice ) and Urban One launched transactions in November. Optimum secured a $2bn priming term loan from JPMorgan through an unrestricted subsidiary to fully repay its most restrictive B-6 tranche. The loan contains an anti- co-op provision barring JPMorgan (or if sold future holders) from joining a lender group which formed a co-op agreement to block any transaction that could impair their holdings.""  
[X Link](https://x.com/Restructuring__/status/1994853265763192965)  2025-11-29T19:37Z 43.9K followers, 9066 engagements


"Yes and the second thing to remember is the impact on valuation As the graph below from JPM shows we are already at extremely expensive multiples and those multiples assume earnings with low D&A (depreciation & amortization) which means high earnings underreporting capex and inflated valuations. If we were to adjust Big Tech multiples to reflect realistic depreciation wed be very close to peak dot-com valuations"  
[X Link](https://x.com/Restructuring__/status/1996417762030244020)  2025-12-04T03:14Z 43.9K followers, 11.9K engagements


"I apologize I was not familiar with their game (aka ability to incinerate cash)"  
[X Link](https://x.com/Restructuring__/status/1996742790575780103)  2025-12-05T00:45Z 43.8K followers, 32.6K engagements


"Sherwin-Williams looks like a commodity paint manufacturer. In reality it is a vertically integrated distribution machine: more than 5000 company-operated stores across the Americas that primarily serve professional painters contractors and commercial customers. That controlled network is the real moat. Competitors mostly fight for shelf space in third-party retailers; Sherwin-Williams owns the shelf the relationship and the last mile. 1) The Boring Store Network That Isnt Boring 2) How the Distribution Model Actually Works 3) Why Contractors Get Locked In 4) Where Valspar and the Big-Box"  
[X Link](https://x.com/Restructuring__/status/1996772973923946859)  2025-12-05T02:45Z 43.8K followers, 2611 engagements


"1) The Boring Store Network That Isnt Boring Sherwin-Williams Americas Group operates about 4600 company-owned paint stores in the United States Canada and the Caribbean plus more than XXX in Latin America. These stores look like traditional retail outlets but they function as small distribution hubs for professional painters and contractors. Each store keeps fast-moving products for pros offers delivery and on-demand color tinting and carries inventory tailored to local building codes and weather conditions. Stores also extend trade credit to contractors which helps them manage cash flow and"  
[X Link](https://x.com/Restructuring__/status/1996772975903687151)  2025-12-05T02:45Z 43.9K followers, XXX engagements


"2) How the Distribution Model Actually Works The system is designed for professional volume not weekend shoppers. Roughly XX - XX% of the Americas Groups revenue comes from professional painters and contractors not DIY customers. A typical contractor keeps a store account with preset payment terms places orders by phone or through the app early in the morning and either picks up the order or receives delivery on the way to the job site. Contractors also rely on the store for quick color matching product guidance and on-the-spot problem solving. Sherwin-Williams clusters its stores in dense"  
[X Link](https://x.com/Restructuring__/status/1996772977518461273)  2025-12-05T02:45Z 43.9K followers, XXX engagements


"3) Why Contractors Get Locked In For a professional painter switching systems is expensive: (1) Specification lock-in: architects property managers and franchises write Sherwin-Williams systems into specs; (2) Color lock-in: customers want the exact shade from prior jobs; color libraries and formulas are stored in Sherwin-Williams systems; (3) Process lock-in: crews know how Sherwin products spray dry and cover; changing systems introduces rework risk; (4) Relationship lock-in: local reps solve on-site problems pull strings on rush orders and extend credit. Over time the store network behaves"  
[X Link](https://x.com/Restructuring__/status/1996772978919363022)  2025-12-05T02:45Z 43.9K followers, XXX engagements


"4) Where Valspar and the Big-Box Channel Fit Sherwin-Williams bought Valspar in 2017 for $XXXX bn in cash. Valspar was one of the largest global paint and coatings companies known for its strong position at Lowes and other big-box retailers as well as its international footprint. The deal gave Sherwin-Williams immediate access to the DIY channel global distribution and a wider portfolio of consumer brands. Valspar brought: (1) Entrenched positions in Lowes and other big-box retailers; (2) International distribution; (3) Additional brands targeted at the do-it-yourself segment."  
[X Link](https://x.com/Restructuring__/status/1996772980420939874)  2025-12-05T02:45Z 43.9K followers, XXX 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 annoying downside 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. @AgentTaxHQ is a modern tax strategy firm purpose-built for investment"  
[X Link](https://x.com/Restructuring__/status/1996942400569163793)  2025-12-05T13:59Z 43.9K followers, 2591 engagements


"This is it Microsoft bottom is in Coatue: The king is lagging the kingdom"  
[X Link](https://x.com/Restructuring__/status/1997035187532976624)  2025-12-05T20:07Z 43.9K followers, 5425 engagements


"Even assume he meant low thousands let's say 3000 Let's even say he either skims or does not reply to a vast majority of them Say XX seconds per email (with X interruptions) That's 60000 seconds or 1000 minutes or XXXXX hours He also said he sleeps 6-7 hours That leaves X hour left to do everything else Lmao"  
[X Link](https://x.com/Restructuring__/status/1997378081388925127)  2025-12-06T18:50Z 43.8K followers, 26.2K engagements


"What point of the cycle is this"  
[X Link](https://x.com/Restructuring__/status/1997418222245564663)  2025-12-06T21:29Z 43.9K followers, 4211 engagements


"Our sponsor @9finHQ is hosting an amazing free panel that are making free for everyone On December X 9:30am ET 9fins resident LME expert Jane Komsky will sit down with a star studded virtual panel to discuss: - Pro rata vs. non pro rata structures and how issuer-friendly approaches tipped the scales while lenders mounted their defense - Tiered participation and cooperation agreements that defined creditor treatment structures throughout 2025 - Antitrust litigation in lender co-ops and where the line sits between collaboration and collusion - Early process NDAs and how information asymmetry is"  
[X Link](https://x.com/Restructuring__/status/1997425543075999886)  2025-12-06T21:58Z 43.9K followers, 2580 engagements


"The Bending Spoons Story Luca Ferrari is the co-founder and CEO of Bending Spoons a digital conglomerate he describes as twenty five percent private equity and seventy five percent technology. Founded in 2013 Bending Spoons has acquired and rebuilt well-known products like Evernote Meetup Vimeo and AOL. Luca explained how he turned a failed startup into a $1.3bn revenue platform. Here are seven key lessons: 1) Building a Compounding Acquisition Engine 2) The Criteria Behind Every Deal 3) Evernote and the Playbook in Action 4) How Bending Spoons Prices and Wins Deals 5) Culture Talent Density"  
[X Link](https://x.com/Restructuring__/status/1997725922473181338)  2025-12-07T17:52Z 43.9K followers, 5480 engagements


"Clear prison dilemma Please do not take these deals on email newsletters"  
[X Link](https://x.com/Restructuring__/status/1997773114860834988)  2025-12-07T21:00Z 43.8K followers, 31.6K engagements


"@ClaytonCapital Top lawyers are not mid"  
[X Link](https://x.com/Restructuring__/status/1997800858197819402)  2025-12-07T22:50Z 43.9K followers, 7904 engagements


"One way or another this will become a generational case study"  
[X Link](https://x.com/Restructuring__/status/1998095985420194005)  2025-12-08T18:23Z 43.9K followers, 5633 engagements


"@jnconkle @taobanker I am not a lawyer but would a company filing ch11 really trust a LLM vs. K&E"  
[X Link](https://x.com/Restructuring__/status/1998239662239096941)  2025-12-09T03:53Z 43.9K followers, XX engagements


"This trend will revert; it is only a matter of time Be careful about trying to be the last one in"  
[X Link](https://x.com/Restructuring__/status/1998453088928010557)  2025-12-09T18:02Z 43.8K followers, 3817 engagements


"So it keeps getting crazier: - First Brands held call with investors explaining the incremental need for cash - Marathon and Redwood provided the DIP but apparently sold right away above par - After the call this afternoon the DIP A traded below 60c - DIP B is essentially worthless Lesson: never trust anything you see in Bankruptcy"  
[X Link](https://x.com/Restructuring__/status/1998572555691589941)  2025-12-10T01:56Z 43.9K followers, 43.6K engagements


"Tell me you never worked in private equity without telling me you never worked in private equity"  
[X Link](https://x.com/Restructuring__/status/1998916306616332760)  2025-12-11T00:42Z 43.9K followers, 96K engagements


"Congrats but am I the only one who is really confused Two of the largest XX shareholders never heard of the company's CEO What"  
[X Link](https://x.com/Restructuring__/status/1998919552353317113)  2025-12-11T00:55Z 43.8K followers, 22.3K engagements


"1) What Every Great Business Has in Common Kelly believes the best investments have a competitive moat strong business models and outstanding leaders. A great company has a desirable product scales efficiently and can continue to grow for years with minimal risk. However paying too much for a company can make it a negative investment even if it is good. Valuation and timing are crucial. One major signal is a leadership change. If a good CEO takes over a company that has a strong base but isn't doing well the upside can be massive. Ulta Beauty is a good example. It had a fundamentally strong"  
[X Link](https://x.com/Restructuring__/status/1998960391359988145)  2025-12-11T03:37Z 43.9K followers, XXX engagements


"2) Lone Pines Biggest Investing Mistake & How They Fixed It In 2021 2022 the market was rewarding high-growth firms that were burning through their cash flow. Lone Pines valuations focused more on long-term projections than near-term realities. Lone Pine recognized early that the Fed was behind on inflation and that a rate-hiking cycle was coming. While they started adjusting their portfolio they didnt move quickly or aggressively enough to reduce exposure to high-growth names before the market turned. When the sell-off hit in early 2022 all high-growth stocks collapsed together. The mistake"  
[X Link](https://x.com/Restructuring__/status/1998960393348059511)  2025-12-11T03:37Z 43.9K followers, XXX engagements


"Less social media content over these last few days as we are workingon some very very good writeups. Yesterday we published a solid writeup (see below) but this Friday we have an electric one A private double() LME featuring a drop-down and pari plus structure advised by our friends at Evercore. There is very little information out there but thanks to a source who worked on the deal we are going to provide unparalleledcoverage Make sure to subscribe to receive the articlenext Friday"  
[X Link](https://x.com/Restructuring__/status/1999911933563257041)  2025-12-13T18:38Z 43.9K followers, 3323 engagements


"Incredible respect for Jack Woodruff Having a SM compounding at XX% can definitely make you a billionaire But he instead returned the money because returns did not meet his standards Wow"  
[X Link](https://x.com/Restructuring__/status/1998738599878050261)  2025-12-10T12:56Z 43.9K followers, 30.5K 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)  2025-07-24T02:18Z 43.8K followers, 44.1K engagements


"Thoma Bravos $6.9B SailPoint Play: From IPO to Take-Private to IPO Again In private equity some investments deliver routine gains. Others upend entire sectors. Thoma Bravos venture with SailPoint falls squarely in the second category. They spotted enormous promise in identity governance when the rest of the market was still grappling with spreadsheets and legacy tools. By fortifying SailPoints transition to a SaaS subscription model fostering AI-based innovation and guiding two separate IPOs Thoma Bravo helped make the company into a unicorn market leader. The result is a textbook example of"  
[X Link](https://x.com/Restructuring__/status/1994549965717225533)  2025-11-28T23:32Z 43.8K followers, 7265 engagements


"2) Enter Thoma Bravo Thoma Bravo recognized that SailPoints governance expertise could translate into broader security functionality if given the right support and capital. In buying out SailPoint for an undisclosed amount the firm aimed to reinforce the companys transition from on-premises software to cloud-delivered products. Thoma Bravo viewed identity as a top priority for cybersecurity noticing that legacy vendors struggled to pivot quickly enough to serve big customers moving to multi-cloud environments. The investment thesis hinged on allowing SailPoint to expand its R&D capacity"  
[X Link](https://x.com/Restructuring__/status/1994549969844322327)  2025-11-28T23:32Z 43.8K followers, XXX engagements


"3) Thoma Bravos Growth Strategy Once it became a portfolio company SailPoint accelerated the shift towards becoming a SaaS-first vendor. The team consolidated engineering efforts to refine Identity. Now the new cloud-based solution that replaced older on-premise offerings. At the same time through strategic acquisitions it broadened the product suite to address new forms of identity risk such as privileged access and entitlements in public clouds. Sales teams began landing larger multi-year deals often topping $X million in annual value by emphasizing how a single platform could simplify"  
[X Link](https://x.com/Restructuring__/status/1994549971345940650)  2025-11-28T23:32Z 43.8K followers, XXX engagements


"Interesting table from 9fin on US CLOs trading of First Brands "With CLOs mostly selling at this time the buyers of First Brands debt were mostly distressed accounts sources say as some firms were building up a position to be part of the SteerCo." Term loan is trading below 10c today"  
[X Link](https://x.com/Restructuring__/status/1997383967138582600)  2025-12-06T19:13Z 43.9K followers, 11.1K engagements


"6) Cross-border tools and capital solutions AI data centers cross-border tools and bespoke capital solutions round out the opportunity set and the risk map. Investors who want AI exposure are now paying high multiples for data centers and even merchant power plants that can supply their enormous electrical load which reminds Tuck of the dark fiber boom when infrastructure assets were priced like hypergrowth stocks rather than steady utilities. The key risk is that rapid chip cycles leave server farms functionally obsolete with few attractive second uses creating technology obsolescence on top"  
[X Link](https://x.com/Restructuring__/status/1999951657489375365)  2025-12-13T21:16Z 43.8K followers, 3380 engagements


"Everyone guessed. Few realized how right they were. If FTX had simply done nothing its petition-date holdings would now be worth $XXX billion. Unreal over $XXX billion of value disruption"  
[X Link](https://x.com/Restructuring__/status/1984234098542715321)  2025-10-31T12:20Z 43.8K followers, 145.6K engagements


"Dell just solved poverty $XXX compounded at the market rate of XX% for XX year (retirement age) gets you XXX million Never discount the power of compounding"  
[X Link](https://x.com/Restructuring__/status/1996001254221193366)  2025-12-02T23:39Z 43.8K followers, 4.9M engagements


"1) Late cycle calm with classic end-of-cycle stress signals Late-cycle credit looks unusually calm despite indicators that usually mark the end of an expansion. High yield still attracts steady inflows new issuance is active and option-adjusted spreads sit a little above XXX basis points while the distress ratio hovers near X percent numbers that would normally suggest a healthy backdrop. Tuck argues that this calm is misleading because recent blowups such as First Brands and Tricolor show many lenders were offside on the same structure which hints at weaker underwriting and herd behavior"  
[X Link](https://x.com/Restructuring__/status/1999951649276645412)  2025-12-13T21:16Z 43.8K followers, XXX engagements


"2) Post-pandemic is maturing into restructurings Tuck frames the current restructuring wave as delayed payback for pandemic-era can kicking that never fully fixed capital structures. Many companies refinanced or extended during 2020 and 2021 yet a large cohort is now stuck with income statements that cannot comfortably support higher interest expense in a world of wage inflation tariff uncertainty and fast-moving technological change. Investors and their LPs are increasingly skeptical of another simple extension so liability management exercises now require more burden sharing between"  
[X Link](https://x.com/Restructuring__/status/1999951650811990156)  2025-12-13T21:16Z 43.8K followers, XXX engagements


"Private equity is of the most discussed topics in the market But what lies below this opaque industry that is so always hard to analyze This report from our sponsor @cartainc examines many great points including: - Who do fund GPs raise capital from - How much of their own capital do they contribute What is the impact on returns - How quickly do fund managers call down capitaland how quickly do LPs respond - What are the typical management fees and carried interest rates for recent venture funds If you need some talking points or just want to learn more this is a good one Read now:"  
[X Link](https://x.com/Restructuring__/status/1999964807529660819)  2025-12-13T22:09Z 43.8K followers, 8974 engagements


"City Brewing Preview On Friday we have an electric writeup covering: - business history - co-manufacturing business model - trends in the beverage market and cause of distress - 2024 LME (dropdown + double dip) - 2025 bridge financing - Aug-2025 second LME - recovery analysis and much more Subscribe now to get in your inbox when published: And yes this is based on multiple conversations with sources directly familiar with the situation you will not find this information anywhere else Very excited"  
[X Link](https://x.com/Restructuring__/status/2000290708662456830)  2025-12-14T19:44Z 43.8K followers, 10.7K engagements


"A $7.1B Investment Huge Debt and Big Risks Apax Partners thought they had a winning bet with Cengage Learning. But after a series of missteps the investment turned into a high-stakes game of debt management and survival. While $1.8B in equity might be at risk Apax didnt walk away empty-handed. Heres how the deal played out: a mix of high rewards high risks and lessons on using leverage: 1) A High-Stakes Bet on Education 2) The Buyout Structure 3) The Fall: Market Disruption & Digital Lag 4) Apaxs Next Move: Turnaround & Buying the Debt 5) Bankruptcy & the Aftermath 6) Lessons"  
[X Link](https://x.com/Restructuring__/status/2000764048393015770)  2025-12-16T03:04Z 43.8K followers, 5695 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"  
[X Link](https://x.com/Restructuring__/status/2000764051899466204)  2025-12-16T03:04Z 43.8K followers, XXX engagements


"3) The Fall: Market Disruption & Digital Lag Heavy debt. Changing industry. The cracks were forming. The 2008 financial crisis hit education budgets hard. Schools and libraries cut spending. This slashed Cengages revenue. Meanwhile digital learning took off. E-books online homework and assessments were growing. But these had lower margins than print. Unlike print books digital learning is subscription-based. They create recurring revenue but Cengage struggled to adapt. By 2011 things got worse. Print sales dropped XXXX% leading to a $27M loss. Cengage was falling behind. Pearson was leading."  
[X Link](https://x.com/Restructuring__/status/2000764053262573991)  2025-12-16T03:04Z 43.8K followers, XXX 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"  
[X Link](https://x.com/Restructuring__/status/2000764056156664046)  2025-12-16T03:04Z 43.8K followers, 1332 engagements


"ELLIOTT - PHILLIPS $2.5B ACTIVIST CAMPAIGN In February Elliott sent a second letter to Phillips board disclosing its $2.5B investment in the stock and asking for change. What is their thesis and how did they plan to create $30B of equity value: 1) Phillips XX Overview 2) Today's Inefficient Structure 3) Refining and Midstream do not fit together 4) Lagging profitability symptom of dysfunction 5) Damaged Management Credibility 6) Value Creation / Valuation A Long Thread 🧵"  
[X Link](https://x.com/Restructuring__/status/2001130877007335866)  2025-12-17T03:22Z 43.8K followers, 4508 engagements


"This is Kelly Granat The Co-CIO at Lone Pine Capital one of the most storied and successful hedge funds in history She sat down today with ILTB and revealed how to pick stocks and lead an investment firm Here are X key insights: 1) What Every Great Business Has in Common 2) Lone Pines Biggest Mistake & How They Fixed It 3) The Short-Termism Epidemic 4) Strategies & Opinions on AI 5) Finding Value Beyond Tech 6) Balancing Fundamental & Macro Awareness 7) The Investing Mindset That Separates the Best from the Rest A (Long) Thread 🧵"  
[X Link](https://x.com/Restructuring__/status/1998960389074067829)  2025-12-11T03:37Z 43.8K followers, 23.1K engagements


"Good insight from Covenant Lite on the origins of insurance money in private credit something Apollo Blackstone and others have pushed in recent years. Would recommend his Substack if youre not already reading it"  
[X Link](https://x.com/Restructuring__/status/2000295698986901556)  2025-12-14T20:03Z 43.8K followers, 30K 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"  
[X Link](https://x.com/Restructuring__/status/2000764050515349973)  2025-12-16T03:04Z 43.8K followers, XXX engagements


"2/ The Key Issue Classic activist claim: assets are underappreciated given the conglomerate structure Despite its midstream exposure the total multiple of the company is at the lower end of all its vertical"  
[X Link](https://x.com/Restructuring__/status/2001130883353293023)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"3/ No Value left in Sum-of-the-Parts Other side of the coin Applying appropriate valuation multiples to Phillips non-refining segments implies little value for its refining assets despite their scale and strong competitive positioning"  
[X Link](https://x.com/Restructuring__/status/2001130886197100676)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"7/ Thesis X - Lagging profitability symptom of dysfunction"  
[X Link](https://x.com/Restructuring__/status/2001130898696110205)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"8/ Thesis X - Damaged Management Credibility"  
[X Link](https://x.com/Restructuring__/status/2001130902160634196)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"Great comparison of valuation of the largest companies today vs. previous bubbles"  
[X Link](https://x.com/Restructuring__/status/1982205468274516366)  2025-10-25T21:59Z 43.8K followers, 578.1K engagements


"If you enjoyed this short summary you will love our research service - see here a preview of the next report"  
[X Link](https://x.com/Restructuring__/status/2000291394649473436)  2025-12-14T19:46Z 43.8K followers, 3079 engagements


"4) Apaxs Next Move: Turnaround & Buying the Debt By 2012 Cengage was in crisis mode. Apax knew something had to change. They brought in Michael Hansen as CEO with a clear plan: invest in digital cut print and restructure the debt. However a financial time bomb with $2.1B in debt due by 2014. Cengage wanted to file for bankruptcy. Through an agreement with lenders holding around $2B in first-lien debt Cengage hoped to reduce debt to $4B on its balance sheet. But there was a risk: Apaxs $1.8B investment could be wiped out. So they considered buying Cengages debt to control the bankruptcy"  
[X Link](https://x.com/Restructuring__/status/2000764054684504289)  2025-12-16T03:04Z 43.8K followers, XXX engagements


"6/ Thesis X - Refining and Midstream do not fit together The whole business trades at the multiple of refining with no benefit from midstream"  
[X Link](https://x.com/Restructuring__/status/2001130896066265135)  2025-12-17T03:22Z 43.8K 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)  2025-07-06T18:18Z 43.8K followers, 79.1K engagements


"Yearly reminder about law school - New big law class started out at $225k/yr. base - 5th year associates making $500k/yr. - No bonus variability - All cash"  
[X Link](https://x.com/Restructuring__/status/1997770532406636745)  2025-12-07T20:49Z 43.8K followers, 350.9K engagements


"Houlihan Lokeys negative view on current credit cycle Credits market may look calm but Tuck Hardie a managing director in Houlihan Lokeys Financial Restructuring Group argues that they are sitting on top of years of can kicking. Since the pandemic extensions and policy volatility are colliding with a weak U.S. consumer. In this podcast Tuck Hardie explains why this credit cycle is more fragile than it looks 1) Late cycle calm with classic end-of-cycle stress signals 2) Post-pandemic is maturing into restructurings 3) A more fragile US consumer 4) First Brands as a cockroach moment 5) Capital"  
[X Link](https://x.com/Restructuring__/status/1999951647062249752)  2025-12-13T21:16Z 43.8K followers, 18.3K engagements


"The next time a school complains about firms recruiting through clubs and not the career service show them this video. To list a few: -She likes putting on the resume an inspiring job position (never worked there) -She thinks the problem with "led 12-country taskforce" AS A STUDENT is the fact that you are not being specific enough -She believes having "nonchucks" as an interest is a good thing to start a conversation -She suggests going to give out resumes in person Amazing work"  
[X Link](https://x.com/Restructuring__/status/2000404503296696451)  2025-12-15T03:16Z 43.8K followers, 30.5K engagements


"1/n Executive Summary Phillips is falling short of its potential. A streamlined Phillips would unlock significant value and create a stronger company The business includes X segments: refining marketing & specialties midstream and chemicals In February the stock was a $XXX and Elliott thinks it should achieve $XXX Today it is at $130"  
[X Link](https://x.com/Restructuring__/status/2001130880039879021)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"4/ Company Summary"  
[X Link](https://x.com/Restructuring__/status/2001130889271509437)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"5/ Company in Detail - By Division"  
[X Link](https://x.com/Restructuring__/status/2001130892828262737)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"9/ A Suggested Path Forward"  
[X Link](https://x.com/Restructuring__/status/2001130904719106548)  2025-12-17T03:22Z 43.8K followers, XXX engagements


"10/ Sum of the Parts Value Creation Elliott argues the (i) Midstream (ii) CPCChem (50% interest in JV with Chevron - Chemical sector) and (iii) Retail businesses (Marketing & Specialties) should be sold per parts and use those proceeds to buyback stock - very easy :) What remains is the refining business which Elliott assumes is valued at 6.6x EBITDA"  
[X Link](https://x.com/Restructuring__/status/2001130907936112938)  2025-12-17T03:22Z 43.8K followers, 1190 engagements


"11/ Conclusion Elliott sees a path to a $XXX to $XXX stock compared to the current $XXX value"  
[X Link](https://x.com/Restructuring__/status/2001130910968676808)  2025-12-17T03:22Z 43.8K followers, 1115 engagements