Program Experience

Highlights and Key Outcomes

In Distressed Asset Investing and Corporate Restructuring, you will:

  • Understand how and why a company fails and the turnaround process
  • Foresee signs of crisis in a firm's financial statements
  • Identify the long-term value of and investment opportunities in distressed assets
  • Appreciate the time frame to turn around a distressed asset and the level of risk involved
  • Become knowledgeable about the roles of managers, investors, advisors, and consultants in restructuring debt
  • Hone negotiation skills to maximize returns of complex distressed situations

Experience & Impact

Distressed Asset Investing and Corporate Restructuring is an essential program for every company leader and investor who wants to prepare for a crisis before it hits.

In this unique program, you will come to understand corporate restructuring and distressed asset investing from multiple points of view: that of company managers, CFOs, investors, bankers, advisors, and consultants. No matter your specific role, you will benefit from seeing the total picture, since many functions overlap or are interdependent. For example, to invest wisely in a distressed company, you need to grasp how the turnaround will be managed. In addition, many hedge fund managers and private equity firms now engage in a “loan-to-own” scenario in which they buy debt with an eye toward achieving equity ownership in the post-restructured company. Today, the savviest investors, managers, and advisors will be those who understand all sides of a distressed situation and envision the possibility of tremendous returns.

This program will take a value investing approach to analyzing distressed assets, including the technique of estimating the fundamental intrinsic value of the underlying business. This knowledge will help you move beyond faulty notions of equating price with value that might hamper your investing success. You will also learn how to perform discounted cash flow valuation in distressed situations. Moreover, you will find out about the relevant legal environment and its implications for restructuring options.

Negotiation skills are critical in corporate restructuring, and this program covers negotiations in these typically high-pressure, crisis-mode scenarios to help you obtain the best return on investment. Throughout the program, participants benefit from the world-renowned expertise of Wharton faculty; eye-opening talks by guest speakers; and a collegial, interactive learning environment.

Session topics include:

  • Assessing the Financial Distress
  • Causes of Distress: The Danger of Growth and Pathways for Restructuring
  • Strategies for Investors: Hedge Funds and Private Equity
  • Foundations of Value Investing in a Distressed Environment
  • Exchange Offers and Debt Restructuring
  • Distressed Negotiation
  • The Legal Environment: Implications for Restructuring Alternatives
  • Turnaround Management

Convince Your Supervisor

Here’s a justification letter you can edit and send to your supervisor to help you make the case for attending this Wharton program.

Who Should Attend

This program will be relevant for anyone interested in investing in or providing advisory services to firms in distressed situations. This will include those working in hedge funds, private equity, or direct investment. It will also be of interest to those who entrust their money to distressed investors who wish to be familiar with the process employed and able to assess alternative investors and their strategies and performance. The techniques and concepts we discuss will also be directly relevant for those working in advisory roles such as consultants, attorneys, and CPAs, and those serving companies facing restructuring or who are hired by investors who are considering investment in distressed companies.

Job functions and roles include:

Managers:

  • C-level and general managers
  • Senior-level executives at highly leveraged and private equity-owned companies

Investors:

  • Distressed debt purchasers
  • Hedge fund portfolio managers
  • Private equity groups
  • Chief investment officers and investment analysts for family offices
  • Portfolio managers for pension funds, sovereign wealth funds, and large institutional investors
  • High-yield investors
  • Limited partners

Advisors:

  • Multinational management consultants
  • Investment bankers, commercial lenders
  • Bank loan sale professionals
  • Senior lenders and second lien lenders
  • Workout lenders (debtor-in-possession or DIP lending)
  • Corporate bankruptcy attorneys

Distressed Asset Investing and Corporate Restructuring is an advanced finance program designed for senior leaders already familiar with such concepts as net present value (NPV), internal rate of return (IRR), free cash flow, discounted cash flow analysis, return on investment, and cost of capital. Familiarity with Microsoft Excel, accounting, and financial statements is expected.

Fluency in English, written and spoken, is required for participation in Wharton executive education programs unless otherwise indicated.


Plan your stay in Philadelphia

Plan Your Stay

This program is held at the Steinberg Conference Center located on the University of Pennsylvania campus in Philadelphia. Meals and accommodations are included in the program fees. Learn more about planning your stay at Wharton’s Philadelphia campus.


Group Enrollment

To further leverage the value and impact of this program, we encourage companies to send cross-functional teams of executives to Wharton. We offer group enrollment benefits to companies sending four or more participants.

Faculty


Kevin Kaiser

Kevin Kaiser, PhDSee Faculty Bio

Adjunct Professor of Finance; Senior Director, Joshua J. Harris Alternative Investments Program, The Wharton School

Research Interests: Corporate finance, managing for value, private equity, financial distress


Bilge Yilmaz

Bilge Yilmaz, PhDSee Faculty Bio

Wharton Private Equity Professor; Professor of Finance; Director, Joshua J. Harris Alternative Investments Program, The Wharton School

Research Interests: Corporate finance, alternative investments, game theory, political economy

Date, Location, & Fees

June 8 – 11, 2020Philadelphia, PA$9,875

November 17 – 20, 2020Philadelphia, PA$9,875


Download the program schedule, including session details.

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Hotel Information

Fees for Philadelphia programs include accommodations and meals. Prices are subject to change.

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Contact Us

Schedule a personalized consultation to discuss your professional goals:

 +1.215.898.1776

 execed@wharton.upenn.edu

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