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 corporate investor who is looking beyond the current crisis, and preparing to navigate and capitalize on the distressed asset investment opportunities that are emerging.

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

Wharton LIVE Programming

Real-time, synchronous peer learning

The live, virtual version of Distressed Asset Investing and Corporate Restructuring will be delivered online daily for seven days. It will be taught by the same Wharton faculty who teach in the on-campus program. Distressed Asset Investing and Corporate Restructuring offers, and requires, a high level of engagement through class discussion, case studies, and role play. Participants will have direct access to Wharton faculty throughout the program, and engage in dynamic group work that helps reinforce the learning and enable networking among the peer community. This virtual program is a fully immersive and structured learning experience that culminates with a new set of knowledge and tools that can be put to immediate use.

Program Duration:

  • Monday, Aug. 17, 2020 – Tuesday, Aug. 25, 2020
    Weekdays, 9:30 a.m. to approx. 2:00 p.m. (EDT)

Download Full Program Schedule »

Building Your Network

The Distressed Asset Investing LIVE program will also include opportunities for you to get to know the other participants and build your professional network. These sessions include:

  • Wharton After Hours
    Wharton faculty will lead an online discussion board that moves beyond the day’s content into global current events. Think of it as faculty office hours but online.

Who Should Attend

Distressed Asset Investing and Corporate Restructuring offers timely and highly relevant content to many different types of professionals.

On the investor side, the program is 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 ultra-high net-worth investors and institutions who wish to assess money managers who invest in distressed assets and want to know how to effectively evaluate their strategies and performance.

On the corporate side, chief financial officers, particularly those that are currently under pressure to maintain liquidity and need to change debt strategies in the current economic climate, will benefit from attending this program.

Additionally, 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:

  • CFOs and other C-suite executives who are responsible for negotiating with lenders and/or raising capital
  • Senior-level executives at highly leveraged and private-equity-owned companies


  • 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


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

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.


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; Academic Director, Joshua J. Harris Alternative Investments Program, The Wharton School

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

David Skeel

David Skeel, JDSee Faculty Bio

S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Carey Law School

Date, Location, & Fees

The June 2020 session is full. Please email for waitlist information.

June 8 – 12, 2020LIVE Virtual$4,900

August 17 – 25, 2020LIVE Virtual$6,500

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

June 7 – 10, 2021Philadelphia, PA$9,875

Download the program schedule, including session details.

Download ScheduleApply Now

Hotel Information

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

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