Corporate & Financial Restructuring

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DURATION: 2Weeks
Some prices may differ depending on the course venue.
Course Fees :
3.500$
Course ID :
F2010
Course Places: All countries - Lebanon (Beirut) - Malaysia - UAE (Dubai) All countries
Course Date: Start End
January 15, 2017 January 26, 2017
March 19, 2017 March 30, 2017
May 14, 2017 May 25, 2017
July 2, 2017 July 13, 2017
September 17, 2017 September 28, 2017
November 19, 2017 November 30, 2017

Overview:

Introduction

Just because a company needs restructuring — financial or operational — does not mean it will do so. An erosion of Stakeholder value may occur for a variety of reasons, including Management interference. This program shows you how to do things right.

Corporate restructuring is defined as any fundamental change in a company’s business or financial structure, designed to increase the company’s value. Corporate restructuring is often divided into two parts; either 1) Financial restructuring or 2) Operational restructuring. This seminar emphasizes the practical side of corporate restructuring in today’s ever-challenging world. It focuses on the two objectives of the practical application through case studies, examples and Excel® models as well as discussions of alternatives.Main ideas explored include:

  • What is restructuring & what are the alternatives
  • When & why should you restructure vs. not
  • How to calculate the “real” value of a firm both before & after a restructuring
  • What is Leverage; when to use it and how best to finance it
  • When to divest an operating unit & how to do it to optimize the remaining value

 

Objectives

On completion of this module delegates will be able to:

  • Fully understand the various form of restructuring
  • Discuss the real difference between Corporate & Financial restructuring
  • Know when to acquire vs. divest an operating unit
  • How to value an entity or an entire firm
  • Know when to Leverage vs. Deleverage
  • Learn to use a range of Excel models (provided)

 

Training Methodology

The training comprises teaching sessions covering each topic area with the theory blended with practical application. Additionally, real world examples & case studies will be used so that the Delegates will be able to apply these techniques immediately. Delegates then use the provided Excel® templates to apply their new knowledge case studies to reinforce the concepts.

 

Organizational Impact

The organization will benefit by:

  • Having Experts in-house to develop advanced decision support models
  • Higher productivity of personnel involved in restructuring analysis
  • Improved performance of corporate & financial restructuring methods
  • Better ways to plan & measure results of decisions
  • Realizing better options when facing divestiture choices
  • Better integration between functional areas leading to better decisions

Personal Impact

The delegate will benefit by:

  • Developing an improved understanding of the risks & benefits of corporate & financial restructuring in today’s challenging world.
  • Really understanding the risks & rewards of leverage
  • Being able to calculate the value of the firm in the real world
  • Understanding to cost/benefit of a divesture
  • Enhancing their knowledge with the use of the models in the case studies
  • Significantly increasing their Excel® analysis skills

SEMINAR OUTLINE 

Introduction to Restructuring

  • Introduction to restructuring
  • The Restructuring Framework
  • Proactive – planning the restructure before it is needed
  • Defensive – planning the restructure because it is needed
  • Distress – planning the restructure when the is no choice
  • Restructuring parties
  • Creditors – what do they expect
  • Shareholders– what do they hope for
  • Employees– what do they wish for
  • Case study
  • Excel model for decision

 

The Why & How of Restructuring

  • The Why & How of it
  • Why companies really restructure
  • How do companies successfully restructure in today’s world
  • When is the right time to restructure
  • The coordination and implementation of it all
  • The checklist for success
  • The “as is” value – what is the firm worth today
  • What is the product/service mix to decide what to keep and what to divest
  • Strategic partner or merger – the difference brings what value
  • Leverage – yes or no; pros & cons
  • Example
  • Case study
  • Excel model for decision

 

Valuation in Restructuring

  • Valuation
  • Which approach to use to be most accurate
  • Liquidation value
  • Fire sale
  • Orderly
  • Asset-based methods
  • Comparables – market driven
  • Free cash flows
  • Free cash flow to the firm
  • Free cash flow to equity
  • Option-based
  • Case study
  • Excel model for decision

 

Leverage

  • Leveraging and deleveraging
  • Leverage – yes or no; pros & cons
  • Establishing required rates of return
  • Adjusting the costs of debt and equity for leverage
  • Leverage optimization through capital structure (Example)
  • Bond buybacks (Example)
  • Leveraged Buy Out (LBO)
  • Going private – the costs vs. the benefits
  • The rationale for high leverage
  • Calculating your capacity for debt]
  • Case study
  • Excel model for decision

 

Divestitures

  • Divestitures
  • Why divest a business unit
  • The rationale for divestiture vs. alternatives
  • Divestiture vs. a spin off
  • Equity carve-outs
  • Voluntary liquidations
  • Case study
  • Excel model for decision
  • Summary and Conclusion

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EuroMatich Training Center Istanbul

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