What happens when a company cannot pay: Chapter 11, the waterfall, and who ends up owning it.
What happens when a company cannot pay its debts. Out-of-court deals versus Chapter 11, the absolute priority waterfall, recovery rates, and why the fulcrum security ends up owning the reorganized business.
5 min readAI AssistantPreview
The rules lenders write into a loan. Maintenance versus incurrence tests, covenant-lite and the springing covenant, how to measure headroom, what happens on a breach, and how an equity cure works.
8 min readAI AssistantPreview
Running a waterfall the way an interviewer will test it: what value is actually distributed, what comes off the top, how accrued and PIK interest change the claims, deficiency claims, pari passu sharing, and finding the fulcrum.
7 min readAI AssistantPreview
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