Restructuring & Distressed Investing Certificate

About the Certificate

Master the complete spectrum of corporate restructuring and distressed investing with this comprehensive 8-week online program from Wharton Online and Wall Street Prep. Designed for professionals across the restructuring ecosystem — from credit investors and turnaround advisors to bankruptcy attorneys and PE professionals — this certificate equips you with hands-on expertise in bankruptcy processes, capital structure analysis, liability management, distressed M&A, and operational recovery.

With $350 billion in leveraged loan maturities through 2028, over $1.7 trillion in private credit AUM facing its first real cycle, and a 3x increase in liability management exercise (LME) activity since 2020, the demand for restructuring fluency has never been higher. Whether you seek out distress or distress finds you, this program builds the analytical framework and practical skillset needed to navigate one of finance's most complex — and rewarding — disciplines.

Learning Experience & Support

• Self-paced video lectures paired with real-world exercises and industry case studies covering bankruptcy processes, capital structure dynamics, and distressed investment strategies.
• Weekly office hours with faculty and program staff for guidance and Q&A.
• Guest speakers from leading restructuring advisory firms, distressed credit funds, bankruptcy law practices, and turnaround operators — including professionals from Evercore, Kirkland & Ellis, Perella Weinberg Partners, Sixth Street, Stifel, Accordion, Caspian Capital, and more.
• Elective content lets you tailor the learning path to your specific objectives.
• 65 CPE credits upon successful completion, plus a Certificate from Wharton Online (digital credential for LinkedIn & resume).

Who Should Enroll?

• Credit & Special Situations Investors
• Restructuring & Turnaround Advisors
• Bankruptcy & Creditor Rights Attorneys
• Private Equity Professionals
• Investment Bankers in RX & Leveraged Finance
• C-Suite & Corporate Finance Leaders (CFOs, FP&A, Executives)
• Private Credit & Direct Lending Professionals
• Consultants, Accountants, and Legal Advisors in restructuring contexts

Curriculum Overview (8 Weeks)

Module 1 — Introduction to Distress & Distressed Investing

• What is distress and distressed investing; the role of value creation
• Identifying the causes and drivers of distress
• Sizing the Pie (valuation) and Splitting the Pie (priority & gaming)
• The legal backdrop of the distressed situation
• Liquidity stress testing and burn analysis
• Case Study: Bayfield Generators

Module 2 — Decline, Distress, and Turnaround Management

• Financial analysis of distressed companies; causes of decline and distress
• The role of bad management versus bad luck
• Turnaround management mindset and operational improvement
• The Liquidity Crisis: cash controls and the 13-week cash flow forecast
• The Solvency Crisis: determining whether the company has a right to exist
• Positioning the company for long-term success post-restructuring

Module 3 — Modeling the Capital Stack

• Waterfall analysis and creditor priority
• Secured debt: revolvers, asset-backed loans, and term loans
• Liens, perfection, subordination, and intercreditor agreements
• Unsecured debt: bonds, mezzanine, and convertible instruments
• Off-balance sheet obligations: leases, unfunded pensions, and contingent liabilities
• Key covenant structures: affirmative, negative, and financial covenants

Module 4 — Liability Management Exercises

• Right-sizing the balance sheet to the business
• The absolute priority rule; understanding priorities and subordination
• The rise of Liability Management Exercises (LMEs)
• LME case studies: drop-downs (J. Crew / Toys "R" Us) and non-pro rata uptiers (Serta)
• Restructuring for long-term success (Chesapeake Energy, Hertz, SAS)

Module 5 — Entering Bankruptcy

• Bankruptcy Boot Camp: origins, jurisdiction, and the U.S. Bankruptcy Code
• Property of the estate and the automatic stay
• Claims, administrative expenses, priorities, and fulcrum security
• CRO vs. Trustee vs. Examiner roles
• Debtor-in-Possession (DIP) loans: super priority liens, roll-ups, and priming fights
• Case Study: Lyondell Basell

Module 6 — Exiting Bankruptcy Including Distressed M&A

• Plan of Reorganization: disclosure, exclusivity, creditor classes, voting, and cramdown
• Subchapter V small business reorganizations and single asset real estate cases
• Section 363 sales: free and clear, credit bidding, stalking horse, and auction mechanics
• Distressed valuation: going concern, liquidation, claims trading, and intangibles
• Case Studies: JC Penney and American Airlines

Module 7 — Operational Turnarounds Including 13-Week Cash Budgets

• Managing liquidity: creating a cash culture and simplifying cash management
• Evaluating working capital: AR/AP aging, inventory, and billing & collections
• Rolling 13-week cash flow modeling and bottom-up forecasts
• Cost controls: zero-based budgeting, SKU rationalization, and outsourcing
• Change management: replacing executives, RIFs, retention bonuses, and CRO leadership
• EBITDA adjustments and rebuilding the balance sheet

Module 8 — Distressed Maneuvers Including Complex Modeling

• Advanced LMEs: amend-and-extend, exchange offers, drop-downs, uptiering, and co-op agreements
• Underwriting special situations and spread tightening trades
• Fundamental value plays and distressed-for-control strategies
• Capital structure arbitrage, trade claims, and vendor puts
• Liquidation analysis and recovery modeling
• Case Studies: Hypothetical distressed investment scenarios

What You'll Walk Away With

• A practical foundation in restructuring, distressed investing, and turnaround management
• Hands-on expertise in bankruptcy processes, capital structure analysis, distressed M&A, and operational recovery
• Frameworks for evaluating downside scenarios, recovery values, and control strategies
• 65 CPE credits and a Wharton Online digital certificate you can showcase on LinkedIn & your resume

Wharton Restructuring & Distressed Investing Certificate Code: Save with ✓ Copied!

As a valued reader of Ryan O'Connell Finance, you can secure significant savings on this certificate program:

• Use code ✓ Copied! at checkout to save $500 off tuition if you enroll by the Early Enrollment Deadline: May 11, 2026.
• Save $300 off tuition with code ✓ Copied! if enrolling after the deadline.

To apply your savings, click the enrollment link above to visit the official program page. During checkout, look for a field labeled "Coupon Code" or "Referral Code" and enter the Wharton Restructuring & Distressed Investing certificate code ✓ Copied! .

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