Corporate & Financial Restructuring
23 - 26 March 2026
Sandton
Johannesburg South Africa
Cost per Delegate
R 17,999.00
Overview
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
Course Objectives of Corporate & Financial Restructuring
• 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)
Course Outlines of Corporate & Financial Restructuring
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 the 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