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Specialty Chemicals – Restructuring Proposal: Note Equitization & Creditor Negotiation

Date

May 2026

Role

Restructuring & Opportunistic Credit Analyst

Specialty_Chemicals.jpg

Brief Description

- Developed a restructuring proposal on behalf of unsecured noteholders, including a new money rights offering and note equitization 

- Assessed each creditor class's incentives and bargaining position to structure a consensual restructuring or a pre-packaged bankruptcy

- Analyzed dividend recapitalizations under fraudulent conveyance to argue a creditor clawback claim, gaining negotiation leverage

- Structured the 2nd lien as a reinstatement rather than a repayment to avoid triggering a 120% make-whole premium

- Built a bottoms-up credit model on a company facing a springing maturity to project post-restructuring recovery

My Work

Restructuring Proposal & Investment Memo

Restructuring Proposal & Investment Pitch

Pro-Forma Capital Structure & Liquidity Analysis, Projections & Valuation, and Waterfall Recovery Analysis

Download as Excel

© 2025 by Anish Agarwal. All rights reserved.

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