Specialty Chemicals – Restructuring Proposal: Note Equitization & Creditor Negotiation
Date
May 2026
Role
Restructuring & Opportunistic Credit Analyst

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