400 Questions - Restructuring /
Distressed M&A Questions 2026
Exam All Answers and
Illustrations Given
How much do you know about what you actually do in Restructuring? - 🧠
ANSWER ✔✔Restructuring bankers advised distressed companies -
businesses going bankrupt, in the
midst of bankruptcy, or getting out of bankruptcy - and help them change
their capital
,structure to get out of bankruptcy, avoid it in the first place, or assist with a
sale of the
company depending on the scenario.
What are the 2 different "sides" of a Restructuring deal? Do you know
which one
we usually advise? - 🧠 ANSWER ✔✔Bankers can advise either the debtor
(the company itself) or the creditors (anyone that
has lent the company) money. It's similar to sell-side vs. buy-side M&A - in
one you're
advising the company trying to sell or get out of the mess it's in, and in the
other you're
advising buyers and lenders that are trying to take what they can from the
company.
Note that the "creditors" are often multiple parties since it's anyone who
loaned the
company money. There are also "operational advisors" that help with the
actual
,turnaround.
You need to research which bank does what, but typically Blackstone and
Lazard advise
the debtor and Houlihan Lokey advises the creditors (these 3 are
commonly as the top
groups in the field).
Why are you interested in Restructuring besides the fact that it's a "hot"
area
currently? - 🧠 ANSWER ✔✔You gain a very specialized skill set (and
therefore become more valuable / employable)
and much of the work is actually more technical / interesting than M&A, for
example.
You also get broader exposure because you see both the bright sides and
not-so-bright
sides of companies.
If you're coming in with any legal background or have aspirations of doing
that in the
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, future, there's a ton of overlap with Restructuring because you have to
operate within a
legal framework and attorneys are involved at every step of the process -
so that can be
one of your selling points as well.
How are you going to use your experience in Restructuring for your future
career
goals? - 🧠 ANSWER ✔✔See above. In addition to the legal and "better
technical skills" angles, you can also use
the experience to work at a Distressed Investments or Special Situations
Fund, which
most people outside Restructuring don't have access to.
Or you could just go back to M&A or normal investing too, and still have
superior
technical knowledge to other bankers.
There's no "wrong" answer as long as you don't say you have no interest in
it in the
Distressed M&A Questions 2026
Exam All Answers and
Illustrations Given
How much do you know about what you actually do in Restructuring? - 🧠
ANSWER ✔✔Restructuring bankers advised distressed companies -
businesses going bankrupt, in the
midst of bankruptcy, or getting out of bankruptcy - and help them change
their capital
,structure to get out of bankruptcy, avoid it in the first place, or assist with a
sale of the
company depending on the scenario.
What are the 2 different "sides" of a Restructuring deal? Do you know
which one
we usually advise? - 🧠 ANSWER ✔✔Bankers can advise either the debtor
(the company itself) or the creditors (anyone that
has lent the company) money. It's similar to sell-side vs. buy-side M&A - in
one you're
advising the company trying to sell or get out of the mess it's in, and in the
other you're
advising buyers and lenders that are trying to take what they can from the
company.
Note that the "creditors" are often multiple parties since it's anyone who
loaned the
company money. There are also "operational advisors" that help with the
actual
,turnaround.
You need to research which bank does what, but typically Blackstone and
Lazard advise
the debtor and Houlihan Lokey advises the creditors (these 3 are
commonly as the top
groups in the field).
Why are you interested in Restructuring besides the fact that it's a "hot"
area
currently? - 🧠 ANSWER ✔✔You gain a very specialized skill set (and
therefore become more valuable / employable)
and much of the work is actually more technical / interesting than M&A, for
example.
You also get broader exposure because you see both the bright sides and
not-so-bright
sides of companies.
If you're coming in with any legal background or have aspirations of doing
that in the
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, future, there's a ton of overlap with Restructuring because you have to
operate within a
legal framework and attorneys are involved at every step of the process -
so that can be
one of your selling points as well.
How are you going to use your experience in Restructuring for your future
career
goals? - 🧠 ANSWER ✔✔See above. In addition to the legal and "better
technical skills" angles, you can also use
the experience to work at a Distressed Investments or Special Situations
Fund, which
most people outside Restructuring don't have access to.
Or you could just go back to M&A or normal investing too, and still have
superior
technical knowledge to other bankers.
There's no "wrong" answer as long as you don't say you have no interest in
it in the
