# The Corporate Restructuring Handbook: companion files

By Julian R. Sterling. These files are served at julianrsterling.com/restructuring. No sign-up, no email is asked for.

## What is in the pack

| File | What it is | Where in the book |
|---|---|---|
| `Blank_Templates.xlsx` | A blank, reusable 13-week cash flow on the direct method: thirteen weekly columns, one owner per line, ending cash against the operating minimum, usable liquidity with a springing-covenant block, a weekly variance report with a Timing or Permanent column, a week-by-week variance record with the bank reconciliation, a creditor map and a waterfall at up to eight enterprise values. Every input is empty; a Checks sheet counts what is still to fill. | Chapters 1 to 3, 12; Appendices B and C |
| `Working_Documents.pdf` | Six forms to print and fill in: the first-thirty-days checklist, the weekly 13-week review agenda and variance report, the four clocks on one page, the creditor map, the options memo (one page per option: what it buys, what it costs, who pays, what the documents must allow, the re-default test) and the plan term-sheet checklist. | Appendix C; Chapters 1, 2, 4 to 16 |
| `Forty_Questions.xlsx` | Forty questions across the chapters, numeric and multiple choice, marked as you type. Sheet 2 counts your faults chapter by chapter; sheet 3 gives every answer and the reason for it. | Chapters 1 to 16, Appendices B and C |
| `Three_Cases.zip` | Three worked cases, one workbook each: the note on the first sheet, the live model on the next, the checks at the end. Every figure in each note is computed by the model. | Chapters 4, 7, 11 to 14 |

## The three cases

**Case one: the program that stops buying** (Chapters 4 and 13). Brantwell's receivables program funds 36.0 million and brings in 35.60 million net in week 5. At filing the buyer stops buying and keeps the first 36.0 million of collections, until its advance is repaid. If the program's cash is still in the bank, the DIP need rises only by 0.41 million, the program's cost, and the facility stays at 65 million. If the program paid the coupon, the facility becomes 80 million. If its cash was spent buying weeks, the need is 98.06 million against 62.06, the facility 105 million against 65, and the net call on the first lien's collateral at emergence, DIP plus interest less the cash above the minimum, 81.91 million against 43.85.

**Case two: how many must tender** (Chapter 7). Participation from 50 to 100 percent, on Part II's waterfall with the 20 million of cash above the minimum added to value. Total leverage falls below 9.5 times above 80.0 percent participation exactly; the first step on the grid below it is 85 percent (9.45 times). Interest saved runs from 0.50 to 1.00 million a year. At 1,100 million a participant recovers 35.0 percent to 70.0 percent per old dollar (the fewer tender, the more each recovers), a holdout nothing, and the notes as a group 140.0 million against 110.9 before, at the trade's expense: not a prisoner's dilemma among the noteholders. Holding out pays only above 1,313.5 million, at any participation.

**Case three: the value the committee argues** (Chapters 11, 12 and 14). The full waterfall from 800 to 1,300 million: the first lien is the fulcrum up to 1,106.5 million, and the unsecured class at the committee's value of 1,170 million, as long as less than 13.0 percent of the value sits outside the collateral. The plan's securities alone pay the first lien in full only from 1,197.0 million; counting the rights offering and the backstop only Class 3 can take, from 1,150.8 million. Warrants over 10 percent of the equity for the unsecured class, struck there at an equity value of 735.9 million, are worth nothing at the plan value, 1.92 million at the management value and 14.92 million at 1,300 million.

## How the pack maps to the book

| Chapter | Use |
|---|---|
| 1. The four clocks | PDF form 3; Blank_Templates sheet 1 (first week below the minimum, the springing test) |
| 2. The 13-week cash flow; Appendix B | Blank_Templates sheets 1 to 3; PDF form 2 |
| 3. Liquidity versus availability | Blank_Templates sheet 1, usable liquidity block |
| 4. Buying weeks; 13. The DIP | Case one |
| 5 to 10. The first ninety days and liability management | PDF forms 1 and 5 |
| 7. The discounted exchange | Case two |
| 8, 12, 14. Creditors, the waterfall, the plan | Blank_Templates sheets 4 and 5; PDF forms 4 and 6; Case three |
| 11. Three valuations | Case three |
| 15 and 16. The structure after; the UK and Europe | PDF form 6 |
| All chapters | Forty_Questions.xlsx |

## Using the workbooks

Yellow cells with blue type are inputs; grey cells are formulas. The workbooks contain no macros and nothing is locked, protected or hidden. They recalculate when opened in Excel, LibreOffice or Google Sheets. To check the blank template against the book, type Brantwell's figures from Appendix B and Chapter 12: it returns ending cash of 19.89 million in week 13 and a trough of 19.88 million in week 12; and, with the senior cash claims entered in their two groups (80.40 million charged to the collateral, 12.00 million paid first from unencumbered value) and 22.54 million of cash above the minimum, at an enterprise value of 975 million, 852.0 million (88.7 percent) for the first lien and 53.2 million (10.6 percent) for the unsecured pool.

Brantwell Coatings Group is fictional, and so is every party in the cases. The figures are the book's illustrative assumptions, not market statistics.

## No warranty

The files are provided as they are, without warranty of any kind, express or implied. They are teaching material, not legal, tax, accounting or investment advice. The documents of each company, its counsel and its advisers decide.