Companion files · The Corporate Restructuring Handbook
Liquidity, Liability Management and Chapter 11 by the Numbers. The 13-Week Cash Flow, Uptiers and Drop-Downs, Valuation and the Plan, With the Models Supplied.
These are the companion files of the book. Three workbooks follow Brantwell Coatings Group, the book's one company, from the Monday its board sees $145 million of liquidity on paper and $22.5 million it can use, through the out-of-court transactions, to the plan, and they reproduce every figure the book prints. Around them sit a blank 13-week cash flow and waterfall for your own company, six working forms, forty questions and three worked cases. No sign-up, no email is asked for, nothing is locked. Amounts are in millions of US dollars; blue type is an input, black type is a formula.
The archive holds the eight files below, with 00_START_HERE.md at its root. No macros, no circular references, no external links in any workbook. They recalculate in Excel, LibreOffice or Google Sheets.
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Part I · Chapters 1 to 5 and Appendix B
The direct-method forecast week by week, liquidity on paper against usable liquidity, the springing covenant, the internal levers priced in cash and in weeks, and the weekly variance routine. Every computed figure is a live formula, and the Checks sheet sets each figure the book prints beside the cell that computes it.
Download the workbook66 KBPart II · Chapters 6 to 10
The amend and extend, the discounted exchange, the non-pro-rata uptier, the drop-down and the re-default test, each read on Part II's simplified waterfall, class by class. Every computed figure is a live formula; the Checks sheet compares the book's figures with the live cells.
Download the workbook88 KBPart III · Chapters 11 to 15
Three valuations by DCF and multiples, the waterfall with unencumbered value and the fulcrum, the liquidation analysis, the DIP and the cost of time in court, the plan with its equity split and votes, and the exit capital structure. Every computed figure is a live formula, checked on the Checks sheet.
Download the workbook108 KBChapters 1 to 3 and 12 · Appendices B and C
A reusable 13-week cash flow with usable liquidity and a springing-covenant block, the weekly variance report and its running record with the bank reconciliation, a creditor map, and a waterfall at up to eight enterprise values. Every input is empty and every output a live formula; the Checks sheet counts what is still to fill in.
Download the workbook28 KBAppendix C · Chapters 1, 2 and 4 to 16
Six forms to print and fill in: the first-thirty-days checklist, the weekly 13-week review and variance report, the four clocks on one page, the creditor map, the options memo and the plan term-sheet checklist.
Download the PDF53 KBChapters 1 to 16 · Appendices B and C
Forty questions across the chapters, numeric and multiple choice, marked by formula as you type. The second sheet counts your faults chapter by chapter; the third gives every answer and the reason for it.
Download the workbook19 KBChapters 4, 7 and 11 to 14
Three worked cases, one workbook each: the note on the first sheet, the live model on the next, the Checks sheet at the end. Every figure quoted in each note is computed by its model.
Download the three cases43 KBRead first
What each file is, which chapter each sheet serves, the conventions, and the figures to type into the blank template to check it against the book.
Download the read-me6 KB| 13-week forecast | Ending cash of $19.89 million in week 13, a trough of $19.88 million in week 12, against a $25 million minimum |
| The DIP | A need of $62.06 million, a facility of $65 million |
| At the plan value | At $975 million: first lien $852.0 million, 88.7 percent; unsecured pool $53.2 million, 10.6 percent |
Case one · Chapters 4 and 13
At filing the receivables buyer stops buying and keeps the first $36.0 million of collections. If the program's cash is still in the bank, the DIP need rises 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 million, the facility $105 million against $65 million, and the net call on the first lien's collateral at emergence $81.91 million against $43.85 million.
Case two · Chapter 7, the discounted exchange
Total leverage falls below 9.5 times only above 80.0 percent participation; the first step on the grid below it is 85 percent, at 9.45 times. Interest saved runs from $0.50 million to $1.00 million a year. At $1,100 million of value the notes as a group receive $140.0 million at every level of participation, against $110.9 million before, at the trade's expense. Holding out pays only above $1,313.5 million.
Case three · The valuation chapter, Chapters 12 and 14
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. Warrants over 10 percent of the equity, struck 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.
The files are provided as they are, without warranty of any kind. The models are illustrative: Brantwell Coatings Group and every party in the cases are fictional, and the figures are the book's assumptions, not market statistics. Nothing here is legal, tax, accounting or investment advice; the documents of each company, its counsel and its advisers decide.
Discover more of Julian R. Sterling's practical library of models, checklists and worked cases.
Browse Julian R. Sterling's books Browse all companion filesAlso available as a standalone free template: 13-week cash flow model.