Restructuring & Special Situations
Workout Readiness Playbook
Nobody who raised after 2015 has been through a full default cycle — a fact about the calendar, not a criticism of any team. The playbook closes the gap in advance: what your documents actually permit, who does what when a credit slips, and a half-day tabletop where your team runs a simulated default end-to-end.
Who calls us
The situations
- First- and second-fund managers whose teams underwrote the book but have never worked a name out
- Funds mid-fundraise where “we have a workout playbook and a named advisor” answers an ODD question before it is asked
- Established platforms that want their playbook stress-tested against 2026's amendment-heavy reality
What you receive
The deliverable
A playbook built to your fund: trigger inventory, escalation map, mandate boundaries, advisor slots, lender-group reporting formats — finished with a war-gamed tabletop. Three to five weeks, fixed fee. Optional standing agreement afterward: our numbers on file, conflicts pre-cleared.
Five weeks, one afternoon of truth
Weeks 1–2
Document review and trigger inventory — cure periods, springing rights, cash dominion, every remedy you actually hold.
Weeks 3–4
Escalation map, mandate boundaries, advisor slots, lender-group reporting formats — built to your fund, not a template.
Week 5
The tabletop — a simulated default run end-to-end by your team, with us in the room.
After
Optional standing agreement — our numbers on file, conflicts pre-cleared, activation by phone call. **The point of the tabletop** What breaks in the simulation gets fixed on paper, not on a live credit. The difference between a first workout that becomes a fundraising asset and one that sinks Fund II is rarely talent — it is preparation and the first fifteen days.
Common questions
Straight answers
How long and how much?
Three to five weeks, fixed fee, scoped to fund complexity. The entire build typically costs less than one month of a mis-run forbearance's legal bill.
We have restructuring counsel — is this duplicative?
No. Counsel tells you what the documents permit; the playbook decides who does what, when, with which information, and rehearses it. We build alongside your counsel.
What does the tabletop actually simulate?
A covenant default on a realistic composite credit: first notice, information gathering, forbearance negotiation, committee decision points — compressed into an afternoon.
One playbook, one tabletop, one afternoon
The lowest-risk engagement in our catalog — and the one that pays off the longest.