Capital Structure
Where value breaks: reading a stressed capital structure
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05Insights
Notes on capital.
On special situations, capital structure and the transactions in between, written for promoters, boards, lenders and investors.
Latest notes
The last stretch: why deals fail between term sheet and drawdown
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Special Situations
Pre-IPO rounds and the clean cap table
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Private Capital
Covenant resets before the default, not after
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Restructuring
Resolution capital and the order of claims
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Distressed
DRHP readiness and the anchor conversation
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Public Markets
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05.2Sections
What each section covers.
- Special Situations
- Transactions shaped by time, stress or structure rather than by the market cycle.
- Capital Structure
- How debt, hybrid and equity capital fit together, and what each layer costs and controls.
- Distressed
- Stressed balance sheets, resolution, and the capital that serves them.
- Restructuring
- Balance sheet repair: refinancing, covenant resets and settlements.
- Private Capital
- Private equity, private credit, family offices and pre-IPO rounds.
- Public Markets
- IPO readiness, listings, and what public investors look for.