The Restructuring Lab
The chapters explain the mechanics; these run them. Each tool is a working model with real deal figures preloaded, so you can see the arithmetic behind the cases in Part VII and then replace the inputs with a docket of your own. Nothing is sent anywhere — the maths runs in your browser.
| Tool | What it computes | Preloaded with |
|---|---|---|
| 01 · Waterfall & Recovery | Allocates enterprise value down the priority stack, splits undersecured claims into secured and deficiency components, identifies the fulcrum and the value at which it moves. | Serta's 2016 structure, the post-uptier stack, and JOANN 2025 |
| 02 · Uptier Exchange | Exchange ratio, the post-transaction priority stack, and the recovery gap between participating and excluded lenders against a pro rata counterfactual. | Serta, June 2020 — $200mm new money, $1.2bn exchanged for $875mm |
| 03 · 13-Week Cash Flow | Weekly receipts and disbursements, collection curve on the receivables ageing, trough liquidity week, and the DIP cumulative variance covenant test. | Three scenarios, including vendors moving to cash on delivery |
| 04 · Liquidation Analysis | Asset-by-asset recovery, wind-down costs, the net floor under the best-interests test, and the going-concern premium a plan must clear. | Retail, industrial and asset-light services templates |
How to use these
Read the chapter, then open the tool and reproduce the numbers in it. Then go to a docket — Kroll, Stretto, Epiq — pull a DIP budget exhibit or a disclosure statement, and enter those figures instead. The gap between what you expected and what the model returns is where the learning is. The tools are deliberately simple: they do the arithmetic correctly and leave every judgment to you.
A note on the preloaded figures: transaction amounts for Serta are as reported in the Fifth Circuit's decision and contemporaneous law firm analyses. Enterprise values used in the waterfall presets are illustrative inputs chosen to show the mechanics, not findings of value — plan valuations are contested and you should take yours from the disclosure statement.