Welcome to Pari Passu by Restructuring,

According to a recent article by Mergers and Inquisition, we are one of the two leading newsletters in the distressed debt world. This said, I like to define Pari Passu as a newsletter investing writing across the capital structure (I write about anything that I find interesting in the investing world).

If you are new to Pari Passu you can view some of our most popular content at the links below:

Who is Restructuring?

I am Restructuring, an anonymous restructuring banker turned private equity investor at Mega-Fund based in New York. I have a passion for learning, and I wanted to share with other people what I was learning as an investment banking analyst based in New York. I launched the Instagram page “Restructuring__” in January 2022 focusing on restructuring (the group I was working in) and since then our community grew a lot. I have decided to focus my free time on writing about anything I find interesting in the world of investing. I hope you will enjoy the newsletter and learn something from it.

I believe that learning will make me a better investor and I am excited to continue this journey and share what I learn with you.

You can reach me at: [email protected]

Why subscribe?

Subscribe to share my learning process and learn something new every time I do (and receive for free my most shared post in your welcome email).

If you are enjoying Pari Passu and would like to get access to the archive and exclusive posts, you can upgrade to premium. Considering comps and upside, this is like buying Apple bonds in the 80s.

Premium Newsletter Reimbursement / Approval Email

Given the education and advanced nature of our content, most readers are able to expense their premium subscription through their firms (e.g., expense as continuing education, professional development, enrichment). Please find below a template you can copy and paste to request reimbursement / approval.

[Approver],

I hope you are doing well. 

I am writing to request [reimbursement / approval] for my subscription to Pari Passu. Pari Passu is a newsletter focused on restructuring and other advanced finance topics. The annual subscription costs $149.

A paid subscription will provide me access to the following three resources:

  • Restructuring transaction analysis: Published weekly, the typical Pari Passu writeup exceeds 5,000 words and 30 proprietary sources. Recent editions include Oaktree's Takeover of Inter Milan and Eye Care Leaders' Unconventional Chapter 11 process

  • Premium deep dives: A monthly deep dive is written on a must-know but underreported topic. Recent editions cover the 84-day restructuring of Zips Car Wash and the failed HVAC rollup AirPros 

  • Archive and training library: A subscription also unlocks access to all historical published work and a portfolio of 13 training resources from top financial and law firms, including case studies, primers, and handbooks 

I have diligenced peer publications and believe Pari Passu is distinguished by the following three qualities:

  • First to the frontier topics: Pari Passu is often the first to cover emerging transactions and concepts, leading the conversation instead of following it. For example, their Triple Dip writeup is the first result on Google, and there are no comparable articles nearly one year later

  • Institution-grade depth: Their deep dive on the Saks Global Restructuring leads the market in terms of coverage comprehensivity. While other publications spotlight one facet of the situation (e.g., vendor payments, tariffs, one-off payments), Pari Passu is the only source that has provided end-to-end coverage on the company’s financial trajectory, drivers of distress, and new financing transactions

  • Masterful translation of complexity: Pari Passu bridges technical complexity and real-world relevance. For example, their analysis of the Ardagh-Apollo Deal provides a top-down explanation of hunter-gatherer liability management transactions and anchors this concept with an in-depth case study of its most infamous application in Europe

This subscription will enable me to deliver sharper insights today and a more informed and forward-thinking perspective in the future, directly supporting my professional development and delivering enhanced value to our team. 

I appreciate your consideration of my request and look forward to hearing from you.

Best,

[Your Name & Signature]