Free Restructuring Research
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On this page, you can explore some of our recent work to start learning about restructuring and studying these important situations.
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August 2025 -
This writeup explores Bird’s rapid rise to fame and enormous valuations, along with the issues that plagued its business model, including injuries, municipal lawsuits, and vandalism. We’ll also dive into the unit economics behind micromobility ridesharing to diagnose where Bird faltered. Additionally, we’ll examine Apollo’s unique form of scooter financing and how the firm leveraged Bird’s desperate need for outside capital in a Chapter 11 loan-to-own strategy. We’ll conclude with Apollo and the lender group’s outstanding turnaround of Bird and briefly compare it to its competitor, Lime.
May 2025 -
In this writeup, we will examine one of Amazon’s most (initially) successful companies, Thrasio, and how the company’s rapid expansion via roll-ups, over-dependence on Amazon as a platform, and reliance on short-term solutions led to the aggregator’s downfall in 2024. We will use Thrasio as an opportunity to learn about challenges faced specifically by the e-commerce industry, and how venture-scale businesses can depress their runway despite aggressive funding.
April 2025 -
Talen’s restructuring story is particularly compelling—not just because of the scale of its operations, but due to the mechanisms employed in its turnaround. The company’s challenges stemmed largely from an under-hedged position in the face of rising natural gas prices, coupled with a capital structure that left it exposed to severe liquidity pressures. However, Talen’s restructuring (and specifically post-restructuring performance) has defied expectations. This deep dive explores the factors that led to Talen’s financial distress, the key legal and financial maneuvers used during its restructuring, and the broader implications of its remarkable turnaround.
March 2025 -
In this writeup, we will see how shifting consumer tastes from premium goods to value deals, combined with high operating expenses, led to the company’s inability to service its debt. Through the case of BurgerFi, we will also learn about restaurant-specific operating metrics and understand how they contribute to restaurants’ profitability.
January 2025 -
In recent years, restructuring has only become more complex. Whether it be out-of-court LMEs, or complex and lengthy in-court negotiations and litigation, we often see restructuring have the goal of ‘giving breathing room’ to a company to figure out their problems, rather than completely solving their problems in the restructuring itself.
The case of Red Lobster is fascinating; it incorporates all of these complex elements - including RSA’s, credit bids, and in-court litigation - but has been able to complete a restructuring in the span of a few months while successfully resolving many of the company’s issues and truly providing a pathway for a brighter future.
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