The Wall Street Skinny
This podcast is a smart and entertaining peek into the world of investment banking, sales & trading, private equity, hedge funds and more. Hosted by two lifelong friends with a passion for teaching, and over two decades of experience on Wall Street. Discover the basics, ranging from “what is investment banking?” to “what moves markets?". Learn about different roles and exit opportunities, and get tips on how to land the job. Our mission is to make the world of Wall Street accessible to everyone, while keeping things relatable and fun.
Whether your goal is to work on Wall Street, or if you have NO idea what any of those things are and just want to learn some basics, this podcast is for you.
The Wall Street Skinny
40. Distressed Debt and Restructuring 101: Caesars Palace Coup (Part II)
In Part II of this three-part case study of Sujeet Indap and Max Frumes' book Caesars Palace Coup, we pick up in 2008 after Apollo and TPG's $30bn Leveraged Buyout of Caesars closed. With the economy immediately taking a nosedive, Apollo spearheaded a series of restructurings to stave off bankruptcy. These restructurings ranged from more vanilla "distress-for-control" maneuvers to extremely questionable, cloak-and-dagger asset transfers and severing of guarantees. These ultimately culminated in a showdown between the titans of Private Equity and the creditors they'd effectively superseded through expert manipulation of Caesars' legal and capital structures.
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