Restructuring and Distressed Investing Certificate

This program is designed for investors evaluating distressed opportunities, credit professionals navigating troubled portfolios, advisors guiding clients through restructurings, and attorneys advising through bankruptcy proceedings.

You’ll learn directly from experienced restructuring practitioners and distressed investors alongside Wharton faculty and Wall Street Prep trainers who prepare teams at leading credit funds, PE firms, investment banks, and restructuring advisory practices.

Upon successful completion, participants receive a Wharton Online certificate, earn 65 CPE credits, and join a global network of restructuring professionals, credit investors, and turnaround advisors across 100+ countries.

Over the course of eight modules, master the complete spectrum of corporate restructuring and distressed investing. From diagnosing financial distress to executing turnarounds and distressed investments, you'll gain hands-on expertise in bankruptcy processes, capital structure analysis, distressed M&A, and operational recovery. This self-paced online program culminates in a closing ceremony and the receipt of a certificate from Wharton Online.

Module 1

This module introduces the foundations of financial distress and distressed investing. Participants learn what drives companies into distress, how value is created and redistributed across stakeholders, and how investors and advisors assess risk and opportunity in stressed situations. The module blends financial analysis, legal context, and real-world case studies to establish a shared framework for evaluating distressed companies and investment opportunities.

Module 2

Participants examine how businesses decline, why liquidity crises emerge, and what differentiates operational challenges from structural failure. This module focuses on diagnosing the root causes of distress, managing short-term liquidity through cash controls and forecasting, and understanding the mindset for effective turnaround leadership. Learners gain insight into how operational decisions directly shape restructuring outcomes and long-term viability.

Module 3

Participants develop a deep understanding of capital structures and credit documentation, from secured debt to equity and off-balance-sheet obligations. This module demystifies credit agreements, covenants, and intercreditor dynamics, helping learners understand how capital structure design influences outcomes in distress. Emphasis is placed on interpreting legal documents and identifying flexibility, or constraints, within complex financing arrangements.

Module 4

This module focuses on restructuring the right-hand side of the balance sheet to align a company's capital structure with its underlying business realities. Participants explore creditor priorities, covenants, and the absolute priority rule, while analyzing modern restructuring tools such as liability management exercises. Case studies illustrate how balance sheet restructurings can preserve enterprise value, or shift control among stakeholders.

Module 5

This module provides a practical introduction to Chapter 11 bankruptcy and the early stages of the court-supervised restructuring process. Participants learn the roles of key stakeholders, how the automatic stay functions, and why DIP financing and first-day motions matter. Through applied exercises, learners develop fluency in bankruptcy timelines, filings, and data sources used by investors, advisors, and legal professionals.

Module 6

Focusing on value realization and control outcomes, this module examines how companies exit bankruptcy through a plan of reorganization or a Section 363 sale. Participants learn how creditor classes are formed, how valuation disputes are resolved, and how voting and confirmation mechanics work in practice. The module also covers distressed M&A and valuation techniques, highlighting how legal, financial, and strategic considerations converge to determine recoveries and post-emergence ownership.

Module 7

Participants learn how operational execution drives restructuring success. This module focuses on liquidity management, working capital optimization, cost controls, and performance improvement in distressed environments. Learners explore how leadership changes, cash discipline, and operational decision-making can stabilize businesses and support restructuring efforts. Emphasis is placed on translating financial improvements into operational results.

Module 8

The final module examines advanced distressed strategies, including liability management transactions and special situations investing. Participants learn how investors generate returns through control strategies, capital structure arbitrage, claims trading, and liquidation scenarios. The module connects restructuring mechanics to investment outcomes, helping learners understand how professionals deploy capital across different distressed scenarios.

The Wharton Online & Wall Street Prep Restructuring & Distressed Investing Certificate Program is designed for professionals from finance, legal, and advisory backgrounds seeking specialized expertise in distressed investing and corporate restructuring.