Restructuring CV Guide 2026: RX Resume Tips for Distressed & Turnaround Roles

Standard IB CVs compete on deal volume and size. RX CVs compete on analytical depth and situation complexity. A single Chapter 11 mandate that lasted 18 months outweighs five clean M&A sell-sides in the eyes of an RX recruiter.

The core difference is that RX bankers must understand the legal architecture of distress, not just the financials. Screeners expect to see references to creditor classes, plan of reorganization mechanics, and DIP financing structures. A candidate who writes only about "complex financial modeling" without naming the specific tools, 13-week cash flow, waterfall analysis, liquidation analysis, signals they have not done the real work.

RX groups also care about which side of the table you sat on. Debtor-side, creditor-side, and principal investing each require a different framing. More on that below.

For a broader look at what restructuring investment banking involves day-to-day, Mergers & Inquisitions covers the group structure and exit paths in detail.

RX technical work is distinct from M&A modeling. Your CV should name the tools you have used, not just describe "financial modeling."

13-Week Cash Flow (13W CF). The core liquidity management tool for distressed companies. Shows week-by-week cash receipts and disbursements. If you built or maintained one, say so explicitly, including the debtor size and how it was used (DIP sizing, covenant compliance, stakeholder reporting).

Liquidation Analysis. Values assets on a forced-sale basis across scenarios (going concern vs. Chapter 7 liquidation). Used to establish the floor for creditor recoveries and test whether a plan satisfies the best-interests-of-creditors test.

Waterfall and Recovery Analysis. Distributes enterprise value or liquidation proceeds through the capital structure, class by class, to determine recovery rates in cents on the dollar. This is the central negotiating tool in most restructurings.

DIP Financing. Debtor-in-possession financing that funds operations during Chapter 11. If you worked on DIP sizing, DIP credit agreements, or DIP lender advisory, include it.

Covenant Calculations. Maintenance and incurrence covenants in credit agreements determine when a company is technically in default. RX candidates are expected to model covenant headroom and trigger points.

Debt-for-Equity Swap Modeling. Converts outstanding debt into equity at emergence. Requires understanding of fresh-start accounting and post-emergence capital structure.

Section 363 Sales. Asset sales conducted under Section 363 of the Bankruptcy Code, which allows sale free and clear of liens. Common in retail and energy restructurings. If you ran a 363 sale process, name it.

Liability Management Exercises (LMEs). Out-of-court tools including exchange offers, consent solicitations, and uptier transactions. Increasingly dominant in 2025-2026 as companies avoid formal Chapter 11.

For a structured walkthrough of the technical questions tied to these tools, Wall Street Prep's restructuring interview guide is the standard preparation resource.

The side of the table you advise changes the verbs and focus on your CV. Misaligned framing is one of the most common mistakes in RX applications.

Debtor-side advisory centers on liquidity management, stakeholder negotiation, and plan of reorganization design. Use verbs like: advised, developed, managed, prepared, coordinated. Emphasize the debtor's operational and financial challenges you addressed. Example: "Advised $1.4B retail debtor on Chapter 11 filing strategy; developed 13-week cash flow and DIP financing package that funded operations through confirmation."

Creditor-side advisory centers on recovery maximization and challenging debtor valuations. Use verbs like: analyzed, challenged, negotiated, advocated. Emphasize the recovery outcome for the committee or ad hoc group. Example: "Advised ad hoc group of second-lien holders on $2.1B energy restructuring; challenged debtor's enterprise valuation by $340M, increasing estimated recovery from 41 to 68 cents on the dollar."

Principal investing (distressed debt funds, special situations) centers on thesis development and return generation. Use verbs like: sourced, underwrote, constructed, executed. Emphasize the investment thesis and realized return. Example: "Underwrote $85M position in fulcrum security of distressed healthcare issuer; achieved 2.3x return at plan confirmation."

If you have done both debtor and creditor mandates, list them separately and frame each correctly. Do not blend the framing.

RX deals require different metrics than M&A transactions. Do not default to "deal size $X billion" as the only data point.

Recovery rates. The most RX-specific metric. Express in cents on the dollar. "Unsecured creditors recovered 34 cents on the dollar" is more meaningful to an RX recruiter than "advised on $800M restructuring." If your work directly affected the recovery, say so.

Debt reduction. "Reduced total debt from $2.4B to $900M through plan of reorganization" shows the scale of the capital structure change.

Leverage ratios pre- and post-emergence. "Reduced net leverage from 9.2x to 3.1x at emergence" demonstrates you understand the financial outcome, not just the process.

Creditor class count and complexity. "Negotiated across 5 creditor classes including a contested intercreditor dispute" signals situation complexity.

Timeline pressure. RX situations often have hard deadlines tied to DIP maturity, KERP approvals, or exclusivity periods. If you worked under acute time pressure, mention the timeline.

CFI's overview of restructuring investment banking provides a solid reference for how these metrics sit within the overall process. Upload your CV here to see how these metrics read through an ATS.

RX confidentiality is more complex than standard IB. Getting this wrong on a CV creates legal exposure and signals poor judgment to interviewers.

Public Chapter 11 cases are safe to name. Once a debtor files for Chapter 11, the case is a public court proceeding. You can name the debtor, the case number, and the outcome. Most large RX mandates at the top shops are public record.

Out-of-court restructurings may not be. If a company ran an LME, an exchange offer, or a private forbearance negotiation without filing, that engagement may be confidential. Check your NDA before naming the company. You can describe the situation anonymously: "$1.2B retail issuer, liability management exercise involving exchange offer and new money injection."

Committee mandates. If you advised an official creditors' committee (OCC), the committee itself is public. The specific analysis you ran for the committee may still be privileged. When in doubt, describe the work without disclosing privileged outputs.

Safest default. Name public filings by name. For everything else, describe size, industry, and situation type without naming the company. Interviewers understand this and will ask follow-up questions in the room.

Most RX analysts and associates come from one of three backgrounds. The framing task is to show the overlap, not explain away the gap.

LevFin. The most natural transition. LevFin bankers already model leveraged capital structures, covenant packages, and credit documentation. Emphasize your experience with stressed credits, any exposure to amendments or waivers, and your familiarity with intercreditor agreements. If you covered an issuer that subsequently went through a restructuring, mention it.

M&A. Strong modeling skills transfer, but you need to add the distressed angle. Take a course on 13-week cash flow modeling and liquidation analysis. If any of your M&A deals involved a distressed seller or a carve-out from bankruptcy, lead with that. Show you understand capital structure, not just enterprise value.

Big 4 Restructuring Advisory. Firms like Alvarez & Marsal, FTI Consulting, and Deloitte's restructuring practice produce strong RX candidates. The transition to investment banking RX from Big 4 advisory is well-trodden. Emphasize your client-facing work, your modeling output, and any cases where you worked alongside the banking advisor. The gap to close is "deal origination and M&A process experience," so highlight any sell-side mandates or DIP financing work.

From turnaround consulting. If you have operational turnaround experience (cash management, vendor negotiations, headcount actions), position it as debtor-side operational advisory that complements the financial analysis. RX groups at mid-market shops value this more than bulge bracket RX groups, who are almost entirely financial advisory.

For all lateral candidates, the Investment Banking CV guide covers the baseline IB formatting requirements that apply regardless of background.

RX job postings at Houlihan Lokey, PJT, Lazard, Evercore, and Moelis use specific terminology. Your CV should include the exact phrases, not paraphrased versions.

Process terms: Restructuring, Chapter 11, Chapter 7, Prepackaged Bankruptcy, Pre-Arranged Restructuring, Out-of-Court Restructuring, Plan of Reorganization, 363 Sale, DIP Financing, Confirmation Hearing, Creditor Committee, Official Committee of Unsecured Creditors

Technical tools: 13-Week Cash Flow, Liquidity Analysis, Waterfall Analysis, Recovery Analysis, Liquidation Analysis, Going Concern Valuation, Fulcrum Security Analysis, Debt-for-Equity Swap, Fresh-Start Accounting

Market terms: Distressed Debt, Liability Management, Liability Management Exercise, Uptier Transaction, Exchange Offer, Consent Solicitation, Turnaround, Special Situations

Capital structure terms: Senior Secured, First Lien, Second Lien, Subordinated Debt, Intercreditor Agreement, Covenant Analysis, Debt Capacity Analysis, Leverage Ratio

Institutions and frameworks: Houlihan Lokey, PJT Partners, Lazard Freres, Evercore, Moelis, Kirkland & Ellis, Paul Weiss, Weil Gotshal, Bankruptcy Code

Distribute these terms naturally through your experience bullets. Do not create a standalone "RX Keywords" section. If your CV lands in ATS at a top shop, check the FAQ to see which terms are parsed correctly.

These are written to the standard expected at top RX groups. Adapt the numbers to your own experience.

13-week cash flow and liquidity:

Creditor-side recovery:

Scale and volume:

LME and out-of-court:

363 sale:

Liquidation analysis:

Each bullet follows the same structure: what you built or did, the scale, and the outcome in RX-specific terms.

Understanding the current market makes your CV more targeted and prepares you for the "why RX now" question in interviews.

Liability management exercises are dominant. In 2025-2026, LMEs (uptier transactions, drop-down transfers, double-dip structures) have outpaced formal Chapter 11 filings for large-cap situations. Creditors and debtors both need advisors who understand the mechanics. If you have worked on exchange offers or consent solicitations, that is directly relevant to current deal flow.

Chapter 11 filings at a 10-year high. Mid-market Chapter 11 volume has been elevated since 2024. Consumer, retail, healthcare, and commercial real estate have generated consistent deal flow. RX groups are busy across the credit quality spectrum.

The $1 trillion speculative-grade maturity wall. Roughly $1 trillion in leveraged loans and high-yield bonds matures between 2026 and 2028. Companies that cannot refinance at current rates will need restructuring advisory. This is a multi-year tailwind for RX hiring.

Private credit workouts. As direct lending has grown, so has the volume of private credit workouts. These are almost entirely out-of-court and confidential, but they follow the same analytical framework as formal restructurings. Experience advising direct lenders or borrowers in private credit situations is increasingly valued at RX shops.

Frame your experience against these themes in cover letters and interviews, not just on the CV itself.

Houlihan Lokey, PJT Partners, Lazard, Evercore, and Moelis expect standard IB formatting. Deviation signals you do not know the culture.

One page, no exceptions below VP. Even at VP level, two pages is the maximum and only if both pages are dense with relevant deal experience. Do not pad.

No photos, no graphics, no color. Black text on white background. Standard serif or clean sans-serif font (Garamond, Times New Roman, or Calibri). Font size 10-11pt for body, 11-12pt for name.

Reverse chronological order. Most recent role first within each section. Education goes below experience for candidates with more than two years of work experience.

Bullet format. Each bullet starts with a strong action verb. Past tense for previous roles, present tense for current role. No bullet should exceed two lines. Use metrics wherever possible.

Sections in order: Education, Experience, Skills (technical tools, modeling), Additional (languages, licenses, activities). Some candidates with strong academic credentials put Education first throughout their career. For RX specifically, deal experience should be immediately visible, so if your education section is longer than four lines, move it below experience.

File format. Submit as PDF. Name the file "FirstName LastName CV.pdf" or "FirstName LastName Resume.pdf". Do not use version numbers or dates in the filename.

Run your draft through the ATS checker at /upload before submitting. RX screeners move quickly and a formatting issue can eliminate a technically strong candidate at the first pass.