About

GCRX prepares members for a specific set of jobs: sell-side restructuring, distressed and special situations investing, private credit, and direct lending.

Those roles ask for a different toolkit than a standard corporate finance course provides. They want someone who reads documents closely, thinks about downside before upside, and can explain why a claim sits where it sits. That is a teachable skill set, and it is what we spend the year teaching.

The club was founded by members who went through this recruiting process without a roadmap. The point is that the next class does not have to.

How we do it

• Weekly sessionsOne hour, one topic, taught by members who have used the material on a desk. Slides are posted afterward, so missing a week does not put you behind.
• Guest speaker eventsAnalysts and investors from restructuring groups, distressed funds, and private credit platforms join us through the year to talk about their work and take questions.
• Pitch workMembers build a credit thesis, present it, and get picked apart. The course is built around it.
• Recruiting preparationMock interviews, a maintained technical question bank, resume review, and an honest account of how and when these firms hire.

Credit Fundamentals Course

Eleven weeks, taught in sequence. Each session assumes the one before it. Cohort interviews run in week three.

• 01Why Companies Borrow MoneyWhat debt is for, who supplies it, and the trade-offs a borrower accepts to get it.
• 02The Capital Structure: Who Gets Paid FirstSeniority, security, guarantees, and structural subordination.
• 03Credit Analysis I: Evaluating the BusinessBusiness quality, competitive position, and the durability of cash flow.
• 04Credit Analysis II: Evaluating the FinancialsLeverage, coverage, free cash flow conversion, and liquidity runway.
• 05When Things Go Wrong: Distress & Warning SignsMaturity walls, covenant pressure, and reading the signals before the market does.
• 06Pitch Assignment & Building a Credit ThesisFraming a view on a credit and defending it with the right evidence.
• 07Restructuring OptionsExchange offers, amend-and-extend, rescue financing, and when out-of-court works.
• 08Pitch WeekMembers present their credit theses and take questions from the room.
• 09Bankruptcy MechanicsDIP financing, plan voting, absolute priority, and cramdown.
• 10Liability Management Exercises (Part 1)Drop-downs, uptiers, and how borrowers use their own documents against lenders.
• 11Liability Management Exercises (Part 2)Double-dips, cooperation agreements, and how lenders have responded.

Placement

Where members have placed for internships and full-time roles.

• Houlihan LokeyFinancial Restructuring
• BlackstoneWorkouts · Private Credit
• JefferiesCapital Structure Solutions
• Oak Hill AdvisorsCredit Investing (performing & distressed)

Beyond these, the field runs across sell-side restructuring groups, distressed and special situations funds, private credit and direct lending platforms, and turnaround advisory. We walk members through the differences before they start recruiting.