Moelis Restructuring Interview Questions 2027: EV, Distressed & More
Moelis built its name partly on restructuring and distressed advisory — which means restructuring questions show up in Moelis interviews far more than at most banks. Questions like "can enterprise value be negative?" or "walk me through a Chapter 11" blindside candidates who only prepared standard M&A technicals. Here is what to expect.
Why Moelis Restructuring Interview Questions Are Different
Most banks treat restructuring as a niche topic. At Moelis, it is core heritage — the firm has advised on some of the largest restructurings in history. So Moelis restructuring interview questions test whether you can think about the downside: what happens when a company cannot pay its debts, how value flows through the capital structure, and how enterprise value behaves under distress. You do not need to be a restructuring expert, but you need the fundamentals.
The Moelis Restructuring Interview Questions to Know Cold
- Can enterprise value be negative? Yes — when cash exceeds market cap plus debt, typically in distressed situations where the market values equity near zero. Know the formula and the intuition.
- Walk me through a Chapter 11. Company files, automatic stay, DIP financing, creditor negotiations, plan of reorganization, emergence — in that order.
- Who gets paid first? The capital structure waterfall: secured debt, unsecured debt, subordinated debt, preferred equity, common equity.
- Why would a company file Chapter 11 vs. Chapter 7? Reorganization vs. liquidation — Chapter 11 preserves going-concern value.
Preparing Moelis Restructuring Interview Questions
- Learn the distressed question set. Our 2027 Moelis Investment Banking Online Assessment Tutorials includes the actual Moelis restructuring interview questions candidates faced — EV edge cases, Chapter 11 walkthroughs, waterfall questions — with model answers.
- Master the EV formula under stress. If you can explain negative EV clearly, you signal real understanding.
- Know one famous restructuring. Being able to discuss a real case shows genuine interest in the firm's core practice.
"Can enterprise value be negative?" is a five-second question that eliminates candidates who never thought about distress. At a firm built on restructuring advisory, that is an unforgivable miss. Spend one evening on the distressed question set and turn Moelis's hardest niche into your easiest differentiator.
FAQs
Can enterprise value be negative? Yes — when a company's cash exceeds the sum of its market capitalization and debt, which happens in distressed situations. The formula still holds; the intuition is that the market values the equity near zero.
What is the difference between Chapter 11 and Chapter 7? Chapter 11 is reorganization — the company continues operating while restructuring debts. Chapter 7 is liquidation — assets are sold and the company ceases to exist.
Does Moelis ask restructuring questions in every interview? Not every round, but they appear often enough — and are distinctive enough to Moelis — that preparing them is high-leverage.
What is DIP financing? Debtor-in-possession financing: new loans made to a company in Chapter 11, which get senior priority to keep the business running during restructuring.
Preparing for Moelis & Company's restructuring questions? Our 2027 Moelis Investment Banking Online Assessment Tutorials has the exact questions and answers — $79 one-time, instant download.
