The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which were highly-levered and whose debt was held by a wide range of institutional investors, including collateralized loan obligations (CLOs). By May 2020, WorldStrides needed to restructure its debt, and there are two proposals that are being circulated, one from the company's private equity sponsor and the other from a hedge fund holding some senior secured debt. This case takes the perspective of York Capital Management, a CLO manager that also holds WorldStrides's senior secured debt. Both existing proposals had aspects that would have put stress on the structure of York's CLOs at the time. This case takes a deep dive into the economics of CLOs and their internal compliance processes. With this information York's CLO team needs to suggest to their lending group whether to accept either proposal, look for other options, or sell the loans at a loss and redeploy the capital. This case can be used as a background for teaching corporate debt securitization, corporate debt restructuring, and the role of creditors that face different institutional constraints.

In June 2020, Jeremy Blank prepared for a meeting with his fellow partners at York Capital to discuss an investment he had championed in Enovix, a company developing a state-of-the-art, silicon-based battery. Early-stage technology companies, like Enovix, were not typical investments for York, but Blank had convinced his partners to invest. However, the partnership wanted to be "one and done" without reinvesting in future rounds. By 2020, Enovix had made great progress but not as quickly as forecasted. The company had set out to raise more money and received a term sheet from a well-known publicly-traded company. Blank saw this as an exciting opportunity for Enovix, but he was disappointed to see that it would require York to invest more capital and forego a key protective feature. How should Blank approach this meeting with his partners, and what should he recommend?

In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the "dirty dozen") began restructuring under the IBC in 2017. Two years later, the situation remains unresolved, the Supreme Court is involved, there are two interested bidders for the company, and a creditor group that includes Indian banks and local homebuyers. Should York Capital bid to purchase some of Jaypee's secured debt and at what price?