Managing Director, Credit Restructuring

CPP Investments | Investissements RPC•Toronto, ON

3d•$275,000 - $460,000•Hybrid

About The Position

Credit Investments (CI) is seeking an experienced restructuring professional to strengthen its capability to manage underperforming, stressed and distressed credit investments as the portfolio grows in scale and complexity. The Managing Director, Restructuring will provide dedicated senior creditor-side expertise across workouts, liability management exercises (LMEs), restructurings, liquidity solutions and other stressed situations. The role will partner with CI investment teams to preserve investment value, maximize recoveries and support effective positioning ahead of key events.

Requirements

Significant restructuring experience gained as a banker or adviser at a leading restructuring advisory firm, or investment bank.
Senior-level experience (approximately 15 years) consistent with a Managing Director appointment, with a demonstrated ability to lead complex restructuring processes and advise sophisticated institutional clients.
Deep creditor-side experience representing lenders, bondholders, creditor groups and/or institutional investors.
Extensive experience with LMEs, complex out-of-court restructurings and formal restructuring processes.
Strong expertise in liquidity analysis, capital structures, valuation, recovery analysis, financing alternatives and transaction execution.
Demonstrated experience negotiating with sponsors, companies, creditor groups and advisers in high-stakes situations.
Strong knowledge of restructuring market conventions, precedents and creditor dynamics.
Meaningful familiarity with restructuring documentation and legal concepts, and the ability to work effectively with counsel.
Strong executive presence and judgment, with the ability to influence senior investment professionals while operating in a collaborative, advisory capacity.
Ability to move between detailed transaction execution and broader strategic judgment, with a collaborative mindset suited to CI's deal-team ownership model.

Nice To Haves

The role will have no direct people-leadership responsibilities initially, although this may change as the portfolio and workout activity grow.

Responsibilities

Serve as CI's senior restructuring expert and provide commercial leadership and decision-making authority on material stressed and distressed investments.
Partner with investment teams to develop and execute restructuring strategies designed to protect investment value and maximize recoveries.
Lead negotiations involving amendments, waivers, recapitalizations, exchange offers, LMEs, rescue financings, asset sales, refinancings and formal restructuring processes.
Assess alternative restructuring pathways and advise on likely outcomes, negotiating leverage, new-money requirements, timing and execution risk, drawing on relevant market precedents and judgment on key economic terms.
Support investment teams in anticipating potential creditor actions and positioning CI effectively ahead of key events.
Provide independent challenge and advice on capital structure, liquidity, valuation, recovery scenarios, financing alternatives and strategic options in distressed situations.
Help teams identify and use sources of negotiating leverage, including opportunities to build alignment with other stakeholders, while engaging constructively and credibly with borrowers, sponsors, shareholders and other creditors.
Advise on creditor-group formation, steering committees and lender-coordination processes, and support the selection and efficient direction of external restructuring bankers, financial advisers and other specialists.
Bring current restructuring market intelligence, conventions and precedents to portfolio-management decisions.
Assess proposed outcomes across recovery value, incremental capital, time to resolution, external costs, reputational considerations and demands on deal-team capacity.
Work alongside existing deal teams as the lead restructuring specialist adviser rather than operating as a separate distressed-investing team; deal teams remain actively involved and accountable for the investment outcome.
Work closely with CI Legal, including dedicated restructuring legal resources, to integrate commercial, negotiating and legal strategy.
Partner with Portfolio Management and senior CI leadership to identify situations requiring early intervention and build strong working relationships across CI and, where appropriate, other CPP Investments departments.
Play a leadership role in CI's restructuring panel, including triaging situations, challenging strategies and mobilizing resources.
Establish regular watchlist triage to identify situations where specialist involvement can add value before a formal default or restructuring.
Develop restructuring playbooks, precedent libraries, market intelligence and other institutional resources; lead post-mortems and transfer lessons across CI investment teams.
Coach and develop investment professionals to increase restructuring knowledge and judgment and help build a scalable capability for a substantially larger CI portfolio.
During periods of lower restructuring activity, contribute to broader CI strategic and portfolio initiatives where restructuring, capital-structure, valuation, transaction or market expertise can add value.
Where appropriate, provide restructuring expertise to other parts of CPP Investments and represent CPP Investments credibly with borrowers, sponsors, banks, advisers and institutional creditors in complex and sensitive situations.