Asset & Wealth Management, Private Credit, Investment Grade Corporate Credit, Vice President (Workout & Restructuring) - New York

Corporate title: Vice President.

Goldman Sachs is seeking a Vice President to lead the Restructuring & Workouts effort within our Investment Grade Corporate Credit team in the New York office.

Our Investment Grade Corporate Credit team invests across corporate and infrastructure debt for global public and private companies with investment-grade profiles. As the business grows, we are building a dedicated capability to manage the restructuring and workouts across to protect and maximize recoveries for our clients across our Investment Grade Corporate Credit portfolio.

The Vice President will be responsible for the strategy and execution of restructurings and workouts across the portfolio, from early identification of stress through negotiated amendments, out-of-court restructurings and, where necessary, in-court processes. This is a new, high-visibility role that will help define how the platform manages stressed situations in investment grade credit, working closely with the origination, risk, legal, valuation and client teams.

The ideal candidate has 8-12+ years' full-time experience in credit restructuring, workouts, special situations or distressed investing at an asset manager, bank, insurance investment platform, or restructuring advisory or legal firm, with a proven track record of leading negotiated outcomes on privately placed debt or loans. We are looking for highly motivated individuals who are excited to build and lead a function and want to build a long-term career at Goldman Sachs.

Responsibilities

Leading and managing end-to-end workout and restructuring execution for stressed positions

Evaluating strategic alternatives for each stressed credit and recommending the path that maximizes risk-adjusted recovery

Partnering with portfolio management and risk to design and maintain the watchlist, early-warning indicators and escalation protocols

Leading deep-dive credit reviews on stressed names, including downside cases, liquidity analysis, collateral and guarantee review and recovery waterfalls

Understanding and maintaining comprehensive financial models, including liquidity, enterprise valuation and recovery analyses

Owning and driving commercial negotiations with borrowers, sponsors, other lenders, advisers and creditor groups

Representing the firm on lender groups and creditor committees

Working with internal legal teams and external restructuring counsel to document and close amendments and restructurings, and to manage any in-court proceedings

Identifying and responding to liability management transactions and creditor-on-creditor risks

Communicating and defending recommendations to internal stakeholders and committees, including relevant Investment Committees and credit risk teams

Coordinating with valuation, finance and compliance teams on marks, impairments and reserve assessments for stressed positions

Communicating with clients on affected positions, including regulatory and capital implications for insurance clients

Providing post-mortem feedback to origination and underwriting teams to improve documentation, covenant packages and credit selection

Developing the Restructuring & Workouts playbook and building relationships with restructuring advisers, law firms and other lenders

Overseeing, mentoring and training junior team members and, over time, helping build out a restructuring team as the platform scales

Qualifications

8-12+ years in credit restructuring, workouts, special situations, or distressed investing, with a record of leading multiple complex restructurings

Direct experience working out loans or private placements that deteriorated from investment grade or performing status

Deep knowledge of capital structures, creditor rights, recovery dynamics, and intercreditor and subordination arrangements

Strong command of credit agreements, note purchase agreements, and indentures, including covenants, events of default, and lender remedies

Working knowledge of U.S. bankruptcy and out-of-court restructuring tools

Strong financial modeling, analytical, and problem-solving skills

Proven negotiator across borrowers, sponsors, counsel, and other creditors

Excellent written and verbal communication, including experience presenting to investment committees and senior stakeholders

Ability to analyze varied industries and capital structures under time pressure

Organized, detail-oriented, and self-directed, comfortable as a subject