There’s no getting around the fact that a lot of the reading you’ll have to do as an analyst or associate in restructuring is going to be dry, tedious, and (worst of all) repetitive. For example, you’ll be looking through countless credit docs - rife with boiler-plate language and riddled with defined terms - while searching for whatever specific language you’ve been told to find which will be, at best, ever-so-slightly different than the same kind of specific language contained in a credit doc you were looking at the day before. This shouldn’t be any surprise: your job as an analyst or associate will be to read lots of things drawn up by bleary-eyed lawyers. And, while they may may have once had dreams of writing the next great American novel, they’ve long since resigned themselves to ensuring unrestricted subsidiaries are being appropriately defined. But there does come a time in which these bleary-eyed lawyers get to let loose their pent-up angst, revive whatever literary abilities were laying dormant, and show off their potential as a polemicist – and, for this, we should all be thankful. In the world of restructuring, where you’ll most often see this is after a contentious restructuring transaction occurs. As those who felt they got a raw deal will then bring suit and their initial complaint will generally take the approach of feigning indignation and incredulity – gobsmacked by the level of injustice brought upon them, unsuspecting as they allegedly are, by the company or other creditors or both. Anyway, let’s quickly talk about Incora (a.k.a Wesco Aircraft Holdings, Inc.). It’s one of the more interesting restructuring transactions of the year as it’s a non-pro rata uptier similar in style to Serta (that I talked about at length in one of the guides in the members area). However, there are a few twists with Incora relative to the non-pro rata uptiers of the past – not least being that it involves notes (not loans) which makes it a bit more straight-forward. F