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Financial Reorganization
- A substantial realignment of the equity and non-equity interests of a enterprise such that the holders of one or more of the significant classes of non-equity interests and the holders of all of the significant classes of equity interests give up some (or all) of their rights and claims upon the enterprise.
- The holders of one or more of the significant classes of non-equity interests and the holders of all of the significant classes of equity interests must participate in the process if the reorganization is to be viewed as justifying a "fresh start".
- The process must result in a substantial realignment such that the rights and claims of the equity and non-equity interests change relative to each other.