Retrieving "Financial Restructurings" from the archives

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1. Debt

   Linked via "financial restructurings"

   Subordination and Priority
   In financial restructurings, the order in which claimants are repaid is paramount. A general hierarchy, often termed the Cascade of Claims, places secured creditors first, followed by various classes of unsecured creditors (senior versus junior), and finally equity holders. The determination of 'seniority' often depends on the precise wording of the indenture agreement and the jurisdiction's interp…