fulcrum security
C2CEFR level
96/100Rarity: very rare
TechnicalRegister
Law noun
The layer of debt where value breaks in the capital structure, which typically converts to equity in a restructuring.
The mezzanine is the fulcrum security here, so those holders will end up owning the reorganised business.
Business noun
The layer of debt that absorbs the loss and converts into equity when a distressed company is reorganised.
Whoever owns the fulcrum security walks away controlling the restructured business, so that's the paper we've been quietly accumulating.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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