One type of “insider,” whose transactions with a debtor are subject to heightened scrutiny by the bankruptcy courts. Affiliates of a debtor include:
- Persons and entities owning 20 percent or more of the ownership interests in the debtor.
- Entities 20 percent or more of whose voting securities are directly or indirectly controlled by the debtor.
- Persons or entities that operate their businesses under leases or operating agreements with the debtor.
- Persons or entities that operate all or substantially all of the debtor’s property under a lease or operating agreement.