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Thus, the content of the disclosure statement may be most important Also, since the disclosure statement serves as the basic report used by the creditors to evaluate the plan, it is critical that it be properly prepared and contain the type of information that allows the creditors to effectively evaluate the proposed plan The accountant for the creditors committee may be asked to evaluate the disclosure statement If, in the accountant s opinion, it does not contain adequate information, the de ciencies may be conveyed to the debtor informally (normally through creditors committee counsel) prior to submission of the plan to the court, or an objection to the content of the statement may be raised at the disclosure hearing In evaluating the information in the disclosure statement, the accountant for the creditors committee may be asked to review the nancial statements contained in the disclosure statement or others that were issued by the debtor Special consideration must be made in reviewing pro forma and liquidation statements of nancial condition The pro forma statement provides the creditors with an indication of the debtor s likely nancial condition if the plan is accepted This statement should show that the creditors will receive more if they accept the plan than they would receive if the debtor were liquidated The pro forma statement also should demonstrate that the plan is feasible in that, after satisfying the provisions of the plan, the debtor retains an asset base with which to operate In reviewing the pro forma statement prepared by the debtor, special consideration must be given to the analysis of the assumptions used to prepare it and to the evaluation of the value of the assets (which may differ from book values) If the pro forma statements are based on historical costs, the accountant for the creditors committee may want to restate them to re ect the reorganized values of the entity The creditors committee will be able to evaluate the terms of the plan more effectively if it can compare the terms to pro forma statements containing the reorganized value of the entity rather than historical values Liquidation statements show what the unsecured creditors would receive if the business were liquidated The assumptions used in the adjustments to book values must be evaluated carefully The accountant for the creditors committee may be asked to review statements of this nature and to provide advice as to the reasonableness of the analysis There may be a tendency for the debtor to understate liquidation values in order to make the terms of the plan more appealing to the unsecured creditors (h) ACCOUNTING FOR THE REORGANIZATION SOP 90 7 explains how the debtor emerging from 11 should account for the reorganization both when fresh start reporting should be adopted and when it is not allowed Fresh start reporting requires the debtor to use current values (going concern or reorganization values) in its balance sheet for both assets and liabilities and to eliminate all prior earnings or de cits (i) Requirements for Fresh Start Reporting fresh start reporting can be used are: The two conditions that must be satis ed before
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1 The reorganized value of the emerging entity immediately before the con rmation of the plan is less than the total of all postpetition liabilities and allowed claims 2 Holders of existing voting shares immediately before con rmation retain less than 50 percent of the voting share of the emerging entity Paragraph 36 of the SOP indicates that the loss of control contemplated by the plan must be substantive and not temporary Thus, the new controlling interest must not revert to the shareholders existing immediately before the plan was con rmed For example, a plan that provides for shareholders existing prior to the con rmation to reacquire control of the company at a subsequent date may prevent the debtor from adopting fresh start reporting Debtors that meet both of the above conditions will report the assets and liabilities at their going concern (reorganization) values Reorganization value is de ned as the fair value of the entity before considering liabilities and approximates the amount that a willing buyer would pay
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