title 11 or similar case
(A)For purposes of this part, the term “title 11 or similar case” means— (i)a case under title 11 of the United States Code, or (ii)a receivership, foreclosure, or similar proceeding in a Federal or State court. (B)In applying paragraph (1)(G), a transfer of the assets of a corporation shall be treated as made in a title 11 or similar case if and only if— (i)any party to the reorganization is under the jurisdiction of the court in such case, and (ii)the transfer is pursuant to a plan of reorganization approved by the court. (C)If a transaction would (but for this subparagraph) qualify both— (i)under subparagraph (G) of paragraph (1), and (ii)under any other subparagraph of paragraph (1) or underor 351, (D)For purposes of subparagraphs (A) and (B), in the case of a receivership, foreclosure, or similar proceeding before a Federal or State agency involving a financial institution referred to inor 591, the agency shall be treated as a court. (E)In the case of a title 11 or similar case, the requirement of clause (ii) of paragraph (2)(E) shall be treated as met if— (i)no former shareholder of the surviving corporation received any consideration for his stock, and (ii)the former creditors of the surviving corporation exchanged, for an amount of voting stock of the controlling corporation, debt of the surviving corporation which had a fair market value equal to 80 percent or more of the total fair market value of the debt of the surviving corporation.