Troubled debt restructuring
Consider the same facts as above, except that A and B agree to restructure the loan, rather than B filing for bankruptcy. During the restructuring, A determines which assets will be sold to repay the loan, with management and the equity investors agreeing to this plan. In addition, management agreed to an incentive scheme under which payments are based on asset sale and loan repayment targets.
Upon restructuring the loan, A would need to evaluate whether determining which assets should be sold to repay the loan gives A power. This might be the case if voting rights do not give power over B, because management is required to comply with the asset sale plan mandated by A.
Before concluding which investors, if any, control B, consideration would also be given to what rights the equity investors have, if any, to direct the relevant activities of B, and also to whether A and the equity investors have exposure to variable returns from B.