What Is Debt Restructuring?

什么是债务重组？

Debt restructuring is a process used by companies, individuals, and even countries to avoid the risk of defaulting on their existing debts, such as by negotiating lower interest rates. Debt restructuring provides a less expensive alternative to bankruptcy when a debtor is in financial turmoil, and it can work to the benefit of both borrower and lender.

债务重组是公司、个人、甚至国家用来避免其现有债务违约风险的过程，比如商定较低的利率。当债务人陷入金融动荡时，债务重组为破产提供了一种成本较低的替代方案，并且对借贷双方均有利。

How Debt Restructuring Works

债务重组的作用是什么？

Some companies seek to restructure their debt when they are facing the prospect of bankruptcy. The debt restructuring process typically involves getting lenders to agree to reduce the interest rates on loans, extend the dates when the company’s liabilities are due to be paid, or both. These steps improve the company’s chances of paying back its obligations and staying in business. Creditors understand that they would receive even less should the company be forced into bankruptcy or liquidation.

一些公司在面临破产前景时，寻求重组债务。债务重组过程通常包括让贷款人同意降低贷款利率、延长公司债务的到期应付日期，或两者兼而有之。这些措施提高了公司偿还债务和继续经营的机会。债权人明白，如果公司被迫破产或清算，他们得到的会更少。

Debt restructuring can be a win-win for both sides because the business avoids bankruptcy and the lenders typically receive more than they would have through a bankruptcy proceeding.

债务重组对双方来说是双赢的，因为企业避免了破产，贷款人通常会比通过破产程序获得更多。

The process works much the same for individuals and for nations, although on vastly different scales.

这一过程对个人和国家来说作用差不多，尽管规模大不相同。

Types of Debt Restructuring

债务重组的类型

Debt restructuring for companies

公司债务重组

Businesses have a number of tools at their disposal for restructuring their debts. One is a debt-for-equity swap. This occurs when creditors agree to cancel a portion, or all, of a company's outstanding debts in exchange for equity (part ownership) in the business. The swap is usually a preferred option when both the outstanding debt and the company's assets are significant and forcing the business to cease operations would be counterproductive. The creditors would rather take control of the distressed company, if that's necessary, as an ongoing concern.

企业有许多工具可以用来重组债务。一种是债转股。当债权人同意取消公司的部分或全部未偿债务以换取企业的股权（部分所有权）时，就会发生这种情况。当未偿债务和公司资产均数额较大，迫使企业停止运营会适得其反时，债转股通常是首选。如果必要的话，债权人宁愿控制陷入困境的公司，以使其持续经营。

A company seeking to restructure its debt might also renegotiate with its bondholders to "take a haircut"—meaning that a portion of the outstanding interest payments will be written off or a portion of the balance will not be repaid.

寻求债务重组的公司也可以与其债券持有人进行商谈，让其“斩仓割肉”—这意味着部分未付利息将被冲销，或者部分余额将无法偿还。

A company will often issue callable bonds to protect itself from a situation in which it can't make its interest payments. A bond with a callable feature can be redeemed early by the issuer in times of decreasing interest rates. This allows the issuer to restructure debt in the future because the existing debt can be replaced with new debt at a lower interest rate.

公司通常会发行可赎回债券，以保护其免受无法支付利息之情况的影响。具有可赎回特征的债券可以在利率下降时由发行人提前赎回。这使得发行人可以在未来重组其债务，因为现有债务可以以较低的利率被新债务所取代。

Debt restructuring for countries

国家债务重组

Countries can face default on their sovereign debt, and this has been the case throughout history. In modern times, some countries opt to restructure their debt with bondholders. This can mean moving the debt from the private sector to public sector institutions that might be better able to handle the impact of a country's default.

国家可能面临主权债务违约，过去到现在一直如此。在现代，一些国家选择与债券持有人重组债务。这可能意味着将债务从私人部门转移到公共部门机构，而这些机构可能能够更好地处理国家违约的影响。

Sovereign bondholders may also have to take a haircut by agreeing to accept a reduced percentage of what they are owed, perhaps 25% of their bonds' full value. The maturity dates on bonds can also be extended, giving the government issuer more time to secure the funds it needs to repay its bondholders.

主权债券持有人可能不得不斩仓割肉，同意接受其所欠付债务的较低百分比，也许是其债券总价值的25%。债券到期日也可以延长，让政府发行人有更多时间获得其偿还债券持有人所需的资金。

Unfortunately, this type of debt restructuring doesn't have much international oversight, even when restructuring efforts cross borders.

不幸的是，这种类型的债务重组没有太多的国际监管，即使努力跨越国界重组。

Debt restructuring for individuals

个人债务重组

Individuals facing insolvency can try to renegotiate terms with their creditors and the tax authorities. For example, someone who is unable to keep making payments on a $250,000 mortgage might reach an agreement with the lending institution to reduce the mortgage to 75%, or $187,500 (75% x $250,000 = $187,500). In return, the lender might receive 40% of the house sale proceeds when it is sold by the mortgagor.

面临破产的个人可以尝试与债权人和税务机关重新商定条款。例如，无法继续支付250,000美元抵押贷款的个人可能会与贷款机构达成协议，将抵押贷款降至原贷款额的75%，即187,500美元（75% x $250,000 = $187,500）。作为回报，当抵押人出售房屋时，贷款人可能获得房屋出售收入的40%。

Individuals can attempt to negotiate on their own or with the help of a reputable debt relief company. This is an area that's rife with scams, so they should make sure they know whom they're involving. Investopedia publishes a regularly updated list of the best debt relief companies.

个人可以尝试自行或在一家信誉良好的债务减免公司的帮助下进行商谈。这是一个充满骗局的领域，所以他们需要确保了解涉及的相关方。Investopedia发布有经定期更新的最佳债务减免公司列表。

 

（英文来源：Investopedia）

 

来源：译问