1、中文 2715 字 英文 2100 单词 本科毕业论文（设计） 外 文 翻 译 外文题目 How to tackle debt restructuring in emerging markets/ Mapping the dangers of debt restructuring &nb
2、sp; 外文出处 国际金融法律评论 /国际税务回顾 外文作者 卡格曼 .史蒂文 /克隆普 .赫仑 纳 原文： How to tackle debt
3、 restructuring in emerging markets The present slowdown in the global economy has focused renewed attention on the issue of restructuring troubled loans in emerging markets. Debt restructurings in these markets often represent a unique amalgam of legal, business, financial and strategic issues. TRYI
4、NG TO MAKE TIMELY IN THE RESTRUCTURING PROCESS Many emerging market restructurings can, for various reasons, easily take a few years to complete, and the creditors and debtor may have sharply divergent perspectives on whether it is in their fundamental interest to achieve a relatively quick solution
5、. It is not uncommon in restructuring situations for debtors to believe that time is on their side, and this perception on the part of debtors is often grounded in reality. By contrast, the creditors may generally view time as their enemy. Since many restructurings involve some form of debt service
6、moratorium or debt standstill, the creditors will be anxious to reach a restructuring solution as promptly as possible. The creditors obviously will want their debt service payments to resume at the earliest possible date. The debtor, on the other hand, may be less motivated to keep the process movi
7、ng forward with any type of alacrity. Assuming that it can continue to meet its working capital and other basic needs and otherwise continue to function as a going concern, some debtors may be perfectly content to maintain a debt service moratorium or debt standstill. By foregoing debt service payme
8、nts, the debtor may be able to accumulate some cash on hand, which may well be beyond the reach or control of the creditors. Under such circumstances, it is not inconceivable that certain debtors may therefore be relatively uninterested in actively pursuing and reaching a restructuring solution with
9、 their creditors. However, it should be noted that certainly not all debtors will behave this way. Debtors, for example, that are genuinely concerned about their long-term reputational interests and, in particular, their ability to tap the capital and credit markets in the future may take a less cav
10、alier attitude towards advancing the restructuring process. TIMETABLES In light of these possibly divergent perspectives between the creditors and debtor on the urgency of the restructuring task, creditors may seek to establish timetables for accomplishing key milestones in the restructuring process
11、. If possible, such timetables may be discussed with and agreed upon with the debtor. This process could involve some negotiation between the two sides on what are realistic deadlines and what are the important milestones in the process. Each of the major phases of the restructuring process such as
12、the creditors' due diligence investigation of the debtor, negotiation of a term sheet, documentation of the restructuring deal and, finally, closing the deal will have its own major milestones. For instance, in the due diligence phase of the process, some of the relevant milestones may include,
13、among other things, the following items: (1) negotiating and signing confidentiality agreements between steering committee members and their outside advisers, on the one hand, and the debtor, on the other hand； (2) agreeing on an appropriate scope of work for the due diligence investigation (which w
14、ill likely be undertaken by a financial adviser to the steering committee)； and (3) receiving specified financial and business information from the debtor, such as business plans, cash flow projections, sales and pricing information (historical and projected), and so forth. The presence of a fairly
15、specific and detailed timetable may help bring discipline to the process so that it does not proceed in a haphazard or desultory fashion. In addition, a timeline may help the creditors determine whether or not the debtor is trying to advance the restructuring process or is instead attempting to deli
16、berately delay the process. In certain restructurings, creditors will need to ask themselves whether the lack of progress is based on justifiable reasons, such as the complexity of documenting a given restructuring deal or the intricacy of the debtor's business organization and structure, or whe
17、ther the delay is an indication that fundamentally the debtor is not negotiating in good faith. In the latter case, the creditors may be forced to come to the conclusion that a consensual restructuring with such a debtor may not be a realistic or viable option. DETERMINING THE ROLE OF THE CONTROLLIN
18、G SHAREHOLDER IN THE RESTRUCTURED COMPANY Many emerging market restructurings involve the phenomenon of the so-called controlling shareholder, meaning the shareholder that holds a controlling interest in the debtor company. These controlling shareholders may represent influential family interests in
19、 the host country. Such shareholders may not only hold a large and controlling equity stake in the debtor company, but various members of the family of the controlling shareholder may also occupy a number of the key management positions with the debtor. In short, in a number of emerging market juris
20、dictions, there may be no clear demarcation between ownership and management of certain debtors given the unique role of the controlling shareholders. In certain restructurings, the creditors may believe, correctly or otherwise, that a fair amount of the debtor's financial travails can be attrib
21、uted to the mismanagement of the company's affairs by the controlling shareholder. As a result, in the restructuring process, the creditors may initially be interested in Grafting a restructuring plan that involves the removal of the controlling shareholder from any continuing role in management. Fundamentally, the creditors may believe that they
