評論
打印
Business Dynegy Power play
商業 達力智 達力智的能源攻勢
A bankruptcy with a difference
與眾不同的破產
WHEN a firm declares bankruptcy, shareholders are typically wiped out and creditors seize control.
當公司申請破產時，股東通常會喪失所有，而債權人卻會接管全部破產事宜。
On November 7th Dynegy, an energy firm, announced a more unorthodox kind of bankruptcy.
今年11月7日，一家名為達力智的能源公司宣布破產，而這次破產的情況與通常的破產頗有不同。
Its bondholders and other lenders are likely to take a 10% haircut while shareholders, including Carl Icahn, a maverick billionaire, will retain full control of the firm.
達力智的債券持有人以及其他債權人很可能會減少10%的債權而包括卡爾伊坎（億萬富翁，激進投資者）在內的股東們對公司還有完全的管理權。
This is the latest twist in a remarkable saga.
在非同一般的商業冒險中，這是最近的較量。
Dynegy, a Houston-based firm, has fallen on hard times since it almost bought Enron, its local rival, in 2001.
達力智和安然一樣，都位于休斯敦。自從在2001年試圖收購一直與之競爭的安然之后，它的狀況一直不容樂觀。
After Enron imploded, Dynegy's shares plunged, soared and then plunged again after 2007, as the economic downturn and a boom in natural gas depressed energy prices.
在安然破產之后，達力智的股票一路狂跌，而后暴漲。因為2007年經濟形勢走低，而天然氣的迅速繁榮導致了能源價格下調，2007年之后，達力智德股票又開始大跌。
Facing a liquidity crisis, management sought a buyer.
由于流動資產危機，管理層開始尋找收購者。
Late last year, a campaign by Mr Icahn blocked the sale of the company to Blackstone, a private-equity firm, which was willing to pay $5 a share.
黑石集團是一家獨立另類資產管理機構，它愿意以每股5美元的價格收購達力智。但是去年年末，伊坎阻止了黑石的收購。
Mr Icahn, who now owns 15% of the shares, offered to pay $5.50.
伊坎現在擁有達力智15%的股份，他愿意以每股5.5美元的價格進行收購。
After this week's strange bankruptcy announcement, Dynegy's share price is trading around $3.40.
在這周發布這份頗為古怪的破產聲明之后，達力智每股成交價約為3.40美元。
Under the deal to exit bankruptcy, which enough creditors are expected to approve (despite the risk of a legal challenge),
若沒有不合法的風險，那么相當數量的債權人都希望這場能夠避免破產的交易能夠通過。
bondholders will take a loss to reflect the firm's current difficulties,
而債券持有人將承擔與公司現有債務相當的損失，
but a smaller one than Dynegy's management had wanted.
不過這個損失比公司管理層所設想的已經小的多。
In return, management and shareholders will get one more chance to turn things around thanks to a new (but temporary) financial structure.
作為回報，由于新行的財務結構（暫行），管理層和股東還有轉圜余地。
Whether this will work depends largely on two things, says Julien Dumoulin-Smith, an analyst at UBS, a bank. First, will capital markets recover, allowing Dynegy to refinance its debt on better terms?
據瑞士聯合銀行的分析員朱利安都莫林史密斯說，這份獨特的破產申明是否能夠奏效關鍵在于兩點：第一，資本市場是否會回暖，以使達力智重新融資還貸更加容易。
Second, will the Environmental Protection Agency bring in tough new curbs on dirty fuels, turning Dynegy's investment in "clean" coal into a blessing rather than a burden?
第二，環境保護局是否會采取強硬手段來處理污染過大的能源。若會，那么達力智在精煤上的投資就能變廢為寶。
If not, Dynegy may find itself filing for a more traditional sort of bankruptcy.
如果這兩個條件都達不到，達力智可能需要一種更傳統的破產方式了。
