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1、本科畢業(yè)論文(設(shè)計(jì))外文翻譯外文題目HowtotackledebtrestructuringinemergingmarketsMappingthedangersofdebtrestructuring外文出處國際金融法律評(píng)論國際稅務(wù)回顧外文作者卡格曼.史蒂文克隆普.赫侖納原文:原文:HowtotackledebtrestructuringinemergingmarketsThepresentslowdownintheglobalecono
2、myhasfocusedrenewedattentionontheissueofrestructuringtroubledloansinemergingmarkets.Debtrestructuringsinthesemarketsoftenrepresentauniqueamalgamoflegalbusinessfinancialstrategicissues.TRYINGTOMAKETIMELYINTHERESTRUCTURING
3、PROCESSManyemergingmarketrestructuringscanfvariousreasonseasilytakeafewyearstocompletethecreditsdebtmayhavesharplydivergentperspectivesonwhetheritisintheirfundamentalinteresttoachievearelativelyquicksolution.Itisnotuncom
4、moninrestructuringsituationsfdebtstobelievethattimeisontheirsidethisperceptiononthepartofdebtsisoftengroundedinreality.Bycontrastthecreditsmaygenerallyviewtimeastheirenemy.Sincemanyrestructuringsinvolvesomefmofdebtservic
5、ematiumdebtststillthecreditswillbeanxioustoreacharestructuringsolutionaspromptlyaspossible.Thecreditsobviouslywillwanttheirdebtservicepaymentstoresumeattheearliestpossibledate.Thedebtontheotherhmaybelessmotivatedtokeepth
6、eprocessmovingfwardwithanytypeofalacrity.Assumingthatitcancontinuetomeetitswkingcapitalotherbasicneedsotherwisecontinuetofunctionasagoingconcernsomedebtsmaybeperfectlycontenttomaintainadebtservicematiumdebttryingtoadvanc
7、etherestructuringprocessisinsteadattemptingtodeliberatelydelaytheprocess.Incertainrestructuringscreditswillneedtoaskthemselveswhetherthelackofprogressisbasedonjustifiablereasonssuchasthecomplexityofdocumentingagivenrestr
8、ucturingdealtheintricacyofthedebtsbusinessganizationstructurewhetherthedelayisanindicationthatfundamentallythedebtisnotnegotiatingingoodfaith.Inthelattercasethecreditsmaybefcedtocometotheconclusionthataconsensualrestruct
9、uringwithsuchadebtmaynotbearealisticviableoption.DETERMININGTHEROLEOFTHECONTROLLINGSHAREHOLDERINTHERESTRUCTUREDCOMPANYManyemergingmarketrestructuringsinvolvethephenomenonofthesocalledcontrollingshareholdermeaningtheshare
10、holderthatholdsacontrollinginterestinthedebtcompany.Thesecontrollingshareholdersmayrepresentinfluentialfamilyinterestsinthehostcountry.Suchshareholdersmaynotonlyholdalargecontrollingequitystakeinthedebtcompanybutvariousm
11、embersofthefamilyofthecontrollingshareholdermayalsooccupyanumberofthekeymanagementpositionswiththedebt.Inshtinanumberofemergingmarketjurisdictionstheremaybenocleardemarcationbetweenownershipmanagementofcertaindebtsgivent
12、heuniqueroleofthecontrollingshareholders.Incertainrestructuringsthecreditsmaybelievecrectlyotherwisethatafairamountofthedebtsfinancialtravailscanbeattributedtothemismanagementofthecompanysaffairsbythecontrollingsharehold
13、er.AsaresultintherestructuringprocessthecreditsmayinitiallybeinterestedinGraftingarestructuringplanthatinvolvestheremovalofthecontrollingshareholderfromanycontinuingroleinmanagement.Fundamentallythecreditsmaybelievethatt
14、heyarefacedwithasimplebinarychoice—namelytokeepexistingmanagementtohaveexistingmanagementfcedoutofthecompany.Yetinrealitytotheirpossibledismaythecreditsmaybeconfrontedwithmuchlessofaclearcutchoicethanappearsatfirstblush.
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