映射債務(wù)重組的危險(xiǎn)【外文翻譯】

1、畢業(yè)論文外文翻譯畢業(yè)論文外文翻譯原文：原文：MappingthedangersofdebtrestructuringManybankscompaniesarenowengagedindebtrestructuringnegotiationsbutareunawareoftheminefieldthroughwhichtheywalk.Manydebtrestructuringsinvolvesomethingassimpleasanex

2、tensionintherepaymentschedule.Theinterestratecouldchange.Othertermscouldberelaxedtoenablethebrowertorepayratherthanfcethebrowerintodefault.Thebrowermighthavetopostadditionalsecurity.Affiliatesofthebrowercouldberequiredto

3、guaranteerepayment.DEBTCONCERNSDebtsespeciallythosewhosedebtispubliclytradingbelowfacevalueneedtoapproachapotentialrestructuringbyfirstconsideringwhetheritwillcreatetaxableCODincome.Unftunatelythisinquiryismecomplicatedt

4、hansimplycomparingtheprincipalamountoftheolddebttothatofthenew.TheamountofCODincomeismeasuredbycomparingtheissuepricesoftheoldnewdebt.Theissuepriceofadebtinstrumentisanumberthatmostaccuratelyreflectstheinstrumentstrueval

5、ue.Indeterminingtheconsequencesofallexchangetheideaistocomparethetruevaluesofbothinstrumentstoeachothertheissuepriceofadebtinstrumentprovidesabetterreflectionofitsvaluethanitsfaceprincipalamountdoes.Tomakeabrowersanalysi

6、sevenmedifficultdifferentrulesapplytodeterminetheissuepricesoftheoldnewinstruments.Startingwiththeolddebtitsissuepriceinmanycasesshouldequalitsfaceamount.Howeverifthedebtwasissuedatadiscountthenitsissuepriceisequaltothep

7、riceatwhichthedebtwasissuedincreasedbytheamountofthediscountthathasaccruedtodateonthedebt.Fexampleacompanymaybrow$700butpromisetorepaythelender$1000in10yearswhentheloanmatures.Thedebthas$300ofiginalissuediscount(OLD).The

8、issuepriceofthatdebtis$700.The$300anobviouschoicetomakealowertaxbasiswillmeanlowerdepreciationdeductionsgoingfwardaswellasgreatertaxablegainiftheassetsaresold.LENDERCONCERNSLendersneedtobecarefulthatarestructuringdoesnot

9、createtaxablegain.Thiscouldoccuriftherestructuringincreasesthevalueofthedebt.Theanalysisisthesameasfthebrower.Amismatchbetweenissuepricesoftheolddebtrestructureddebtisunlikelyinpracticeunlessatleastoneofthedebtinstrument

10、sispubliclytraded.Adebtrestructuringmightbestructuredinfmasataxfreerecapitalizationofthebrower.Alenderfacingapotentiallossmightpreferataxabletransactionsothatitcanclaimtheloss.Evenifalendergivesupmethanitgetsinreturnthus

11、hasaneconomiclossitmayhavetorepttaxableincomefromtherestructuring.Ifadebtisrestructuredbetweeninterestdatesinanyothersituationwhereaccruedinteresthasnotyetbeenincludedbythelenderinincomeaptionoftheconsiderationpaidtothel

12、enderaspartoftherestructuringwillbetreatedastheinterestontheiginaldebtthathasaccruedbuthasnotyetbeenpaid.Anysuchamountistaxableasdinaryincome.Itwillincreasethelenderstaxbasisintheiginaldebtfpurposesofdeterminingitsoveral

13、lgainlossontherestructuring.(Sincethelossmaybeacapitallossthelendercouldbewhipsawedbecausethatcapitallosscannotbeusedtooffsetthedinaryincome.)Alendermayhaveanargumentthatnoptionoftheconsiderationshouldbeallocabletointere

14、stifthedebtisinaquestionablefinancialpositionthecollectibilityoftheinterestisdoubtful.Thisisanespeciallyimptantpointtokeepinmindincaseswheretherestructuringispromptedbythedebtscurrentinabilitytomakepaymentsontheolddebt.C

15、ONVERSIONINTOEQUITYOneoptionfastrugglingdebtwithlittlecashtodaybutdecentgrowthprospectsistoofferitscreditsstockinexchangeftheirdebtinstruments.Somedebtsmightpreferthisroutebecauseitcanimproveacompanysbalancesheetatthesam