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发表于 2019-5-31 23:23:00
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A Brief Explanation of Reorganization under Chapter 11 of the U.S. Bankruptcy Code
美国破产法典第十一章破产重整简介
by Richard Daingerfield
理查德·丹杰菲尔德
In the U.S., a financially distressed company that wishes to avoid liquidation may file for reorganization under Chapter 11 of the U.S Bankruptcy Code.
在美国，如果一家公司处于财务困境之下而想要避免被清算，可以根据美国破产法典第十一章的规定申请重整。
The theory of Chapter 11 reorganization is best understood by first considering traditional bankruptcy liquidation, which is found in Chapter 7 of the U.S. Bankruptcy Code. In a liquidation under Chapter 7, a trustee is appointed to marshal (i.e., gather, gain control of) all of the debtor’s assets, sell them in a commercially reasonable manner, and distribute the cash proceeds of those sales in accordance with the list of priorities described in the Bankruptcy Code. For example, claims for “administrative expenses” and wages must be paid before claims of general unsecured creditors (such as suppliers).
美国破产法第十一章破产重整的理论应被解读为其作为首要考虑的传统破产清算方式，这一点在美国破产法第七章中有所规定。在第七章所规定的破产清算程序中，破产管理人被指定整顿（即归集、控制管理）所有债务人的资产，并以合理的商业手段出售，再按照破产法中规定的优先级顺序依次分配所得现金收益。例如，“行政支出”和工资应先于一般无担保债权人（如一般供应商）的债权获得偿付。
Secured creditors also enjoy a priority. If the value of the assets on which they hold a lien exceeds the amount of their claim, they must be paid in full. If the value of the assets on which they hold a lienis less than the amount of their claim, (a) they must be paid 100% of the value of the assets on which they hold a lien; and (b)the portion of their claim that remains unpaid is reclassified as a general unsecured claim and will be treated the same as all other unsecured claims.
对债务人的特定财产拥有担保权的债权人（以下简称“有担保债权人”）也享有优先受偿权。如果他们享有担保利益的担保财产价值高于其主张的债权，该类债权人应按全额债权获得偿付。如果他们享有担保利益的担保财产价值低于其主张的债权，则：（a）该类债权人应按其全部拥有担保利益的担保财产价值获得偿付；同时（b）剩余未获偿付的债权份额则转为一般无担保债权，并与其他所有无担保债权同样对待。
The different classes of creditor claims establishes a strict priority: a member of a higher class of claims must be paid in full (unless they agree to accept less than full payment) before members of any lower class can receive any payment at all. In practice, this “absolute priority” rule usually results in little – often nothing – left for general unsecured creditors (such as suppliers) after claims in higher classes are paid in full.
不同等级的债权人的求偿遵循严格的优先级顺序原则：享有优先级较高的债权主张先于任何优先级较低的债权主张收到任何偿付前获得完全偿付（除非其债权人同意接受不完全的偿付）。在实务中，这种“绝对优先”规则通常导致，在更高级别债权人获得完全偿付后，一般无担保债权人（例如一般供应商）只能获得少量偿付甚至一无所获。
The rationale behind Chapter 11 is that if a debtor can provide (in a reorganization plan) for payments to creditors at or above the level they would receive in a liquidation, then the debtor need not liquidate.
破产法第十一章包含一个原理：如果债务人能（通过重整计划）为债权人提供相当于或高于依照破产清算程序所能获得的偿付，则债务人可免于被清算。
A debtor electing Chapter 11 bankruptcy is allowed to continue operating its business during the bankruptcy case. This is why the debtor is commonly called a“debtor in possession”, or “DIP.” The debtor is allowed to do anything that is “in the ordinary course” of its business while the bankruptcy case is pending without obtaining permission from the bankruptcy court or anyone else.
债务人选择依据破产法第十一章进行破产时，允许在破产程序进行过程中继续运营其业务。这是债务人通常被称为“持产负债人”或简称“DIP”的原因。在破产案件尚未得到破产法院或其他有权机构批准而待定未决时，债务人可以开展任何“通常业务范围内”的运营事项。
If the debtor wishes to do anything out of the ordinary course of its business while the case is pending, it applies to the bankruptcy court for permission. All parties who have an interest in the bankruptcy case are notified when the debtor makes such an application and they have an opportunity to object.
在案件程序待定未决时，如果债务人希望开展通常业务范围之外的事项，则应申请破产法院的批准。在债务人提出此类申请时，所有破产案件利害方均会得到通知，并有机会反对。
A debtor often arranges for a new loan to fund its operations during the bankruptcy case. Since this kind of borrowing is out of the ordinary course of the debtor’s business, court permission is required. In the Toys R Us bankruptcy, for example, a banking consortium has arranged $3.1 billion in new financing for Toys RUs. The bankruptcy court has already granted interim approval for Toys R Us to access up to $2.2 billion of that financing. A hearing is scheduled for October 10th to approve the full amount of the financing.
在破产案件中，债务人通常会安排新的贷款来为其上述运营提供资金支持。此类借款因超出债务人通常业务范围用途，故需要获得破产法院的批准。例如在玩具反斗城破产案中，一个财团为玩具反斗城组织了31亿新贷款。破产法院就此已临时批准玩具反斗城可获得其中22亿贷款，还于10月10日举行听证以决定是否批准上述全部贷款。
Once a bankruptcy case commences, creditors are barred from taking any action against the debtor without first obtaining permission from the bankruptcy court. This principle, called the “automatic stay” has two primary purposes. Firstly, it allows the debtor time to formulate a reorganization plan without the distraction of having to defend multiple creditor claims. Secondly, it ensures that claims against the debtor will be paid in accordance with the schedule of priorities set forth in the Bankruptcy Code rather than on a haphazard basis that might unfairly reward aggressive creditors to the disadvantage of other claimants.
一旦启动破产程序，除非事先取得破产法院批准，所有债权人均被禁止对债务人采取任何措施。这一被称为“自动中止”的原则主要目的有二：第一，为债务人争取时间来制订重整计划，以免分散精力对抗多个债权人的主张；第二，确保针对债务人的求偿请求按照破产法规定的优先级顺序获得偿付，避免在无序状态下一部分激进的债权人利用其余债权人的劣势获得不公平的受偿。
http://www.sohu.com/a/198039037_658347
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