经济学人106:达力智 与众不同的破产

 　　Business Dynegy Power play

　　商业 达力智 达力智的能源攻势

　　A bankruptcy¹ with a difference

　　与众不同的破产

　　WHEN a firm declares bankruptcy, shareholders² are typically wiped out and creditors³ seize control.

　　当公司申请破产时，股东通常会丧失所有，而债权人却会接管全部破产事宜。

　　On November 7th Dynegy, an energy firm, announced a more unorthodox kind of bankruptcy.

　　今年11月7日，一家名为达力智的能源公司宣布破产，而这次破产的情况与通常的破产颇有不同。

　　Its bondholders and other lenders are likely to take a 10% haircut while shareholders, including Carl Icahn, a maverick⁴ billionaire, will retain full control of the firm.

　　达力智的债券持有人以及其他债权人很可能会减少10%的债权而包括卡尔伊坎（亿万富翁，激进投资者）在内的股东们对公司还有完全的管理权。

　　This is the latest twist in a remarkable⁵ saga⁶.

　　在非同一般的商业冒险中，这是最近的较量。

　　Dynegy, a Houston-based firm, has fallen on hard times since it almost bought Enron, its local rival, in 2001.

　　达力智和安然一样，都位于休斯敦。自从在2001年试图收购一直与之竞争的安然之后，它的状况一直不容乐观。

　　After Enron imploded⁷, Dynegy's shares plunged⁸, soared and then plunged again after 2007, as the economic downturn and a boom in natural gas depressed⁹ energy prices.

　　在安然破产之后，达力智的股票一路狂跌，而后暴涨。因为2007年经济形势走低，而天然气的迅速繁荣导致了能源价格下调，2007年之后，达力智德股票又开始大跌。

　　Facing a liquidity¹⁰ crisis, management sought a buyer.

　　由于流动资产危机，管理层开始寻找收购者。

　　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.

　　黑石集团是一家独立另类资产管理机构，它愿意以每股5美元的价格收购达力智。但是去年年末，伊坎阻止了黑石的收购。

　　Mr Icahn, who now owns 15% of the shares, offered to pay $5.50.

　　伊坎现在拥有达力智15%的股份，他愿意以每股5.5美元的价格进行收购。

　　After this week's strange bankruptcy announcement, Dynegy's share price is trading around $3.40.

　　在这周发布这份颇为古怪的破产声明之后，达力智每股成交价约为3.40美元。

　　Under the deal to exit bankruptcy, which enough creditors are expected to approve (despite the risk of a legal challenge),

　　若没有不合法的风险，那么相当数量的债权人都希望这场能够避免破产的交易能够通过。

　　bondholders will take a loss to reflect the firm's current difficulties,

　　而债券持有人将承担与公司现有债务相当的损失，

　　but a smaller one than Dynegy's management had wanted.

　　不过这个损失比公司管理层所设想的已经小的多。

　　In return, management and shareholders will get one more chance to turn things around thanks to a new (but temporary) financial structure.

　　作为回报，由于新行的财务结构（暂行），管理层和股东还有转圜余地。

　　Whether this will work depends largely on two things, says Julien Dumoulin-Smith, an analyst¹¹ at UBS, a bank. First, will capital markets recover, allowing Dynegy to refinance its debt on better terms?

　　据瑞士联合银行的分析员朱利安都莫林史密斯说，这份独特的破产申明是否能够奏效关键在于两点：第一，资本市场是否会回暖，以使达力智重新融资还贷更加容易。

　　Second, will the Environmental Protection Agency bring in tough new curbs¹² on dirty fuels, turning Dynegy's investment in "clean" coal into a blessing¹³ rather than a burden?

　　第二，环境保护局是否会采取强硬手段来处理污染过大的能源。若会，那么达力智在精煤上的投资就能变废为宝。

　　If not, Dynegy may find itself filing for a more traditional sort of bankruptcy.

　　如果这两个条件都达不到，达力智可能需要一种更传统的破产方式了。

1 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

2 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

3 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

4 maverick   

adj.特立独行的；不遵守传统的；n.持异议者，自行其是者

参考例句：

• He's a maverick.He has his own way of thinking about things.他是个特异独行的人。对事情有自己的看法。
• You're a maverick and you'll try anything.你是个爱自行其是的人，样样事情都要尝试一下。

5 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

6 saga   

n.(尤指中世纪北欧海盗的)故事，英雄传奇

参考例句：

• The saga of Flight 19 is probably the most repeated story about the Bermuda Triangle.飞行19中队的传说或许是有关百慕大三角最重复的故事。
• The novel depicts the saga of a family.小说描绘了一个家族的传奇故事。

7 imploded   

v.（使）向心聚爆( implode的过去式和过去分词 )

参考例句：

• The economies of Brazil and Russia imploded in 1998. 巴西与俄罗斯的经济在1998年宣告破裂。 来自互联网
• A startling number of his nominees for senior positions have imploded. 他所提名的高级官员被否决的数目令人震惊。 来自互联网

8 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

9 depressed   

adj.沮丧的，抑郁的，不景气的，萧条的

参考例句：

• When he was depressed,he felt utterly divorced from reality.他心情沮丧时就感到完全脱离了现实。
• His mother was depressed by the sad news.这个坏消息使他的母亲意志消沉。

10 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

11 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

12 curbs   

v.限制，克制，抑制( curb的第三人称单数 )

参考例句：

• In executing his functions he is not bound by any legal curbs on his power. 在他履行职务时，他的权力是不受任何法律约束的。 来自辞典例句
• Curbs on air travel were being worked out and would shortly be announced. 限制航空旅行的有关规定正在拟定中，不久即将公布。 来自辞典例句

13 blessing   

n.祈神赐福；祷告；祝福，祝愿

参考例句：

• The blessing was said in Hebrew.祷告用了希伯来语。
• A double blessing has descended upon the house.双喜临门。