商业 达力智 达力智的能源攻势

　　A bankruptcy with a difference

　　与众不同的破产

　　WHEN a firm declares bankruptcy, shareholders are typically wiped out and creditors 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 maverick 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 remarkable saga.

　　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 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 liquidity 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 analyst 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 curbs on dirty fuels, turning Dynegy's investment in "clean" coal into a blessing 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。