Powerplay达力智的能源攻势.pdf

Power play 达力智的能源攻势A bankruptcy with a difference 与众不同的破产Nov 12th 2011 | NEW YORK | from the print editionWHEN a firm declares bankruptcy, shareholders are typically wiped out and creditors seize control. On November 7th Dynegy, an energy firm, announced a more unorthodox kind of bankruptcy. 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. 当公司申请破产时，股东会丧失所有，而债权人却会接管全部破产事宜今年 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。

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. Dynegy, a Houston-based firm, has fallen on hard times since it almost bought Enron, its local rival, in 2001. 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. Facing a liquidity crisis, management sought a buyer. 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. Mr Icahn, who now owns 15% of the shares, offered to pay $5.50. After this week’ s strange bankruptcy announcement, Dynegy’ s share price is tradingaround $3.40. 在非同一般的商业冒险中，这是最近的较量。

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由于流动资产危机，管理层开始寻找收购者 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), bondholders will take a loss to reflect the firm’ s current difficulties, buta smaller one than Dynegy’ s management had wanted. In return, management and shareholders will get one more chance to turn things around thanks to a new (but temporary) financial structure. 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。

而债券持有人将承担与公司现有债务相当的损失， 不过这个损失比公司管理层所设想的已经小的多 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? 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? If not, Dynegy may find itself filing for a more traditional sort of bankruptcy. 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。

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。