映射债务重组的危险【外文翻译】.doc

1、毕业论文外文翻译原文MAPPINGTHEDANGERSOFDEBTRESTRUCTURINGMANYBANKSANDCOMPANIESARENOWENGAGEDINDEBTRESTRUCTURINGNEGOTIATIONSBUTAREUNAWAREOFTHEMINEFIELDTHROUGHWHICHTHEYWALKMANYDEBTRESTRUCTURINGSINVOLVESOMETHINGASSIMPLEASANEXTENSIONINTHEREPAYMENTSCHEDULETHEINTERESTRATECOULDCHANGEOTHERTERMSCOULDBERELAXEDTOENABLETHE

2、BORROWERTOREPAYRATHERTHANFORCETHEBORROWERINTODEFAULTTHEBORROWERMIGHTHAVETOPOSTADDITIONALSECURITYAFFILIATESOFTHEBORROWERCOULDBEREQUIREDTOGUARANTEEREPAYMENTDEBTORCONCERNSDEBTORSESPECIALLYTHOSEWHOSEDEBTISPUBLICLYTRADINGBELOWFACEVALUENEEDTOAPPROACHAPOTENTIALRESTRUCTURINGBYFIRSTCONSIDERINGWHETHERITWILLCR

3、EATETAXABLECODINCOMEUNFORTUNATELY,THISINQUIRYISMORECOMPLICATEDTHANSIMPLYCOMPARINGTHEPRINCIPALAMOUNTOFTHEOLDDEBTTOTHATOFTHENEWTHEAMOUNTOFCODINCOMEISMEASUREDBYCOMPARINGTHEISSUEPRICESOFTHEOLDANDNEWDEBTTHEISSUEPRICEOFADEBTINSTRUMENTISANUMBERTHATMOSTACCURATELYREFLECTSTHEINSTRUMENTSTRUEVALUEINDETERMININGT

4、HECONSEQUENCESOFALLEXCHANGE,THEIDEAISTOCOMPARETHETRUEVALUESOFBOTHINSTRUMENTSTOEACHOTHER,ANDTHEISSUEPRICEOFADEBTINSTRUMENTPROVIDESABETTERREFLECTIONOFITSVALUETHANITSFACEORPRINCIPALAMOUNTDOESTOMAKEABORROWERSANALYSISEVENMOREDIFFICULT,DIFFERENTRULESAPPLYTODETERMINETHEISSUEPRICESOFTHEOLDANDNEWINSTRUMENTSS

5、TARTINGWITHTHEOLDDEBT,ITSISSUEPRICEINMANYCASESSHOULDEQUALITSFACEAMOUNTHOWEVER,IFTHEDEBTWASISSUEDATADISCOUNT,THENITSISSUEPRICEISEQUALTOTHEPRICEATWHICHTHEDEBTWASISSUED,INCREASEDBYTHEAMOUNTOFTHEDISCOUNTTHATHASACCRUEDTODATEONTHEDEBTFOREXAMPLE,ACOMPANYMAYBORROW700BUTPROMISETOREPAYTHELENDER1,000IN10YEARSW

6、HENTHELOANMATURESTHEDEBTHAS300OFORIGINALISSUEDISCOUNTOLDTHEISSUEPRICEOFTHATDEBTIS700THE300DISCOUNTACCRUESOVERTHELIFEOFTHELOANTHEISSUEPRICEISADJUSTEDOVERTIMETOINCLUDESUCHACCRUALSTHUS,ONANYGIVENDATE,THEISSUEPRICEOFTHEOLDDEBTIS700PLUSTHEDISCOUNTTHATHASACCRUEDUPTOTHATDATETHEISSUEPRICEOFTHEOLDDEBTMUSTBEC

7、OMPAREDTOTHEISSUEPRICEOFTHERESTRUCTUREDDEBTTODETERMINEWHETHERTHEBORROWERHASCODINCOMEITDOESIFTHEISSUEPRICEOFTHERESTRUCTUREDDEBTISLESSTHEISSUEPRICEOFTHERESTRUCTUREDDEBTDEPENDSONWHETHEREITHERITORTHEOLDDEBTISTRADEDPUBLICLYONANESTABLISHEDSECURITIESMARKETIFEITHERDEBTISPUBLICLYTRADED,THENTHEISSUEPRICEOFTHE

8、RESTRUCTUREDDEBTWILLBEITSFAIRMARKETVALUETHISISBECAUSETHATVALUESHOULDBEEASYTODETERMINEBYCHECKINGTHEMARKETLISTINGSONTHEDATETHEDEBTRESTRUCTURINGISCONCLUDEDHOWEVER,IFNEITHERDEBTINSTRUMENTISPUBLICLYTRADED,THENTHEISSUEPRICEOFTHERESTRUCTUREDDEBTISITSFACE,ORPRINCIPAL,AMOUNTTHEFACEAMOUNTISUSEDONLYIFTHEINTERE

9、STRATECHARGEDONTHERESTRUCTUREDDEBTISATLEASTEQUALTOTHEAPPLICABLEFEDERALRATEINPRACTICE,CODINCOMEISNOTAPROBLEMINDEBTRESTRUCTURINGSWHERENEITHEROFTHEDEBTINSTRUMENTSISPUBLICLYTRADED,UNLESSTHELENDERAGREESTOWRITEOFFSOMEOFTHELOANPRINCIPALPOSSIBLERELIEFTHEBORROWERCANAVOIDSOMEORALLOFTHECODINCOMEINSUCHSITUATION

10、SIFITCANSHOWITISINSOLVENTORBYWAITINGTORESTRUCTURETHEDEBTUNTILITHASFILEDFORCHAPTER11BANKRUPTCYANINSOLVENTDEBTORFORTHISPURPOSEISADEBTORWHOSELIABILITIESEXCEEDTHEFAIRMARKETVALUEOFITSASSETSANINSOLVENTDEBTORDOESNOTHAVETOREPORTCODINCOME,UPTOTHEAMOUNTOFITSINSOLVENCYHOWEVER,THEREISATAXCOSTTHEDEBTORISREQUIRED

11、TOREDUCECERTAINTAXATTRIBUTESFOREVERYDOLLAROFCODINCOMETHATESCAPESTAXATIONTAXATTRIBUTESAREPARTICULARTYPESOFTAXBENEFITSTHATTHEDEBTORMAYHAVE,SUCHASNETOPERATINGLOSSES,TAXCREDITS,ANDCAPITALLOSSESCARRIEDFORWARDFROMPREVIOUSYEARSTHEDEBTORMUSTREDUCEANYOFTHESEITEMSITHASINACERTAINORDERUNTILTHEFORGIVENCODINCOMEH

12、ASBEENFULLYABSORBEDADEBTORMAYELECTTOAPPLYTHEREDUCTIONFIRSTAGAINSTITSTAXBASISINANYDEPRECIABLEPROPERTYITOWNSALTHOUGHTHISMAYSEEMLIKEANOBVIOUSCHOICETOMAKE,ALOWERTAXBASISWILLMEANLOWERDEPRECIATIONDEDUCTIONSGOINGFORWARD,ASWELLASGREATERTAXABLEGAINIFTHEASSETSARESOLDLENDERCONCERNSLENDERSNEEDTOBECAREFULTHATARE

13、STRUCTURINGDOESNOTCREATETAXABLEGAINTHISCOULDOCCURIFTHERESTRUCTURINGINCREASESTHEVALUEOFTHEDEBTTHEANALYSISISTHESAMEASFORTHEBORROWERAMISMATCHBETWEENISSUEPRICESOFTHEOLDDEBTANDRESTRUCTUREDDEBTISUNLIKELYINPRACTICEUNLESSATLEASTONEOFTHEDEBTINSTRUMENTSISPUBLICLYTRADEDADEBTRESTRUCTURINGMIGHTBESTRUCTUREDINFORM

14、ASATAXFREERECAPITALIZATIONOFTHEBORROWERALENDERFACINGAPOTENTIALLOSSMIGHTPREFERATAXABLETRANSACTIONSOTHATITCANCLAIMTHELOSSEVENIFALENDERGIVESUPMORETHANITGETSINRETURNANDTHUSHASANECONOMICLOSS,ITMAYHAVETOREPORTTAXABLEINCOMEFROMTHERESTRUCTURINGIFADEBTISRESTRUCTUREDBETWEENINTERESTDATESORINANYOTHERSITUATIONWH

15、EREACCRUEDINTERESTHASNOTYETBEENINCLUDEDBYTHELENDERININCOME,APORTIONOFTHECONSIDERATIONPAIDTOTHELENDERASPARTOFTHERESTRUCTURINGWILLBETREATEDASTHEINTERESTONTHEORIGINALDEBTTHATHASACCRUEDBUTHASNOTYETBEENPAIDANYSUCHAMOUNTISTAXABLEASORDINARYINCOMEITWILLINCREASETHELENDERSTAXBASISINTHEORIGINALDEBTFORPURPOSESO

16、FDETERMININGITSOVERALLGAINORLOSSONTHERESTRUCTURINGSINCETHELOSSMAYBEACAPITALLOSS,THELENDERCOULDBEWHIPSAWEDBECAUSETHATCAPITALLOSSCANNOTBEUSEDTOOFFSETTHEORDINARYINCOMEALENDERMAYHAVEANARGUMENTTHATNOPORTIONOFTHECONSIDERATIONSHOULDBEALLOCABLETOINTERESTIFTHEDEBTORISINAQUESTIONABLEFINANCIALPOSITIONANDTHECOL

17、LECTIBILITYOFTHEINTERESTISDOUBTFULTHISISANESPECIALLYIMPORTANTPOINTTOKEEPINMINDINCASESWHERETHERESTRUCTURINGISPROMPTEDBYTHEDEBTORSCURRENTINABILITYTOMAKEPAYMENTSONTHEOLDDEBTCONVERSIONINTOEQUITYONEOPTIONFORASTRUGGLINGDEBTORWITHLITTLECASHTODAYBUTDECENTGROWTHPROSPECTSISTOOFFERITSCREDITORSSTOCKINEXCHANGEFO

18、RTHEIRDEBTINSTRUMENTSSOMEDEBTORSMIGHTPREFERTHISROUTEBECAUSEITCANIMPROVEACOMPANYSBALANCESHEETATTHESAMETIMEASITREDUCESINTERESTEXPENSE,WITHOUTANYUPFRONTCASHOUTLAYTHETAXCONSEQUENCESARESIMILARTOTHOSEOFADEBTFORDEBTEXCHANGEORDEBTMODIFICATIONTHEDEBTORMIGHTHAVECODINCOMEANDTHELENDERMIGHTHAVEAGAINORLOSSTHEKEYQ

19、UESTIONISHOWTOVALUETHESTOCKRECEIVEDINTHEEXCHANGEFORTHEPURPOSESOFCALCULATINGTHEDEBTORSCODINCOMEANDTHELENDERSGAINORLOSSTHEDEBTORISTREATEDASHAVINGSATISFIEDTHEDEBTWITHANAMOUNTOFMONEYEQUALTOTHEFAIRMARKETVALUEOFTHESTOCKTHEREFORE,IFTHESTOCKISWORTHLESSTHANTHEPRINCIPALAMOUNTOFTHEDEBT,THENTHEDEBTORWILLHAVECOD

20、INCOMETHELENDERDOESTHESAMECALCULATIONTOFIGUREOUTWHETHERITHASAGAINORLOSSONTHEEXCHANGEITCOMPARESTHEMARKETVALUEOFTHESHARESITRECEIVEDTOITSTAXBASISINTHEDEBTINSTRUMENTIFITACQUIREDTHEDEBTATADISCOUNTFROMTHEFACEAMOUNT,ITCOULDHAVEAGAINTHELENDERWILLHAVETOREPORTPARTOFTHESTOCKVALUEASORDINARYINCOMETOTHEEXTENTTHER

21、EWASACCRUED,UNPAIDINTERESTONTHEDEBTINSTRUMENTTHATTHELENDERHASNOTYETINCLUDEDININCOMEATTHETIMEOFTHEEXCHANGETAXFREERECAPITALIZATIONSTHEPARTIESTOADEBTRESTRUCTURINGMIGHTTRYTOSTRUCTUREITASATAXFREERECAPITALIZATIONTHISONLYWORKSIFTHEBORROWERISACORPORATIONITWILLNOTSPARETHEDEBTORFROMHAVINGTOREPORTANYCODINCOME,

22、ANDITMAYONLYLIMITTHEAMOUNTOFGAINTHELENDERMUSTRECOGNIZEASTAXABLEINCOMEARECAPITALIZATIONCANTAKEMANYFORMS,BUTITISGENERALLYDESCRIBEDASARESHUFFLINGOFACORPORATIONSCAPITALSTRUCTUREEXAMPLESINCLUDEANEXCHANGEOFNEWDEBTINSTRUMENTSFOROLDONES,ORTHEISSUANCEOFCORPORATESTOCKINEXCHANGEFORTHECANCELLATIONOFANOLDDEBTINS

23、TRUMENTASLONGASATRANSACTIONISMOTIVATEDBYBUSINESSASOPPOSEDTOTAXAVOIDANCECONCERNS,MANYSTRUCTURESAREACCEPTABLEONEEXCEPTIONISTHATASTOCKHOLDERCANNOTCONVERTITSSHARESINTODEBTANDCALLITARECAPITALIZATIONITWILLBEVIEWEDASANOUTRIGHTSALEOFTHESHARESANOTHERREQUIREMENTISTHATTHEINSTRUMENTSBEINGEXCHANGEDMUSTEITHERBECO

24、RPORATESTOCKORSECURITIESALTHOUGHTHEDEFINITIONISNOTPRECISE,SECURITIESAREGENERALLYUNDERSTOODTOBEOBLIGATIONSOFACORPORATIONTOPAYACERTAINSUMOFMONEYGENERALLY,ADEBTMUSTHAVEATERMOFATLEASTFIVEYEARSTOBECONSIDEREDASECURITY,BUTOTHERTERMSOFTHEINSTRUMENTAREIMPORTANTASWELLADEBTORREAPSNOBENEFITFROMSTRUCTURINGANEXCH

25、ANGEASATAXFREERECAPITALIZATIONITCANONLYBENEFITTHELENDERS资料来源KLUMPP,HELENAINTERNATIONALTAXREVIEW,2002P2729译文映射债务重组的危险许多银行和公司目前正在开展的债务重组谈判，但都是通过这些雷区行走而并不知情。许多债务重组涉及一些简单的作为一个还款计划的延伸。利率可能会改变。其他条款可放宽，以使借款人偿还，而不是用武力的办法。借款人可能要追加保证金。借款人可能被要求以保证还款。债务人关注债务人处理那些债务低于面值的公开交易，首先要考虑是否会造成债务取消的应税收入的潜在重组。不幸的是，这项调查比简单

26、的比较新旧债务本金金额要复杂得多。通过比较新旧债务的发行价格来确认债务重组后的的债务取消的应税收入金额。债券的发行价格最准确的反映了债务工具的真正价值。在确定所有交易结果后，比较两个债务工具的真正价值，债务工具的发行价格比面值更好的反映了价值。为了使借款人的分析更加困难，不同的规则决定了新旧债务工具的发行价格。在许多情况下，发行价格应等于其票面金额。但是，如果债券是以贴现方式发行，那么它的发行价格等于债务发布后的价格，累计债务折扣金额增加。例如，一家公司借入700美元，承诺贷款人10年后到期还款1000美元。该债务的原始发行折价为300美元，该债券的发行价为700美元。累计300美元以上的优惠

27、贷款期限。发行价随着时间的推移调整，包括应计项目。因此，在任何给定的日期，旧债务的发行价是700美元加上已累积至该日期的折扣。债务重组前后的价格必须比一下，以确定借款人是否有债务重组收入。重组后债权的发行价格依赖于证券市场上的公开交易，如果是任一上市公司的债务，那么，重组后债务的发行价格将受到其公平市场价值的影响。这是因为它的市场价值很容易被确定。但是，如果不是上市公司的债务，那么重组后债务的发行价格是其面值或本金金额。在实践中，债务取消的应税收入并不存在，不管是不是上市公司的债务，除非贷款人同意核销部分贷款本金。公开交易的债务缔约方应该非常小心重组债务工具时是低于面值的买卖。可能的救济债务人

28、的负债超过其资产的公允市场价值，破产债务人不必报告债务重组收入的入息，直至其破产。然而，有一个税收成本债务人必须减少一定的税收。税务属性是特定类型的纳税优惠，债务人可能有这样的净经营亏损，税收减免，资本损失从往年结转。债务人必须以一定的顺序减少这些项目，直到债务重组收入得到充分吸收。债务人可以选择计税基础减少。虽然这可能看起来是一个明显的抉择，如果资产出售，较低的税收基础，将意味着较低的折旧扣除，以及更大的应税所得。贷款人关注贷款人必须小心，重组不会产生应课税收益。如果重组后债务的价值增加这将可能发生。该分析同样适用于借款人。重组前后发行价格不匹配是不可能的，除非至少有一个债务工具的公开交易。

29、进行债务重组的结构可能作为借款人的免税资产重组的形式。贷款人面临潜在的损失可能更喜欢一个应税交易，以便它可以索赔损失。虽然贷款人付出了很多，但得到的回报比较少，从而具有经济损失，他可能不得不从重组中报告应纳税所得额。如果在任何其他情况下的应计利息尚未被列入调整贷款人的收入，考虑到贷款人的结构调整将被视为利息的原始债务，已累计但尚未支付。任何这样的金额将作为普通收入纳税。这将增加贷款人计税基础上的原始债务，为确定其整体收益或亏损作调整。（由于损失可能是一个资本损失，因为资本损失不能用来抵消普通的收入）。贷款人可能有一个说法，没有代价的部分，如果利息债务人是在一个可疑的财务状况，那么收取利息是不太

30、现实的。转换成股权现在有这么一种情况，债务人由于只有一点现金而苦苦挣扎，但可以为他们提供其债权人的债务票据用来交换股票。有些债务人可能更喜欢这条路线，因为它可以在同一时间改善公司的资产负债表，因为它没有任何减少的前期现金支出利息为代价。税务后果是相似的债务换债务交换（或债务修改）的债务人可能有重组收入及贷款机构可能有收益或损失。关键的问题是如何计算债务人的重组收入和贷款人的收益或亏损所换取的股票的价值。债务人被视为满意于债务本金等于股票价值的债务。因此，如果股票的价值低于债务的本金，则债务人将有重组收入。贷款人做同样的计算，以找出是否有收益或汇兑损失。如果购入的债务有票面金额的折扣，那么它可能

31、是一种获得。贷款人必须报告作为普通收入的一部分，股票价值在累积的范围内，对于债务工具，贷款人在交换时间还没有收入，包括未付利息。免税资本重组对债务重组各方来说，可能会将此重组作为免税资产重组。他只会在借款人是一个公司时起作用。债务人不会向公司报告任何债务重组收入，而且他可能只限于金额的增加，贷款人必须承认其为应纳税所得额。资本可以采取多种形式，但它通常作为一个公司的资本结构改组描述。比方说一个新旧债务工具的交易，或发行公司股票以取代一个旧的债券。只要交易是由于商业动机，而不是为了避税，很多结构是可以接受的。唯一的例外是，股东不能将债务转换成股票，并呼吁它，调整资本结构。另一个要求是，被交换的债务工具必须是公司股票或证券。虽然没有确切的定义，证券一般被理解为一个公司支付一定数额的金钱义务。一般来说，债务必须被认为有至少五年的安全任期，但该债务工具的其他条款是重要的。对于一个免税外汇资产重组，债务人从中得不到任何好处。只能有利于贷款人。资料来源克隆普赫仑纳国际税务回顾，2002P2729