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申請(qǐng)破產(chǎn)保護(hù),意味著公司將不復(fù)存在嗎,?

Phil Wahba
2020-05-12

人們一直有一種誤解,,認(rèn)為無(wú)論零售商還是其他企業(yè),申請(qǐng)破產(chǎn)保護(hù)就意味著一家公司停止?fàn)I業(yè),。

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最近各式各樣的公司或零售商根據(jù)《破產(chǎn)法》第11章申請(qǐng)破產(chǎn)保護(hù)的消息經(jīng)常見(jiàn)諸報(bào)端,,足以讓任何購(gòu)物狂感到難以接受,。

上周,J. Crew和尼曼集團(tuán)(Neiman Marcus)申請(qǐng)破產(chǎn)保護(hù)之后,,人們紛紛在社交媒體上哀嘆備受消費(fèi)者喜愛(ài)的零售商走向末路,,并討論他們所出現(xiàn)的問(wèn)題。實(shí)際上申請(qǐng)破產(chǎn)保護(hù)并非公司的末日:這兩家公司多年來(lái)一直背負(fù)著沉重的債務(wù),,未來(lái)兩家公司將繼續(xù)運(yùn)營(yíng),,它們的資產(chǎn)負(fù)債表現(xiàn)在變得更健康,而且當(dāng)前兩家公司都沒(méi)有關(guān)店的計(jì)劃,。

人們一直有一種誤解,,認(rèn)為無(wú)論零售商還是其他企業(yè),根據(jù)《破產(chǎn)法》第11章申請(qǐng)破產(chǎn)保護(hù)就意味著一家公司停止?fàn)I業(yè),。原因不難理解:巴尼斯紐約百貨(Barneys New York),、玩具反斗城(Toys 'R' Us)、The Sports Authority和CIT等公司最后都被破產(chǎn)清算,。

但多年來(lái),,從通用汽車(chē)(General Motors)到美國(guó)航空(American Airlines),從公用事業(yè)公司太平洋電氣(PG&E)到食品雜貨零售商Fairway和梅西百貨(Macy's)(其前身美國(guó)聯(lián)合百貨公司(Federated Department Stores)曾在1992年申請(qǐng)破產(chǎn)保護(hù))等,,有許多公司都結(jié)束了破產(chǎn)保護(hù),東山再起,。這也是公司向法院申請(qǐng)破產(chǎn)保護(hù)的最終目的,。

BDO咨詢公司破產(chǎn)與重組顧問(wèn)戴維·博林爾表示:“《破產(chǎn)法》第11章的目的是為公司提供一次重組的機(jī)會(huì)。如果公司繼續(xù)經(jīng)營(yíng)的前景良好,,就可以解決資產(chǎn)負(fù)債表的問(wèn)題,。公司申請(qǐng)破產(chǎn)保護(hù)的目的是消除債務(wù),以控制債務(wù)水平,?!?/p>

J. Crew的17億美元債務(wù)(其年銷(xiāo)售額只有25億美元,因此這筆債務(wù)屬于巨額債務(wù))將轉(zhuǎn)換成股份,,所以其債權(quán)人將成為公司的所有人,。尼曼集團(tuán)通過(guò)申請(qǐng)破產(chǎn)保護(hù)剝離了80%的債務(wù),使其可以輕裝上陣進(jìn)行投資和業(yè)務(wù)升級(jí),避免數(shù)億美元利息,。

對(duì)于需要精簡(jiǎn)的零售商而言,,破產(chǎn)保護(hù)讓他們可以以較低的成本終止合同,尤其是門(mén)店租約,。

所以別灰心:如果你最喜歡的零售商根據(jù)《破產(chǎn)法》第11章申請(qǐng)了破產(chǎn)保護(hù),,這或許能拯救它的命運(yùn)。

破產(chǎn)程序

第11章破產(chǎn)保護(hù)申請(qǐng)這種說(shuō)法源自《美國(guó)破產(chǎn)法典》(U.S. Bankruptcy Code)第11章,。這種破產(chǎn)形式涉及對(duì)債務(wù)人的業(yè)務(wù),、債務(wù)和資產(chǎn)進(jìn)行重組,使其有時(shí)間盡量解決業(yè)務(wù)問(wèn)題,,債權(quán)人無(wú)法追索債務(wù)人的資產(chǎn),,因此使用了“保護(hù)”一詞。

美國(guó)政府稱“提交破產(chǎn)保護(hù)的債務(wù)人通常需要提交維持業(yè)務(wù)運(yùn)營(yíng)和未來(lái)向債權(quán)人償還債務(wù)的重組計(jì)劃,?!倍鄶?shù)公司會(huì)自愿申請(qǐng)破產(chǎn)保護(hù),但個(gè)別情況下,,債權(quán)人可能聯(lián)合起來(lái)強(qiáng)迫公司進(jìn)入破產(chǎn)程序,。

但破產(chǎn)保護(hù)救不了基本面崩潰的公司。巴尼斯紐約百貨的巨額債務(wù)只是其存在的諸多問(wèn)題之一,。Sports Authority在電子商務(wù)領(lǐng)域錯(cuò)失良機(jī),,而玩具反斗城過(guò)時(shí)的門(mén)店無(wú)法吸引購(gòu)物者。這些問(wèn)題根本無(wú)法通過(guò)申請(qǐng)破產(chǎn)解決,。

相比之下,,雖然尼曼集團(tuán)和J. Crew的業(yè)績(jī)并不出彩,但其銷(xiāo)售額下滑相對(duì)溫和,,這表明他們?cè)谑袌?chǎng)中仍有一席之地,。

處在破產(chǎn)保護(hù)下的公司,無(wú)論出售任何資產(chǎn),、部門(mén),、財(cái)產(chǎn),還是簽署或終止租約或者向律師支付費(fèi)用等,,都將由法院負(fù)責(zé)執(zhí)行,。一切都由法院接管。

破產(chǎn)保護(hù)下的公司還將進(jìn)行債務(wù)人持有資產(chǎn)(DIP)融資,,融資所得可用于日常經(jīng)營(yíng)支出,,如發(fā)放工資和支付供應(yīng)商貨款等,但債權(quán)人無(wú)權(quán)提取該類(lèi)資金,。

理想情況下,,公司應(yīng)該有一個(gè)結(jié)束破產(chǎn)保護(hù)的預(yù)裝破產(chǎn)計(jì)劃。在“預(yù)裝”計(jì)劃中,公司在申請(qǐng)破產(chǎn)保護(hù)之前,,會(huì)與債權(quán)人就計(jì)劃內(nèi)容達(dá)成一致并接受法院批準(zhǔn),,尼曼集團(tuán)就是采取了這種做法。公司通過(guò)該計(jì)劃可以更早擺脫破產(chǎn)保護(hù),,并減少與債權(quán)人的沖突和變數(shù),。

通過(guò)破產(chǎn)拍賣(mài)生存下去:許多品牌依舊有很強(qiáng)的生命力,所以這些品牌在破產(chǎn)拍賣(mài)中總能吸引競(jìng)拍者,,愿意幫助它們生存下去,。今年早些時(shí)候,美國(guó)最大的購(gòu)物中心運(yùn)營(yíng)商西蒙地產(chǎn)集團(tuán)(Simon Property Group)參與收購(gòu)了Forever 21,,2016年該公司參與的財(cái)團(tuán)曾經(jīng)收購(gòu)Aéropostale,。有些公司專(zhuān)門(mén)從事專(zhuān)利許可業(yè)務(wù),比如Authentic Brands公司,,它們會(huì)在破產(chǎn)法院中收購(gòu)知識(shí)產(chǎn)權(quán),。巴尼斯紐約百貨品牌將通過(guò)這種形式,作為薩克斯第五大道(Saks Fifth Avenue)的一小部分門(mén)店和海外門(mén)店的店內(nèi)品牌,,繼續(xù)存在下去,。

第7章:如果公司申請(qǐng)破產(chǎn)保護(hù)無(wú)法解決問(wèn)題,在繼續(xù)經(jīng)營(yíng)無(wú)望的情況下,,公司還可以根據(jù)《破產(chǎn)法》第7章申請(qǐng)破產(chǎn),。這意味著對(duì)公司進(jìn)行破產(chǎn)清算,并決定在出售公司資產(chǎn)時(shí)償還債權(quán)人債務(wù)的順序,。

第22章:數(shù)字“22”是破產(chǎn)法院對(duì)兩次根據(jù)第11章申請(qǐng)破產(chǎn)保護(hù)的公司的戲稱,。最近幾年曾二次申請(qǐng)破產(chǎn)保護(hù)的知名公司包括金寶貝(Gymboree)和Payless ShoeSource等。(財(cái)富中文網(wǎng))

翻譯:劉進(jìn)龍

審校:汪皓

最近各式各樣的公司或零售商根據(jù)《破產(chǎn)法》第11章申請(qǐng)破產(chǎn)保護(hù)的消息經(jīng)常見(jiàn)諸報(bào)端,,足以讓任何購(gòu)物狂感到難以接受,。

上周,J. Crew和尼曼集團(tuán)(Neiman Marcus)申請(qǐng)破產(chǎn)保護(hù)之后,,人們紛紛在社交媒體上哀嘆備受消費(fèi)者喜愛(ài)的零售商走向末路,,并討論他們所出現(xiàn)的問(wèn)題。實(shí)際上申請(qǐng)破產(chǎn)保護(hù)并非公司的末日:這兩家公司多年來(lái)一直背負(fù)著沉重的債務(wù),,未來(lái)兩家公司將繼續(xù)運(yùn)營(yíng),它們的資產(chǎn)負(fù)債表現(xiàn)在變得更健康,,而且當(dāng)前兩家公司都沒(méi)有關(guān)店的計(jì)劃,。

人們一直有一種誤解,認(rèn)為無(wú)論零售商還是其他企業(yè),,根據(jù)《破產(chǎn)法》第11章申請(qǐng)破產(chǎn)保護(hù)就意味著一家公司停止?fàn)I業(yè),。原因不難理解:巴尼斯紐約百貨(Barneys New York)、玩具反斗城(Toys 'R' Us)、The Sports Authority和CIT等公司最后都被破產(chǎn)清算,。

但多年來(lái),,從通用汽車(chē)(General Motors)到美國(guó)航空(American Airlines),從公用事業(yè)公司太平洋電氣(PG&E)到食品雜貨零售商Fairway和梅西百貨(Macy's)(其前身美國(guó)聯(lián)合百貨公司(Federated Department Stores)曾在1992年申請(qǐng)破產(chǎn)保護(hù))等,,有許多公司都結(jié)束了破產(chǎn)保護(hù),,東山再起。這也是公司向法院申請(qǐng)破產(chǎn)保護(hù)的最終目的,。

BDO咨詢公司破產(chǎn)與重組顧問(wèn)戴維·博林爾表示:“《破產(chǎn)法》第11章的目的是為公司提供一次重組的機(jī)會(huì),。如果公司繼續(xù)經(jīng)營(yíng)的前景良好,就可以解決資產(chǎn)負(fù)債表的問(wèn)題,。公司申請(qǐng)破產(chǎn)保護(hù)的目的是消除債務(wù),,以控制債務(wù)水平?!?/p>

J. Crew的17億美元債務(wù)(其年銷(xiāo)售額只有25億美元,,因此這筆債務(wù)屬于巨額債務(wù))將轉(zhuǎn)換成股份,所以其債權(quán)人將成為公司的所有人,。尼曼集團(tuán)通過(guò)申請(qǐng)破產(chǎn)保護(hù)剝離了80%的債務(wù),,使其可以輕裝上陣進(jìn)行投資和業(yè)務(wù)升級(jí),避免數(shù)億美元利息,。

對(duì)于需要精簡(jiǎn)的零售商而言,,破產(chǎn)保護(hù)讓他們可以以較低的成本終止合同,尤其是門(mén)店租約,。

所以別灰心:如果你最喜歡的零售商根據(jù)《破產(chǎn)法》第11章申請(qǐng)了破產(chǎn)保護(hù),,這或許能拯救它的命運(yùn)。

破產(chǎn)程序

第11章破產(chǎn)保護(hù)申請(qǐng)這種說(shuō)法源自《美國(guó)破產(chǎn)法典》(U.S. Bankruptcy Code)第11章,。這種破產(chǎn)形式涉及對(duì)債務(wù)人的業(yè)務(wù),、債務(wù)和資產(chǎn)進(jìn)行重組,使其有時(shí)間盡量解決業(yè)務(wù)問(wèn)題,,債權(quán)人無(wú)法追索債務(wù)人的資產(chǎn),,因此使用了“保護(hù)”一詞。

美國(guó)政府稱“提交破產(chǎn)保護(hù)的債務(wù)人通常需要提交維持業(yè)務(wù)運(yùn)營(yíng)和未來(lái)向債權(quán)人償還債務(wù)的重組計(jì)劃,?!倍鄶?shù)公司會(huì)自愿申請(qǐng)破產(chǎn)保護(hù),但個(gè)別情況下,,債權(quán)人可能聯(lián)合起來(lái)強(qiáng)迫公司進(jìn)入破產(chǎn)程序,。

但破產(chǎn)保護(hù)救不了基本面崩潰的公司。巴尼斯紐約百貨的巨額債務(wù)只是其存在的諸多問(wèn)題之一,。Sports Authority在電子商務(wù)領(lǐng)域錯(cuò)失良機(jī),,而玩具反斗城過(guò)時(shí)的門(mén)店無(wú)法吸引購(gòu)物者,。這些問(wèn)題根本無(wú)法通過(guò)申請(qǐng)破產(chǎn)解決。

相比之下,,雖然尼曼集團(tuán)和J. Crew的業(yè)績(jī)并不出彩,,但其銷(xiāo)售額下滑相對(duì)溫和,這表明他們?cè)谑袌?chǎng)中仍有一席之地,。

處在破產(chǎn)保護(hù)下的公司,,無(wú)論出售任何資產(chǎn)、部門(mén),、財(cái)產(chǎn),,還是簽署或終止租約或者向律師支付費(fèi)用等,都將由法院負(fù)責(zé)執(zhí)行,。一切都由法院接管,。

破產(chǎn)保護(hù)下的公司還將進(jìn)行債務(wù)人持有資產(chǎn)(DIP)融資,融資所得可用于日常經(jīng)營(yíng)支出,,如發(fā)放工資和支付供應(yīng)商貨款等,,但債權(quán)人無(wú)權(quán)提取該類(lèi)資金。

理想情況下,,公司應(yīng)該有一個(gè)結(jié)束破產(chǎn)保護(hù)的預(yù)裝破產(chǎn)計(jì)劃,。在“預(yù)裝”計(jì)劃中,公司在申請(qǐng)破產(chǎn)保護(hù)之前,,會(huì)與債權(quán)人就計(jì)劃內(nèi)容達(dá)成一致并接受法院批準(zhǔn),,尼曼集團(tuán)就是采取了這種做法。公司通過(guò)該計(jì)劃可以更早擺脫破產(chǎn)保護(hù),,并減少與債權(quán)人的沖突和變數(shù),。

通過(guò)破產(chǎn)拍賣(mài)生存下去:許多品牌依舊有很強(qiáng)的生命力,所以這些品牌在破產(chǎn)拍賣(mài)中總能吸引競(jìng)拍者,,愿意幫助它們生存下去,。今年早些時(shí)候,美國(guó)最大的購(gòu)物中心運(yùn)營(yíng)商西蒙地產(chǎn)集團(tuán)(Simon Property Group)參與收購(gòu)了Forever 21,,2016年該公司參與的財(cái)團(tuán)曾經(jīng)收購(gòu)Aéropostale,。有些公司專(zhuān)門(mén)從事專(zhuān)利許可業(yè)務(wù),比如Authentic Brands公司,,它們會(huì)在破產(chǎn)法院中收購(gòu)知識(shí)產(chǎn)權(quán),。巴尼斯紐約百貨品牌將通過(guò)這種形式,作為薩克斯第五大道(Saks Fifth Avenue)的一小部分門(mén)店和海外門(mén)店的店內(nèi)品牌,,繼續(xù)存在下去,。

第7章:如果公司申請(qǐng)破產(chǎn)保護(hù)無(wú)法解決問(wèn)題,在繼續(xù)經(jīng)營(yíng)無(wú)望的情況下,,公司還可以根據(jù)《破產(chǎn)法》第7章申請(qǐng)破產(chǎn),。這意味著對(duì)公司進(jìn)行破產(chǎn)清算,并決定在出售公司資產(chǎn)時(shí)償還債權(quán)人債務(wù)的順序,。

第22章:數(shù)字“22”是破產(chǎn)法院對(duì)兩次根據(jù)第11章申請(qǐng)破產(chǎn)保護(hù)的公司的戲稱,。最近幾年曾二次申請(qǐng)破產(chǎn)保護(hù)的知名公司包括金寶貝(Gymboree)和Payless ShoeSource等。(財(cái)富中文網(wǎng))

翻譯:劉進(jìn)龍

審校:汪皓

The endless headlines lately about this, that, or the other retailer heading toward Chapter 11 bankruptcy protection are enough to give any shopaholic agita.

This week, after J.Crew and Neiman Marcus each filed for Chapter 11 bankruptcy protection, social media was flooded with lamentations about the end of beloved retailers and where they had gone wrong. But the filings weren't the end of anything: Both companies, choking on debt for years, will continue to operate, with healthier balance sheets now, and no immediate plans for store closings.

There is a popular misconception that Chapter 11 filings mean the end of a business, in retail and beyond. And it's easy to see why: Many companies like Barneys New York, Toys 'R' Us, The Sports Authority, and CIT ultimately liquidated.

But countless others over the years—from General Motors to American Airlines to utility PG&E to retailers like grocer Fairway and even Macy's (its predecessor, Federated Department Stores, filed for Chapter 11 protection in 1992)—have come out of bankruptcy to fight another day. And that's ultimately the goal of seeking court protection.

"The whole purpose of Chapter 11 is to give a company a chance for a restructuring," says David Berliner, bankruptcy and restructuring advisor at BDO. "If a company has good prospects for continuing in business, the balance sheet is fixed. The goal is wiping out debt to make it manageable."

In the case of J.Crew, its debt of $1.7 billion (enormous in relation to annual sales of $2.5 billion) will be converted into equity, so its creditors become its owners. Neiman shed 80% of its debt, giving it a clean slate with which to invest and update its business rather than spend hundreds of millions of dollars on interest.

And for retailers that need to slim down, bankruptcy protection is way to break some contracts, notably store leases, at lower costs.

So chin up: If your favorite store is filing for Chapter 11, it may just be the thing that saves it.

How bankruptcy works

Chapter 11 filings are named for a section of the U.S. Bankruptcy Code. A Chapter 11 filing is a form of bankruptcy that involves the reorganization of a debtor's business affairs, debts, and assets to give it time to try to fix its business with creditors unable to claim its assets, hence the use of the term 'protection.'

The U.S. government says that "A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time." Most filings are voluntary but occasionally, creditors get together and force a company into bankruptcy proceedings.

This ultimately doesn't help a company if its business fundamentals are collapsing. Barneys' massive debt was only one of many problems it had. The Sports Authority missed the boat when it came to e-commerce, and Toys 'R' Us' outdated stores made it irrelevant to shoppers—all factors a bankruptcy filing cannot fix on its own.

In contrast, Neiman Marcus and J.Crew are hardly thriving, but their sales declines have been modest, suggesting there is room for them in the market.

A company under bankruptcy protection has to run everything by the court: the sale of any assets, divisions, property, entering or breaking leases, fees to lawyers. Everything.

Such a company also lines up debtor-in-possession (DIP) financing to have money that creditors can't try to take that can be used to fund everyday business expenses, such as paying salaries and suppliers.

A pre-packaged plan to emerge from bankruptcy protection is the ideal scenario. Under a 'pre-pack,' a filing comes after creditors and the company have agreed on a plan, subject to court approval, as they did in the case of Neiman Marcus. It makes for quicker emergence from Chapter 11 and less conflict and drama.

Survival via bankruptcy auction: Many brands still have a lot of life in them and attract bidders in a bankruptcy auction ready to keep them alive. Earlier this year, Simon Property Group, the largest U.S. mall operator, was part of a group that bought Forever 21, and in 2016, it was in a consortium that bought Aéropostale. Some companies specialized in licensing, notably Authentic Brands, buy intellectual property in bankruptcy court. That is how the Barneys New York name will live on as small sections at Saks Fifth Avenue stores and in stores overseas.

Chapter 7: If a Chapter 11 filing doesn't work out, a company may file for Chapter 7 once things look hopeless that the company can continue. This simply means liquidation and deciding which creditors will get paid in what order when assets are sold off.

Chapter 22: The number 22 is a bit of bankruptcy court humor and refers to any company that has sought Chapter 11 protection twice. That illustrious group in recent years has included Gymboree and Payless ShoeSource.

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