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《映射債務(wù)重組的危險(xiǎn)【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、畢業(yè)論文外文翻譯原文：MappingthedangersofdebtrestructuringManybanksandcompaniesarenowengagedindebtrestructuringnegotiationsbutareunawareoftheminefieldthroughwhichtheywalk.Manydebtrestructuringsinvolvesomethingassimpleasanextensionintherepaymentschedule.Theinterestratecouldchange.Ot
2、hertermscouldberelaxedtoenabletheborrowertorepayratherthanforcetheborrowerintodefault.Theborrowermighthavetopostadditionalsecurity.Affiliatesoftheborrowercouldberequiredtoguaranteerepayment.DEBTORCONCERNSDebtors--especiallythosewhosedebtispubliclytradingbelowfacevalue--n
3、eedtoapproachapotentialrestructuringbyfirstconsideringwhetheritwillcreatetaxableCODincome.Unfortunately,thisinquiryismorecomplicatedthansimplycomparingtheprincipalamountoftheolddebttothatofthenew.TheamountofCODincomeismeasuredbycomparingtheissuepricesoftheoldandnewdebt.T
4、heissuepriceofadebtinstrumentisanumberthatmostaccuratelyreflectstheinstrument'struevalue.Indeterminingtheconsequencesofallexchange,theideaistocomparethetruevaluesofbothinstrumentstoeachother,andtheissuepriceofadebtinstrumentprovidesabetterreflectionofitsvaluethanitsfaceo
5、rprincipalamountdoes.Tomakeaborrower'sanalysisevenmoredifficult,differentrulesapplytodeterminetheissuepricesoftheoldandnewinstruments.Startingwiththeolddebt,itsissuepriceinmanycasesshouldequalitsfaceamount.However,ifthedebtwasissuedatadiscount,thenitsissuepriceisequaltot
6、hepriceatwhichthedebtwasissued,increasedbytheamountofthediscountthathasaccruedtodateonthedebt.Forexample,acompanymayborrow$700butpromisetorepaythelender$1,000in10yearswhentheloanmatures.Thedebthas$300oforiginalissuediscount(OLD).Theissuepriceofthatdebtis$700.The$300disco
7、untaccruesoverthelifeoftheloan.Theissuepriceisadjustedovertimetoincludesuchaccruals.Thus,onanygivendate,theissuepriceoftheolddebtis$700plusthediscountthathasaccrueduptothatdate.Theissuepriceoftheolddebtmustbecomparedtotheissuepriceoftherestructureddebttodeterminewhethert
8、heborrowerhasCODincome.Itdoesiftheissuepriceoftherestructureddebtisless.Theissuepriceoftherestructuredd
