金融雙語閱讀：油價暴跌把能源企業逼上絕路

下面本站小編爲大家帶來金融雙語閱讀：油價暴跌把能源企業逼上絕路 ，希望大家喜歡!

A growing number of energy companies that have filed or will soon file for bankruptcy court protection are likely to be liquidated, with their prospects diminished by the latest falls in natural gas and oil prices, according to distressed investors and restructuring advisers. 憂慮的投資者和重組顧問表示，越來越多即將或者已經申請破產保護的企業很可能被清盤，近來天然氣和石油價格進一步下跌使它們的前景變得更爲黯淡。

Companies that restructure crippling debt loads can often emerge from bankruptcy and start life anew, but with the latest fall in energy prices, even a freshly capitalised balance sheet may not be enough to save the company. 對沉重的債務負擔進行重組的企業往往能夠擺脫破產重獲新生，但由於近來能源價格下跌，哪怕新近注入資本的資產負債表或許都不足以拯救企業。

“Even if you take away all the debt, it is not clear some energy firms can operate,” said one restructuring specialist. “Their basic economics requires oil to be considerably north of where it is. They can’t reorganise.” “即使你拿走所有的債務，也不清楚一些能源公司是否能夠運營，”一名重組專家表示，“它們的基本經濟學需要油價遠高於現在的水平。它們無法進行重組。”

In the case of Walter Energy, which filed for Chapter 11 a few months ago, the group said it would run out of money by early 2016 and has opted for a sale of substantially all of its assets, the LCD unit of Standard & Poor’s said. 標準普爾(S&P's)旗下的Leveraged Commentary & Data(LCD)表示，幾個月前根據美國破產法第11章申請破產保護的沃爾特能源(Walter Energy)稱將在2016年初資金短缺，並已選擇變賣旗下幾乎所有資產。

Not a single creditor will be repaid at all but instead will receive a share in the proceeds from the sale, people involved in the situation said. 知情人士透露，沒有一個債權人將獲得償付，而是得到變賣資產所得的一部分。

Creditors to Magnum Hunter Resources, which filed for bankruptcy protection this month, will receive nothing other than equity and even those who provide a loan to permit the company to operate under Chapter 11 will receive equity rather than getting their money back, according to two people advising the company. 爲本月申請破產保護的Magnum Hunter Resources提供諮詢的兩名顧問表示，該公司債權人只能獲得股權，就連那些爲該企業提供貸款，使其能依據美國破產法第11章運營的人也只能獲得股權，而非拿回自己的錢。

The speed and extent of the fall in oil prices — Brent hit an 11-year low below $36 a barrel on Tuesday — has caught many investors on the hop, forcing them to recalibrate the value of debt. 布倫特原油價格上週二跌破每桶36美元，至11年來的低點。油價下跌的速度和程度讓很多投資者縮手不及，迫使他們重新調整債務價值。

When Samson Resources filed for bankruptcy in mid-September, wiping out $4.2bn of equity, the expectation was that second lien lenders, in the middle of the capital structure, would take over the company, wiping out the junior debt but paying senior debt holders 100 cents on the dollar. Now that assumption is being questioned and the pre-filing agreement with creditors has fallen apart. 9月中旬，Samson Resources申請破產，42億美元的股權一下子蒸發，當時的預期是位於資本結構中間的第二留置權貸款人將接管企業，次級債務將被抹消，但該公司以面值的100%向優先級債務持有人進行償付。現在這種假設受到了質疑，與債權人達成的破產申請前協議也已泡湯。

With the drop in energy prices “elements of the restructuring agreement, including refinancing senior debt and a commitment to inject new money, are likely no longer feasible”, according to a court document filed on December 17 in Delaware. “Any new restructuring would likely provide significantly less value for stakeholders than the transaction (originally) contemplated.” 由於能源價格下跌，“重組協議中的要素，包括爲優先級債務再融資，以及注入新資金的承諾，可能都不再可行，”12月17日在特拉華州提交的一份法律文件表示，“任何新的重組爲利益攸關方提供的價值可能都將顯著低於(原本)設想的交易。”

Second lien lenders who expected to take over Samson had pledged to put $400m into the company. But with prices of natural gas less than $1.75 per million British thermal units — when the investment thesis of the original owners required prices of $4 per mmbtu — “it was rational to take another look”, said one person involved in the talks. 原本有望接管Samson Resources的第二留置權貸款人承諾向該公司注入4億美元。但隨着天然氣價格跌破每百萬英熱單位1.75美元，“重新考慮是理性選擇”，參與談判的一名人士表示。原始所有人的投資依據需要天然氣價格達到每百萬英熱單位4美元。

In its attempt to survive, Samson has cut costs and suspended all drilling. 試圖存活下去的Samson Resources削減了成本，暫停了所有鑽探活動。

Energy companies also face other challenges as hedges that helped shelter them from the full impact of falling prices begin to expire. 隨着幫助能源企業抵消一部分價格下跌影響的對衝合約開始失效，能源企業還面臨別的挑戰。