Liabilities Restructure Researching And Applying In Southwest Aluminum Co., Ltd.

With the Chinese economy system reformation processing deeply, the state-owned enterprises can't fit the new economic environment which has changed largely and deeply, because of historical reasons and draggling of themselves' system reformation. The state-owned enterprises account for most proportions in our national economy. Consequently, there have occurred overfull non-performing loans in state-owned commercial banks, and overfull debts and creditor's rights in state-owned enterprises. Therefore, it becomes the keystone and difficulty at present Chinese economy system reformation that how to reduce the rates of state-owned enterprises' liability and optimize capital structure by debt restructuring.This paper has comprehensively investigated the liability circumstance and the reasons of producing overfull liability of the Southwest Aluminum Co., Ltd. (for short, SWA), which is a typical representative of state-owned enterprises in debt. At the same time, on the base of former researching, this paper has deeply analyzed the reasons of the state-owned enterprises generated overfull liability and the influence of overfull liability on national economy, explored the methods of improving the investing and financing environment and the methods of debt restructuring in our country at present. Aiming at the "debt-to-equity transformation" which is a debts restructuring scheme advanced by government, in term of the requirements of modern enterprises regulations, this paper has researched deeply on asset securitization under asset management corporation which can resolve excessive debts of state-owned enterprises, on base of researching on the modes of debt restructuring in our country and overseas and researching on the practice of asset securitization. These research can make the capital market play effective function in collocating capital sufficiently, search new investors and the objects of debt restructuring through capital market. Accordingly, these research avail to impel the pace of the SWA reforming, promote the SWA's development of production and operation continually, quickly and healthily. In order to reduce the burden of enterprise in debt, creditor can consult with debtor to implement debt restructuring, amend the term of repaying the debts according to the agreement with debtor or the arbitrament of court. Debt restructuring can make more contributions to our country's economy development healthily in the face of the actuality of the enterprises operated under the heavy debt burden. The key is how tolearn methods of debt restructuring from the developed country, and explore the way of debt restructuring of state-owned enterprises with Chinese character. Under the environment of developed securities market, the professional agencies participate in the debt restructuring in favor of reducing creditor's ventures. Asset securitization has the important significance of theory and practice at the realizing creditor's right flowing and enhancing the efficiency of debt restructuring. The above research fruit is proved by application practice to achieve favorable benefits in SWA's debt restructuring.