Case Analysis Of DL Company Bankruptcy Reorganization And Mutual Benefit Debt Financing

With the structural adjustment of l type of economic growth rate in our country,the middle and low end and traditional industries with excess production capacity in the economic structure have been greatly impacted.More and more enterprises need to invigorate the stock assets and optimize the debt structure through bankruptcy reorganization.As an important part of the bankruptcy reorganization process,the continuous operation during the reorganization period plays a special role in boosting asset value and maintaining the stability of employees.Due to the fact that the effective assets of the bankrupt enterprise are all in the state of mortgage and attachment,it is impossible to obtain funds through traditional financing methods for operating production.Because the co-benefit debt has the legal attribute of preemption and repayment at any time.It is of positive research and practical significance to link the co-benefit debt financing with bankruptcy reorganization effectively.DL company is a large domestic private enterprise engaged in the production of machine tools.Due to a series of reasons such as industry cycle,market environment,internal management and so on,DL company entered into the bankruptcy reorganization procedure.Based on the consideration of maintaining the stability of personnel and boosting the value of assets during the reorganization period,it successfully introduced the co-benefit debt fund under the guidance of the government,and realized the operation and production during the reorganization period.This paper takes the case of common interest debt financing of DL company as the research object,through the method of literature research and case analysis,firstly,focusing on the key word of common interest debt financing,this paper makes a theoretical study on the definition of common interest debt financing,the causes of demand,the sources of funds,the main risk points and so on.Secondly,the basic situation of enterprises,facing difficulties,financing implementation process as a starting point for a comprehensive introduction of the case.Then through the analysis of the main points of the model,the evaluation of the implementation effect,operational risk analysis of the case in-depth analysis.Among them,the main points of the model analysis mainly includes the financing main body,the loan condition,the financing term and so on several aspects research;The implementation effectevaluation is analyzed from the aspects of personnel stability,market maintenance and production recovery;The content of operational risk analysis is mainly about the exit risk of common interest debt financing and the risk of identification procedure.In the last part of the article,through the analysis of the case of common interest debt financing of DL company,the author summarizes some experiences that can be used for reference in practice,and gets some enlightenment by thinking deeply.In order to better play the role of co-benefit debt financing in bankruptcy reorganization,we should give the legal super priority to the co-benefit debt financing from the legislative level.At the same time,the administrator should be good at absorbing external forces during the restructuring operation,and the local government should also play a positive role in promoting the bankruptcy enterprises to achieve common benefit debt financing.