企业重整中的商业银行债转股

On the Debt-for-Equity Swap of Commercial Bank in Enterprise Reorganization

在债务困境企业的挽救中,债转股是一种传统的市场化、常态化的法律手段。国务院在《关于积极稳妥降低企业杠杆率的意见》和《关于市场化银行债权转股权的指导意见》中强调要遵循法治化原则、按照市场化方式有序开展债转股。企业重整中的债转股具有债权出资与债务清偿双重法律性质。债转股是不受重整集体清偿程序限制的权利,是否转股应当由每一个银行债权人个别同意决定,它不属于债权人会议的职权范围,不受债权人会议少数服从多数表决机制的约束,在未经其同意的情况下也不受重整计划以及法院批准包括强制批准重整计划裁定的限制。在债转股方案中,必须制订合理的债务清偿方案供不接受债转股的债权人自愿选择。能够在重整程序中破坏市场化、法治化债转股的,唯有地方政府的行政权力,地方政府在企业重整中所要达到目标与破产法的立法目标可能存在差异,约束地方政府行政权力的滥用是保障破产法以及债转股正确实施的关键。

In the rescue of the troubled business, the debt-for-equity swap has been a conventional legal instrument with marketization and normalization. The adherence to the principle of legalization and the orderly conduct of the debt-for-equity swap with market-oriented manners have been emphasized in the Opinions on Lower the Leverage of Enterprises Actively and Safely and the Guiding Opinions on Marketization of Bank Debt-For-Equity Swap which were issued by the State Council. The debt-for-equity swap in enterprise reorganization owns dual legal characteristics of creditor＇s rights investment and performance of debt. The debt-for-equity swap is a type of right which is not restricted by the col- lective repayment procedures, and the enforcement of the swap should be agreed by each individual bank creditor separately. It is not within the authority of the creditors＇ meeting, so it is not only unrestrained by the majority voting rule of the creditors＇ meeting, but also by the reorganization plan or the court approval, such as forcing confirmation of the reorganization plan, without consent. Meanwhile, a reasonable repayment scheme should be set for creditors who reject the debt-for-equity swap. There probably exists a difference between the aim of business reorganization and the legislative goal of the bankruptcy law, it is the administrative power of local governments which may destroy the marketiza- tion and legalization of the debt-for-equity swap. Therefore, the key to guarantee the bankruptcy law and the proper implementation of the debt-for-equity swap is to restrict the abuse of the administrative power of local governments.