A growing number of energy companies that have filed or will soon file for bankruptcy¹ court protection are likely to be liquidated², with their prospects³ diminished by the latest falls in natural gas and oil prices, according to distressed⁴ investors⁵ and restructuring advisers⁶.

忧虑的投资者和重组顾问表示，越来越多即将或者已经申请破产保护的企业很可能被清盘，近来天然气和石油价格进一步下跌使它们的前景变得更为黯淡。

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.

对沉重的债务负担进行重组的企业往往能够摆脱破产重获新生，但由于近来能源价格下跌，哪怕新近注入资本的资产负债表或许都不足以拯救企业。

“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 considerably⁷ north of where it is. They can’t reorganise.”

“即使你拿走所有的债务，也不清楚一些能源公司是否能够运营，”一名重组专家表示，“它们的基本经济学需要油价远高于现在的水平。它们无法进行重组。”

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 opted⁸ for a sale of substantially all of its assets, the LCD unit of Standard & Poor’s said.

标准普尔(S&P's)旗下的Leveraged Commentary & Data(LCD)表示，几个月前根据美国破产法第11章申请破产保护的沃尔特能源(Walter Energy)称将在2016年初资金短缺，并已选择变卖旗下几乎所有资产。

Not a single creditor⁹ 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，没有一个债权人将获得偿付，而是得到变卖资产所得的一部分。

Creditors¹⁰ to Magnum Hunter Resources, which filed for bankruptcy protection this month, will receive nothing other than equity¹¹ 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.

为本月申请破产保护的Magnum Hunter Resources提供咨询的两名顾问表示，该公司债权人只能获得股权，就连那些为该企业提供贷款，使其能依据美国破产法第11章运营的人也只能获得股权，而非拿回自己的钱。

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 hop¹², forcing them to recalibrate the value of debt.

布伦特原油价格上周二跌破每桶36美元，至11年来的低点。油价下跌的速度和程度让很多投资者缩手不及，迫使他们重新调整债务价值。

When Samson Resources filed for bankruptcy in mid-September, wiping out $4.2bn of equity, the expectation was that second lien¹³ lenders, in the middle of the capital structure, would take over the company, wiping out the junior debt but paying senior debt holders¹⁴ 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申请破产，42亿美元的股权一下子蒸发，当时的预期是位于资本结构中间的第二留置权贷款人将接管企业，次级债务将被抹消，但该公司以面值的100%向优先级债务持有人进行偿付。现在这种假设受到了质疑，与债权人达成的破产申请前协议也已泡汤。

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) contemplated¹⁵.”

由于能源价格下跌，“重组协议中的要素，包括为优先级债务再融资，以及注入新资金的承诺，可能都不再可行，”12月17日在特拉华州提交的一份法律文件表示，“任何新的重组为利益攸关方提供的价值可能都将显著低于（原本）设想的交易。”

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 thermal¹⁶ 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的第二留置权贷款人承诺向该公司注入4亿美元。但随着天然气价格跌破每百万英热单位1.75美元，“重新考虑是理性选择”，参与谈判的一名人士表示。原始所有人的投资依据需要天然气价格达到每百万英热单位4美元。

In its attempt to survive, Samson has cut costs and suspended all drilling.

试图存活下去的Samson Resources削减了成本，暂停了所有钻探活动。

Energy companies also face other challenges as hedges that helped shelter them from the full impact of falling prices begin to expire.

随着帮助能源企业抵消一部分价格下跌影响的对冲合约开始失效，能源企业还面临别的挑战。