英语翻译Our procedure is a simple one.First,when a firm goes ban

英语翻译
Our procedure is a simple one.First,when a firm goes bankrupt,all of the firm's existing debts are canceled,and an individual-a judge,say-is appointed to supervise the procedure.This individual has two immediate tasks:(A) to solicit cash and noncash bids for all or part of the "new" firm (which at this juncture is all equity); and (B) to allocate rights to the equity in this new firm among the former claim holders.These two tasks could be carried out in parallel and completed within a prespecified period of time:for example,three to four months.After this,the new shareholders-that is,the former claim holders who now hold shares-vote on which bid to select.The successful bid may be a cash bid (which corresponds to a liquidation or a sale of the firm) or a noncash bid.Noncash bids allow for reorganization and/or recapitalization of the firm as a going concern.For example,the old managers might propose that they keep their jobs,and that each current shareholder receive a share in the post-bankruptcy firm.Or the same financial arrangement might be offered by a new management team.A third possibility is that management (old or new) might induce some leverage in the post-bankruptcy firm by proposing to borrow from the capital market and to offer each current shareholder a combination of cash and equity in the (levered) firm.After the vote,the firm exits from bankruptcy.
我这个的要求就是一字一句翻译

我们的做法是一简单一个. 首先,当企业破产时,所有公司的现有的债务被取消,并且一位单独法官,说被任命监督做法. 这个个体有二项直接任务： (a)恳求现金和非现金为在这个节骨眼上是所有产权)的全部或部份“新的”企业出价(; 并且(b)分配权利到产权在这家新的企业中在前要求持有人之中. 这两项任务能平行被执行和在一个被预先指定的时期内完成： 例如,三个到四个月. 在此以后,新股东是,现在举行份额表决选择的出价的前要求持有人. 成功的出价也许是对应于清盘或企业销售)的现金支付(或非现金出价. 非现金出价考虑到企业的整顿和资本结构的改变作为经营实体. 例如,老经理也许提议他们保留他们的工作,并且每个当前股东在岗位破产企业中接受一个份额. 或者同一个财政安排也许由新的管理组提供. 第三种可能性是管理(老或新)在岗位破产企业中在(被撬起的)企业中也许通过提议从资本市场借用和提供每个当前股东现金的组合和产权导致一些杠杆作用. 在表决以后,企业退出从