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发表于 2010-9-24 11:32:40
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本帖最后由 kanbor32 于 2010-9-24 12:24 编辑
11. Debt restructure. At the time of Michael Jacksons death, the primary assets of the Estate, (MiJac music and Michael Jacksons interest interest in SONY/ATV), were highly leveraged. Michael had used MiJac music as security for two loans, one issued by HSBC ("the HSBC loan") and the other issued by Plainfield Asset Management ("the Plainfield loan"). The Plainfield interest rate was ___%. The cumulative balance due at the time of Michael Jacksons death on both loans were approximately __. Both loans were scheduled to mature in 2011.
MiJac Music. In December 2009, the special adminstrators succesfully negotiated with HSBC to refinance and restructure the HSBC loand and the Plainfield loan into a new loan ("the HSBC Agreement"), with more favorable terms, including a reduction in the interest rate, which will save the Estate approximately ___% per month. In addition, the special adminstrators restructred the loan in a manner that will allow the Estate to use all of the interest payments (rather than only a portion of the interest payments) as an income tax deduction, resulting in further savings to the Estate of approximately $3 million in taxes over a five year period. The financing transaction was approved by this Court pursuant to its order entered December 8, 2009.
SONY/ATV. Michael had also pledged his fifty percent interest in SONY/ATV as security for a loan issued by Barcalys Capital. At the time of Michael Jacksons death, the balance due on SONY/ATV Loan was approximately $___ dollar. The loan matures on December 3, 2010. The loan is further secured by a guranty given by Sony Global Treasury. In exchange for securing Sony's guaranty, Michael Jackson was required to give up significant rights to control and/or sell his interest in SONY/ATV as well as granting SONY protections in the event of default.
The special adminstrators have recently completed successful negotiations with UBS to refinance the loan secured by the Estate's interest in SONY/ATV as well as extensive negotiations with Sony to complete the refinance transaction. The special adminstrators task was challenging. The negotiations resulted in an amended agreement with Sony to great benefit of the Estate and a new loan at a substantially lower interest rate for the Estate, which is locked in for the period of the time.
11、债务重组
迈克尔杰克逊去世时，遗产公司的主要资产（即MiJac唱片公司和迈克尔杰克逊在SONY/ATV所获得的版税收入），被高度重视。迈克尔把MiJac唱片公司作为两笔贷款的抵押。一项是向汇丰银行的借贷，另一项是向对冲基金 Plainfield的借贷。Plainfield的借贷利率是__%，迈克尔杰克逊去世之时，积累的应还款项金额约为__。两笔贷款均于2011年到期。
(1)MiJac唱片公司
2009年12月，遗产执行人与汇丰银行谈判成功，通过融资将汇丰和Plainfield的两项贷款重组为一项新的贷款，条件比以前更加优惠，比如降低利率，此举将为遗产公司节省__%/月。
另外，遗产执行人把贷款重组为另一种方式：允许遗产公司利用所有的利息所得（而不是只能支配一部分利息所得）来支付所得税扣款，使得在未来五年内，可以为遗产公司节约3百万美元的税务支出。
(2)SONY/ATV版权和版税
迈克尔也曾将他的SONY/ATV版税收入作为向巴克莱银行的贷款抵押。在他去世之时，积累的应还款项金额约为__美元。
这笔贷款于2010年3月到期。已由索尼全球财务服务公司进一步担保。作为索尼公司担保的交换条件，要求迈克尔•杰克逊放弃一些重要权利，比如控制和出售他的SONY/ATV版权的权利，并要求接受索尼公司的违约保护条款。
遗产执行人最近成功与UBS谈判，为这笔以SONY/ATV为抵押的贷款融资，并通过与索尼公司的广泛交谈，力图完成融资交易。这项任务是艰巨的。谈判结果是修改了之前与索尼的协议，此举为遗产公司赢得了巨大的利益，新的贷款利率更低且稳定。
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狗仔卡
发表于 2010-9-24 11:22:23
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