贾跃亭、张近东相继设立还债信托

Core Viewpoint - The article discusses the increasing trend of debt restructuring trusts among indebted companies and individuals, highlighting their operational mechanisms and the benefits they provide in resolving debt crises [2][12]. Group 1: Debt Restructuring Trusts - Debt restructuring trusts are established to consolidate valuable assets of companies or individuals facing insolvency, enhancing creditors' confidence in debt repayment [4][10]. - The trust's assets are managed by a trustee, with creditors as beneficiaries, and the proceeds from asset liquidation or operation are used to repay debts [4][9]. Group 2: Operational Mechanisms - The assets placed in trusts are categorized into operational and liquidation assets, with management typically retained by the original team under strict supervision [6][10]. - There are two main models for risk disposal trusts: the ongoing restructuring model, where creditors become beneficiaries and original shareholders lose their rights, and the sale restructuring model, where quality assets are sold to restore operations quickly [7][10]. Group 3: Protection of Creditors' Rights - Creditors' rights are safeguarded through mechanisms such as asset independence, conversion of uncertain debts into clear trust beneficiary rights, and governance structures involving creditor representation [9][10]. - The effectiveness of debt repayment depends on the quality of underlying assets, the trustee's management capabilities, and the rationality of the trust scheme design [10][12]. Group 4: Case Examples - The article cites the example of Faraday Future's founder, who established a debt trust to manage his shares and facilitate debt repayment, and the restructuring plan of Suning, which involves transferring all company shares and personal assets into a trust to address over 230 billion yuan in debt [12][13].