破产重整频现共益债融资，企业资产盘活有何玄机？

Core Viewpoint - The article discusses the increasing prevalence of "beneficial debt" financing as a critical tool for distressed companies to sustain operations and facilitate restructuring efforts, highlighting recent cases involving companies like Suning and Neta Auto [1][6]. Group 1: Beneficial Debt Financing - Beneficial debt financing is emerging as a key mechanism for companies in bankruptcy restructuring, providing essential funds to maintain core operations and protect creditor interests [6][9]. - Neta Auto's parent company, Hezhong New Energy, is seeking up to 100 million yuan in beneficial debt to support core production line operations and after-sales services [3]. - Suning's 38 companies are set to receive 8 billion yuan in beneficial debt from a consortium led by CITIC Financial and Oriental Asset Management, aimed at revitalizing four ongoing real estate projects [4][9]. Group 2: Investment Returns and Conditions - The annual interest rate for beneficial debt financing ranges from 6.9% to 8%, which is higher than traditional bank loan rates, attracting investors seeking better returns [4][6]. - Investors in beneficial debt can request early repayment once projects generate sales revenue, ensuring efficient capital recovery [4]. - The process of securing beneficial debt involves strict conditions, including court approval and management oversight, to ensure funds are used appropriately and to safeguard investor interests [10][11]. Group 3: Impact on Business Recovery - Beneficial debt financing has played a significant role in reviving companies like Bubugao, which reported improved operational performance after restructuring and securing beneficial debt [7]. - The introduction of beneficial debt can restore confidence among stakeholders, leading to improved business collaboration and stability [7][9]. - The legal framework surrounding beneficial debt provides a "super priority" for repayment, enhancing its attractiveness to investors compared to other financing options [6][10].