Restructuring of insolvent enterprises and alternative choice

Šiuo metu Lietuvos ekonomikai būdingos įmonių mokumo problemos. Nesugebėjimas įvykdyti finansinių įsipareigojimų kreditoriams neigiamai įtakoja kitų rinkos dalyvių (kreditorių, tiekėjų) finansinę būklę. Todėl įmonių finansinės problemos turi būti sprendžiamos, atsižvelgiant ir į kitų rinkos dalyvių, taip pat visuomenės bei valstybės interesus. Straipsnyje apžvelgiamos įmonių mokumo problemų identifikavimo, įmonių potencialaus bankroto vertinimo aspektai, apibendrinami kriterijai, kuriais vadovaujantis, galima priimti sprendimus, siekiant užtikrinti finansinių problemų turinčių įmonių veiklos tęstinumą.The increase in leverage of enterprises has always touched off public debate about its effect on economic activity. In one view, large debt burdens constrain investment and threaten financial stability of indebted enterprises. On the one hand, they prevent corporate waste and improve economic performance. On the other hand, the high debt level increases the possibilities that firms will be unable to make their debt payments, and it raises concern about what happens to these distressed firms. Some argue, that creditors' conflicting claims make renegotiation difficult and may lead to the liquidation of insolvent enterprises. Others have the opinion, that financial distress and bankruptcy proceedings arc costly to firms, which are likely to have significant conflicts among their creditors. The author of this article attracts his attention to the fact, that even the turnover of the biggest companies in Lithuania has increased, the profitability of these companies has a decreasing tendency. More that one third of the biggest companies are unprofitable. This article identifies signs of potential bankruptcy of indebted enterprises. Direct and indirect costs of bankruptcy proceedings can also influence the choice of restructuring insolvent enterprises. The author of this article summarizes these (direct and indirect) costs. Decisions, related to the indebted enterprises, i. c. either bankruptcy or restructuring proceeding has to be approved, have positive and negative effects, which are surveyed in this article. There are some criteria, which have to be estimated in order to ensure (to restructure) the continuation of indebted enterprises: relation between earnings before interest and tax payment and cash flows, the structure of debt capital, i. c. the concentration of creditors, the leverage of debt of insolvent enterprises, the size of indebted companies in the market, number of employees, etc