译文（字数 4071）

企业破产

当一家上市公司发生了什么文件根据联邦破产法保护吗?谁来保护投资者的利益?做旧的证券有什么价值,如果,公司重组?我们希望这信息回答这些和其他常见问题关于冗长而有时不确定的破产程序。

公司会发生什么?

联邦破产法规定如何公司歇业或恢复从沉重的债务。一个破产的公司,“债务人”,可能使用第11章的破产代码来“重组”业务,努力成为有利可图的再次。管理继续运行的日常业务操作,但所有重要业务决策必须得到一个破产法庭。

在第7章,公司停止所有操作就完全失去业务。一个受托人任命,这是“清算”(销售)公司的资产和资金用于偿还债务,其中可能包括债务,债权人和投资者。

以最小的风险的投资者首先支付。例如,债权人减少风险,因为信贷,他们通常是由抵押品支持的扩展,比如抵押贷款或其他资产的公司。他们知道他们将首先获得支付如果公司破产。

外文原文（字符数 12499）

Corporate Bankruptcy

What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors? Do the old securities have any value when, and if, the company is reorganized? We hope this information answers these and other frequently asked questions about the lengthy and sometimes uncertain bankruptcy process. 

What Happens to the Company?

Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court. 

Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.