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What does debt-debt swap mean?

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debt-debt swap
(DDS)
Noun

A debt restructuring by which old debt is novated between the same debtor and creditor, with amended terms and conditions and/or a new principal amount, or the debtor obtains funds from a new creditor and uses the proceeds of the new loan to repay previous creditors.

Synonym(s): 
  • debt-for-debt exchange; debt-for-debt swap; loan restructuring.
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