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What does distressed debt restructuring mean?

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distressed debt restructuring
Noun

A debt restructuring in which a creditor modifies the terms of debt financing to a distressed debtor and, in the process, grants a concession that it would not grant to debtors with similar risk in order to increase the probability of recovering a significant portion of the debt.

Synonym(s): 
  • [AE]: troubled debt restructuring (TDR)
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