Debt restructuring
Changing the terms of an issue by agreement with holders: pushing back dates, cutting the coupon, writing off part of the principal.
How to read the number
The alternative to bankruptcy: creditors agree to receive less or later because liquidation would return even less.
When the metric lies
The decision is taken by a meeting and binds everyone, including those who voted against. A holder cannot decline the new terms individually.
Also known as: restructuring of an issue, workout