一种再融资安排，债权人获得公司的股权，因而注销该公司亏欠的债项。

A refinancing deal where a debt holder gets an equity position in exchange for cancellation of the debt.

youdao

你的财富、声望和世俗的权力都将与你脱离关系。你所拥有的和所亏欠的都将与你不相干。

Your wealth fame and temporal power will shrivel to irrelevance. It will not matter what you owned or what you were owed.

youdao

The third is in all likelihood the New Deal, the Great Depression, the incredible emergencies and crises of what governments owe their people and people owe their governments that the Great Depression caused.

第三个时期是罗斯福新政时期,大萧条时期,难以置信的非常时期,此时 政府亏欠人民,同样人民也亏欠政府,这一切的危机都是大萧条所造成的

耶鲁公开课 - 美国内战与重建课程节选