distressed or other coercive exchange of an obligation
German translation: Umschuldung notleidender Verbindlichkeiten oder ein anderer zwangsweiser Umtausch von
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22:40 Mar 11, 2007
English to German translations [PRO] Bus/Financial - Investment / Securities
English term or phrase:distressed or other coercive exchange of an obligation
Default generally is defined as one of the following:
- failure of an obligor to make timely payment of principal and/or interest under the contractual terms of any financial obligation;
- the bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of business of an obligor; or
- the distressed or other coercive exchange of an obligation, where creditors were offered securities with diminished structural or economic terms compared with the existing obligation