Arrangement

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Arrangement

1. An agreement between a person or company and creditors whereby the person or company pays a fraction of what he/she/it owes to the creditors and, in exchange, the creditors forgive the remainder of the debt. This helps the creditors recover some of the debt and helps the person or company avoid bankruptcy.

2. See: Treaty.
References in classic literature ?
Heathcliff said he did not perceive that I was wanted; but I might stay and order the arrangements for the funeral, if I chose.
The distance which many of the representatives will be obliged to travel, and the arrangements rendered necessary by that circumstance, might be much more serious objections with fit men to this service, if limited to a single year, than if extended to two years.
Captain Bonneville now made his arrangements for the autumn and the winter.
Hardly had I completed these arrangements when my name was sung out by a dozen voices, and I sprung upon the deck, where I found all the party in the boat, and impatient to shove off.
The arrangements were too intricate to be trusted to every one; but now I am here, things will go on better.
The whole seven of this forlorn fraternity of adventurers, thus accidentally congregated on the banks of Snake River, were making arrangements once more to cross the mountains, when some Indian scouts brought word of the approach of the little band headed by John Reed.
And so it came to pass, that the bird, while out one day, met a fellow bird, to whom he boastfully expatiated on the excellence of his household arrangements.
But when these arrangements were completed and everything was in order, I paid a visit of a few hours to London, which something in the letter I had destroyed at Chesney Wold had induced me to decide upon in my own mind.
Arrangements have been made to take on board at Leghorn a pilot for Caprera, and, if practicable, a call will be made there to visit the home of Garibaldi.
But the Vicar of Blackstable did not easily alter any arrangements he had made, and it had always been intended that Philip should stay at King's School till he was eighteen, and should then go to Oxford.
The result was that, through the captain's arrangements, the king, on arriving at Melun, saw himself at the head of both the musketeers and Swiss guards, as well as a picket of the French guards.
Aunt Maria would mildly observe that, next time Uncle Podger was going to hammer a nail into the wall, she hoped he'd let her know in time, so that she could make arrangements to go and spend a week with her mother while it was being done.