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 periodicals archive ?
The units have a modular design to ensure complete flexibility in setting up tandem and multiple head arrangements, the company says.
Multiple head arrangements allow on-line blending of additives.