/ˌær.eɪndʒ.mənt wɪð ˈkrɛdɪtər/ – Phrase
Definition: Thỏa thuận với người chủ nợ.
A more thorough explanation: a debtor’s agreement with creditors to settle debts or extend the time for payment. An arrangement with creditors is the part of an insolvency plan.
Example: The company is technically insolvent, and unless it enters into an arrangement with creditors, is likely to go into liquidation (=close and sell its assets).