A 'Cram Down' refers to a situation in bankruptcy proceedings where a bankruptcy court forces creditors to accept terms of repayment that are less favorable than the creditors might have wanted. This is commonly applied to various classes of debt to reduce the amount due and reconfigure the debt structure to favor the debtor's repayment capabilities.
A debenture is a type of debt instrument that is not secured by physical assets or collateral. It relies on the creditworthiness and reputation of the issuer for backing.
