His client is Aurelius Capital Management, a hedge fund that invests in distressed debt. At stake are $125bn of creditor claims.

他的委托人是Aurelius Capital Management，一家投资不良债务的对冲基金公司。1250亿美元的债权人债权岌岌可危。

Is a black hole of distressed debt.

就是个坏账黑洞。

In July the amount of distressed debt, which includes bonds yielding more than ten percentage points over Treasuries and loans trading at heavy discounts, surpassed $240bn, nearly three times as much as at the start of May.

7 月， 不良债务（包括收益率高于美国国债 10 个百分点以上的债券和大幅折让的贷款） 超过 2400 亿美元， 几乎是 5 月初的三倍。