This is a proposal of settlement.
Exactly the terms they propose are the following:
1. To reduce the credits by 35% (i.e., if you are owed 100k, then you would only receive back 65k)
2. To receive the balance (65%) on the following instalments:
- 5% in 2013
- 15% in 2014
- 25% in 2015
- 55% in 2016