Composition with Creditors
A contract made by an insolvent or financially pressed debtor with two or more creditors in which the creditors agree to accept one specific partial payment of the total amount of their claims, which is to be divided pro rata among them in full satisfaction of their claims.


A composition with creditors is an agreement not only between the debtor and the creditors but also between the creditors themselves to accept less than what each is owed

You may certainly word this otherwise, but “quita” is generally a synonym of “condonación (or) remisión parcial de la deuda” and when a debtor asks his creditor for a “quita” he is asking for “debt relief” or the “remission,” “cancellation” or “forgiveness” of a part of his debt. “Espera” refers to a “prórroga del plazo de vencimiento” and denotes an extensión of the term for paying a debt (“debt payment extensión”).


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Note added at 8 hrs (2014-11-27 19:59:22 GMT)
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In other respects, a "composition with creditors is generally known as "convenio con acreedores", at least in Spain.