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take a haircut

take a haircut
 v. phr.— «D’Amico “did one dastardly deed, and now he is missing in action and won’t talk to anybody,” the major-label financial executive says. “There hasn’t even been an ‘ask’ yet.” By that, he means Tower has not requested an extension to make payments or for suppliers to “take a haircut”—music-industry parlance for partially forgiving money owed.» —“Tower Headed For Chapter 11″ by Ed Christman Book Standard Aug. 11, 2006. (source: Double-Tongued Dictionary)

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