de·lev·er·age 
(dē-lĕvər-ĭj, -lĕvrĭj)
(dē-lĕvər-ĭj, -lĕvrĭj)v. de·lev·er·aged, de·lev·er·ag·ing, de·lev·er·ag·es
v.intr.
To reduce debt, often by selling assets and using the proceeds to pay creditors.
v.tr.
To reduce the debt of (a corporation, for example).