I was reading a newspaper article in the FT where a journalist wrote "shareholders wiped out in restructuring deal". As a novice I'm struggling to conceptualize what "wiped out" means, I tried searching Google but still couldn't really grasp it.
When someone says "shareholders wiped out" what do they actually mean?? And in this specific situation how can a restructuring deal cause a wipe out??
link to article: https://www.ft.com/content/ce42bcb7-d9ee-4667-910a-b6c7a419449b