Owing money to a person, bank, or organization.
The company is indebted to the bank for millions of dollars.
Many students leave college heavily indebted.
In this meaning, indebted usually refers to money that must be paid back.
Common phrases & grammar
heavily indebted · indebted to the bank · indebted to creditors
[subject] + be + indebted to + [lender] + for + [amount]
[subject] + be + heavily indebted