LONGMAN's definition
★be in dire straits ⇒to be in an extremely difficult or serious situation
(ex.) Peggy realized what dire finacial straits she ws in when her husband died.
When SMBC was in dire straits due to nonperforming loans in 2003, Goldman Sachs did the Japanese group ofa favor by buying its preferred stocks.
三井住友銀行が不良債権問題で八方ふさがりとなった2003年に、ゴールドマン・サックス社は優先株を引き受けてくれた。
◆in dire straits ： 八方ふさがりで。straitsは「海峡」「難局」などの意
◆preferreed stock ： 優先株