Sorry, no online dictionaries contain the exact phrase be awash in red ink.
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Reverse dictionary results:
1. deficit
 2. debt
3. financial loss
4. overspending
5. insolvency
6. overindebted
7. shortfall
8. underwater
9. arrearage
10. bankrupt
 11. deadbeat
12. debt trap
13. debted
14. delinquency
15. indebted
16. indebtedness
17. indebtment
18. insolvent
19. odious debt
20. overaccumulation
 21. overcapitalized
22. overemployment
23. overindebtedness
24. overproducer
25. short
26. stale
27. upside down
28. debitor
29. defaulter
30. delinquent
 31. endebted
32. false economy
33. negative equity
34. outstanding
35. overcollection
36. overproduction

You can look up the words in the phrase individually using these links:   be ?   awash ?   in ?   red ?   ink ?
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be a*to search for words beginning with be a, or
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