A nonlinear wave equation is obtained for liquid-vapor mixtures with regard to arbitrary change of equilibrium sound speed in a mixture with growth and condensation of vapor bubbles, which has a limit transition to a wave equation for pure liquid at full collapse of vapor cavities. A particular case of a collapsing wave equation (CWE) of retrograde media is considered, e.g., liquid-vapor media with low vaporization heat and low dissipation, observed near the critical liquid-vapor point, where the main effect is variable sound speed. Based on the CWE numerical solutions it is shown that in such liquid-vapor media, one can observe previously unknown nonlinear wave structures with depression waves.