Carvana Shares Tumble as Company Taps Adviser

Used-car dealer Carvana Co. hired a financial adviser and the company’s creditors banded together to protect themselves, according to people familiar with the matter, while the company’s shares plunged on fears it is headed for a restructuring.

Carvana’s stock closed down 43% to $3.85 a share Wednesday following reports that the company’s creditors had signed cooperation agreements with each other in anticipation of a potential new capital raise. The creditor group, including Apollo Global Management Inc., Pacific Investment Management Co. and Ares Management Corp.

That tends to happen when your company launders stolen vehicles by not vetting sellers and VIN numbers. The drug addicts have to sell them somewhere.

What would become of the gasoline engine car in America?

They were buying used vehicles for more than the car sold new. No one is surprised by this, except, of course, carvana shareholders (bag holders).

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