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).

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Carvana shares plummet as creditors look to renegotiate debt financing - Phoenix Business JournalCreditors of the troubled Tempe online used-vehicle retailer have reportedly have signed a cooperation agreement to jointly negotiate with Carvana around new financing and debt restructuring. ok...time to review ... purchase target date ... 2023 3rd quarter.
Source: phxbizjournal - 🏆 254. / 63 Read more »

STOCK MARKET NEWS: S&P falls for fifth day, recession warnings mount, Carvana shares craterInvestors stay cautious as recession warnings mount, Southwest Airlines reinstates dividend and Toll Brothers shares gain on higher revenue despite housing slowdown. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move. Great Depression imminent Buy the dip! Another rate hike next week! It’s going to do wonders for car loans mortgages and credit cards! This administration is going to bring us a recession for the New Year! Hats and Horns You go Joe!
Source: FoxBusiness - 🏆 458. / 53 Read more »