Pressure on the company's shares intensified since Dec. 7 when Bloomberg reported that key creditors, including Apollo Global Management Inc. and Pacific Investment Management Co.,
, an auto auctioneer and subsidiary of KAR Auction Services Inc., and now those companies that financed that debt are growing concerned, especially with interest rates having risen since that deal was put together. Bloomberg recently reported that the debt bonds are trading at just over half of the value at the start of the year.
The Business Journal reached out to Carvana on Friday to comment on the latest stock speculation and reports about possible bankruptcy. A company spokesperson issued the following statement: "Disrupting any industry is never easy, but especially one that has been around for 100 years. Yet, millions of satisfied customers have responded positively to Carvana's e-commerce model for buying and selling cars and this has made us the fastest growing used car retailer in U.S. history. We have seen many e-commerce companies written off early in their journey only to become market leaders. We plan to follow suit.
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