Used-car retailer Carvana Co. is cutting 1,500 jobs, or 8% of its workforce, the company said on Friday.
In mid-afternoon trading, Carvana, best known for its auto vending machine concept, stands at about $4.60 a share, up on the day but down more than 40% from a week ago. Bloomberg reported Tuesday that major holders of Carvana debt have entered into a cooperation agreement to work together and give them more leverage in any negotiations with the company. And it reported Wednesday the company is in talks with lawyers and investment bankers about options for managing its debt load amid concerns about its solvency.
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Carvana creditors ink cooperation agreement ahead of expected cash crunch for used car seller: BloombergCarvana Co. undefined creditors led by Apollo Global Management Inc. undefined and Pacific Investment Management Co. inked an agreement to team up in credit... Another WeWork keep F ing selling
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Used-car retailer Carvana slumps after Wedbush says bankruptcy risk risingShares of Carvana Co fell 40% in morning trade on Wednesday after Wedbush raised the possibility of a debt default by the used-car retailer, which would increase the risk of bankruptcy, and cut its price target to a Wall Street low of $1. What would happen to all the loans that Carvana services for their customers who bought cars? Something's wrong at Carvana: with new car prices up, used cars should be doing well. Inquiring minds want to know.
Source: Reuters - 🏆 2. / 97 Read more »