U.S. Markets closed

Carvana creditors ink cooperation agreement ahead of expected cash crunch for used car seller: Bloomberg

Carvana creditors ink cooperation agreement ahead of expected cash crunch for used car seller: Bloomberg

Carvana Co. creditors led by Apollo Global Management Inc. and Pacific Investment Management Co. inked an agreement to team up in credit talks with the company in a move to avoid the conflicts that have arisen in other debt restructurings, Bloomberg reported Wednesday. Firms holding 70% or about $4 billion of Carvana's unsecured debt have signed the cooperation agreement, the report said, citing unnamed sources. Carvana has been burning through cash, causing creditors including Apollo, Pacific I