Carvana Completes Restructuring to Slash $1.3 Billion of Debt

Bloomberg2023-09-02

Carvana Co. has completed its debt restructuring with a majority of creditors agreeing to participate in the deal, slashing about $1.3 billion of debt and saving the company more than $455 million of ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Wenmoon
2023-09-02
Wenmoon
Shorting the shit out of this rubbish company.

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2364175787?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-09-02 09:02","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2364175787","market":"us","top_or_hot":-1,"title":"Carvana Completes Restructuring to Slash $1.3 Billion of Debt","media":"Bloomberg","content":"<div>\n<p>Carvana Co. has completed its debt restructuring with a majority of creditors agreeing to participate in the deal, slashing about $1.3 billion of debt and saving the company more than $455 million of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/carvana-completes-restructuring-slash-1-220622529.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance_sg","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Carvana Completes Restructuring to Slash $1.3 Billion of Debt</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCarvana Completes Restructuring to Slash $1.3 Billion of Debt\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-09-02 09:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/carvana-completes-restructuring-slash-1-220622529.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Carvana Co. has completed its debt restructuring with a majority of creditors agreeing to participate in the deal, slashing about $1.3 billion of debt and saving the company more than $455 million of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/carvana-completes-restructuring-slash-1-220622529.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CVNA","symbol_name":"Carvana Co.","start_time":0,"source_url":"https://finance.yahoo.com/news/carvana-completes-restructuring-slash-1-220622529.html","article_id":"2364175787","we_media_id":null,"thumbnails":[],"rights":{"source":"yahoofinance_sg","url":"https://finance.yahoo.com/news/carvana-completes-restructuring-slash-1-220622529.html","rn_cache_url":null,"customStyle":"","selectors":"article, body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2364175787","pubTimestamp":1693616530,"sourceInfo":{"source_id":"yahoofinance_sg","name":"Yahoo Finance"},"weMediaInfo":null,"summary":"$Carvana Co.(CVNA)$ has completed its debt restructuring with a majority of creditors agreeing to participate in the deal, slashing about $1.3 billion of debt and saving the company more than $455 mil","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CVNA":"Carvana Co."},"translate_title":"Carvana完成重组，削减13亿美元债务","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CVNA":1},"content_text":"Carvana Co. has completed its debt restructuring with a majority of creditors agreeing to participate in the deal, slashing about $1.3 billion of debt and saving the company more than $455 million of interest expense annually over the next two years. Participating creditors exchanged about $5.5 billion in unsecured bonds with maturities ranging from 2025 through 2030 for roughly $4.2 billion of senior secured notes that come due starting in 2028 through 2031, according to a statement by the used-car retailer. The company and a group of creditors — including its largest: Apollo Global Management Inc., Ares Management Corp. and Pacific Investment Management Co. — announced the exchange in July. The deal was expected to cut debt by about $1.2 billion and save $430 million in interest expense per year.Carvana has also offered to buy back any of the notes due 2025 that did not participate in the debt swap, and the cash offer is expected to be settled on Friday, per the statement. About 80% of the holders of the 2025 notes participated in the deal, while more than about 95% of holders of the other three eligible bonds tendered their notes.Meanwhile, S&P Global Ratings downgraded Carvana Friday, calling the transaction a distressed exchange equivalent to a default due to the discount bondholders accepted and the maturity extensions. The retailer conducted the exchange due to its dwindling liquidity and low levels of cash the business could generate, S&P analysts wrote in a report.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":215489010123000,"gmtCreate":1693640338569,"gmtModify":1693645231301,"author":{"id":"3578364353465552","authorId":"3578364353465552","name":"Wenmoon","avatar":"https://static.tigerbbs.com/87193852227f627283aca71a7f26fa16","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":6,"crmLevelSwitch":1,"idStr":"3578364353465552","authorIdStr":"3578364353465552"},"htmlText":"Shorting the shit out of this rubbish company.&nbsp;","listText":"Shorting the shit out of this rubbish company.&nbsp;","text":"Shorting the shit out of this rubbish company.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/215489010123000","repostId":2364175787,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":3,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2364175787"}