Shares of online used car retailer Carvana cratered more than 30% Wednesday on news that the company's largest creditors have signed a cooperation agreement to last at least three months.
The pact, first reported by Bloomberg, includes creditors such as Apollo Global Management and Pacific Investment Management that hold around $4 billion of Carvana's unsecured debt, or about 70% of the total outstanding.
In the past, similar agreements have helped prevent creditor fights that have complicated other debt restructurings.
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