Carvana Stock Collapses As Bankruptcy Fears Grow | Carscoops carscoops
that bankruptcy is becoming more likely for Carvana. He also slashed his price target for its stock from $9 to $1.
“This move [from creditors] will help avoid the infighting among lenders that has occurred in other restructurings recently,” Basham said. “We believe these developments indicate a higher likelihood of debt restructuring that could leave the equity worthless in a bankruptcy scenario.” JPMorgan says the deal could mean Carvana has initiated debt restructuring negotiations with bondholders but says the “possibility of imminent Ch. 11 filing seems low.”
shares reached as high as $376.83 on August 10, 2021 but it has been down ever since and at the time of writing, its shares were sitting at just below $4., rising interest rates, and a heavy debt load. It has also cut thousands of jobs and has had numerous issues with its license to sell vehicles in select states being revoked.
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