Davis Polk & Wardwell

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Apollo, Pimco Show Creditors Can Play Nice with Carvana Deal
In exchange for a secured claim on the company’s assets and a new equity raise of at least $350 million partly financed by Chief Exec Ernie Garcia, the creditors agreed to reduce Carvana’s debt load by $1.2 billion, extend maturities and defer some interest payments.
July 20, 2023