Miserable Debt Swap: Carvana’s Controversial Deal and Credit Downgrade by Standard & Poor’s
Miserable debt swap Carvana and a group of creditors, including its largest, Apollo Global, Ares and Pacific Investment, announced the swap in July. The deal was expected to reduce debt by about $1.2 billion and save $430 million in interest expense annually. Carvana has also offered to buy back any of the bonds due in … Read more