October 5, 2025
A group of funds holding most of Carvana Co.’s more than $5 billion in bonds will oppose a restructuring plan that the online auto seller wants as a way to rein in its debt load, according to people with knowledge of the group’s position.
Carvana said Wednesday it would offer to exchange as much as $1 billion of its unsecured bonds at discount prices in an effort to extend looming repayment deadlines. The company in the past year suffered mounting losses, and in the last quarter it burned through $1.8 billion in cash as sales tumbled 23%.
Bondholders who banded…