The company in the past year suffered mounting losses, and in the last quarter burned through $1.8 billion in cash as sales tumbled 23%.īondholders that banded together late last year to negotiate with Carvana see the new proposal as a nonstarter, according to the people with knowledge, who asked not to be named discussing private deliberations. 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.Ĭarvana 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.
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