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Carvana stock collapses amid bankruptcy fears after creditor pact and another $1 price target
$Carvana (CVNA.US)$ plunged nearly 43% on Wednesday as the company faces growing bankruptcy risk.
Bloomberg News, citing people familiar with the matter, reported Tuesday a group of Carvana’s 10 biggest lenders holding around $4 billion of the company's unsecured debt have made a three-month pact to act together in the case of restructuring. Creditors' names in the report include Apollo Global Management and PIMCO.
Wednesday's collapse in Carvana's share price also comes as Wedbush analyst Seth Basham downgraded the stock to Underperform and slashed his price target to $1 from $9 following news of the agreement, citing rising bankruptcy risk for the company.
Bloomberg News, citing people familiar with the matter, reported Tuesday a group of Carvana’s 10 biggest lenders holding around $4 billion of the company's unsecured debt have made a three-month pact to act together in the case of restructuring. Creditors' names in the report include Apollo Global Management and PIMCO.
Wednesday's collapse in Carvana's share price also comes as Wedbush analyst Seth Basham downgraded the stock to Underperform and slashed his price target to $1 from $9 following news of the agreement, citing rising bankruptcy risk for the company.
Wednesday’s downgrade from Wedbush comes as droves of Wall Street analysts have slashed their rating on the stock in recent months.
Earlier in November, Morgan Stanley analysts said shares could be worth $1 per share amid what they saw as a deterioration in the company's fundamentals.
Earlier in November, Morgan Stanley analysts said shares could be worth $1 per share amid what they saw as a deterioration in the company's fundamentals.
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