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Used car retailer Carvana, facing a cash crunch, could be headed towards bankruptcy, according to both published reports and a bearish analyst's call that slashes its share-price target to $1.
Shares of Carvana plummeted by more than 40% after its largest creditors reportedly signed a deal binding them to act together in negotiations.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
Wedbush Securities sees an increasing risk that the used car seller will file for bankruptcy.
Carvana's corporate debt issue maturing in 2029 is trading at just 32 cents, distressed levels that are associated with an imminent bankruptcy filing.