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Carvana Stock Surges on Debt Restructuring Deal and Improved Earnings

Carvana reached agreements to restructure over $5 billion in debt, reducing near-term maturities and interest expenses.
The company reported better-than-expected Q2 revenue and a 94% increase in per unit profit.
Carvana sold fewer vehicles than forecast but showed signs of improved business performance.
The company plans to raise up to $1 billion through a stock offering to build capital.
Carvana's share price has rallied significantly so far in 2023 after plummeting last year.

Washington Post