Apollo, Pimco Show Creditors Can Play Nice With Carvana Deal (1)

A pact among Carvana Co. creditors to work together as they negotiated how to restructure the used-car dealer’s massive debt load reached a pivotal moment last month, during a meeting with Chief Executive Ernie Garcia.

Carvana’s stock had climbed back above $20 a share for the first time in eight months. All of a sudden, the prospect of a deal that would reduce the company’s debt, lower interest costs and provide it with additional liquidity looked within reach.

Huddled at Carvana’s headquarters just outside of Phoenix, senior executives from the company’s largest creditors — Apollo Global Management Inc., ...