Carvana's $1 Billion Debt Swap Cancelled Amid Creditor Resistance.

Carvana Co. canceled a $1 billion debt swap after a group of creditors, including Apollo Global Management and Pacific Investment Management Co., refused to exchange their notes. The online automobile seller failed to convince holders of at least $500 million of notes to participate in the exchange offer before the deal expired. The swap’s cancellation marks the latest blow for the Tempe, Arizona-based company, which had sweetened the deal terms and repeatedly extended the timeline in a bid to lure investor participation.