Photo: Carvana logo displayed on a car license plate in Baltimore, Maryland. Photo: Diego M. Radzinschi/ALM Photo: Diego M. Radzinschi/ALM

As Carvana Co. bondholders prepare to negotiate with the car seller to fix its debt load, they’re using a playbook that could become increasingly common when companies fall into distress.

The group of debt holders, led by Apollo Global Management Inc. and Pacific Investment Management Co., has agreed to band together in preparation for a restructuring of Carvana’s obligations, and to resist any efforts by the company to pit creditors against creditors. They own about 70 percent of the corporation’s unsecured debt, or around $4 billion worth.

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