Carvana ($CVNA@US) released promising first-quarter guidance on Wednesday and announced plans to restructure some of its debt load. The used car retailer predicted a first-quarter loss of between $50 million and $100 million, a vast improvement on the $348 million loss reported a year earlier. The company is also offering noteholders the option to exchange their unsecured notes at a premium to current trading prices in exchange for new secured notes. Through the exchange offer, Carvana would lower its unsecured bond debt by $1.3 billion and reduce its annual cash interest payments by about $100 million. The company predicted that it would sell between 76,000 and 79,000 units compared with 105,185 a year ago.