Avenue Capital Boosts Stake in YRC Worldwide, Inc. (YRCW) via Preferred Stock Conversion

Avenue Capital, managed by Marc Lasry, has recently upped its stake in YRC Worldwide, Inc. (NASDAQ:YRCW). The fund currently holds more than 8.2 million shares of the company, the stake amassing 25.5% of the common stock, up from some 5.87 million shares held previously. According to a filing with the SEC, Avenue increased its exposure to the company after converting approximately 583,300 units of Class A Convertible Preferred Stock into over 2.33 million common shares.

AVENUE CAPITAL

Moreover, in its latest 13F, Avenue Capital reported holding around $31 million worth of YRC Worldwide, Inc. (NASDAQ:YRCW)’s notes. Aside from Avenue Capital, a significant shareholder of YRC Worldwide is Christopher Pucillo’s Solus Alternative Asset Management LP, which last month boosted its stake to some 2.55 million shares. William C. Martin‘s Raging Capital Management also owns a big stake, which contains 647,100 shares, according to its latest 13F.

A couple of weeks ago, YRC Worldwide, Inc. (NASDAQ:YRCW) reported its financial results for 2013, which showed a slight improvement in operating revenue, which edged up by 0.3% on the year to $4.87 billion. The company also posted a net loss of $83.6 million, narrowing it from a loss of $136.5 million a year ago. The stock of YRC gained almost 30% since the beginning of the year, and trades at a forward P/E of around 13.xx.

In January, YRC Worldwide reported about completing the financing of $700 million term loan and $450 million Asset-Based Loan facility. The proceeds from the new loans will be used for refinancing of the existing debt of the company.

New York-based hedge fund Avenue Capital, in its latest 13F filing revealed an equity portfolio worth $over $1.3 billion. The multi strategy hedge fund has a diversified equity portfolio invested primarily in Services and Financial sectors. The largest position in the equity portfolio is a $195.37 million stake in Houghton Mifflin Harcourt Co. (NASDAQ:HMHC), which amasses about 11.52 million shares; followed by Dynegy Inc. (NYSE:DYN), and Scorpio Bulkers Inc (NYSE:SALT), in which the fund owns 5.08 million and 10.33 million shares respectively.

Disclosure: none

Recommended Reading:

Billionaire Marc Lasry’s Top Stock Picks: Houghton Mifflin Harcourt Co. (HMHC), Dynegy Inc. (DYN) & Others

Marc Lasry’s Avenue Capital Reveals Stake in Boulevard Acquisition Corp. (BLVDU)

Relational Investors Sell Some Shares of SPX Corporation (SPW)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Most Technologically Advanced Countries in the World

The 10 Safest Countries in the World to Live in Peace

The 10 Top Selling Smartphones in the World 2014

The 12 Biggest Shopping Centers in the World

The 10 Friendliest Countries in the World

Qihoo 360 Technology Co Ltd (QIHU), Actavis plc (ACT), Yahoo! Inc. (YHOO) Among 20 Long Ideas from Sohn Canada

The 10 Laziest Countries in the World

The 10 Most Polluted Countries in the World

The 10 Most Dangerous Cities in America 2014

The Top 10 Gold Producing Countries in the World

The 10 Tallest Buildings in the World

The 10 Richest Stand Up Comedians in the World

The 10 Fattest Countries in the World

The 5 Best Summer Jobs for Teens

The 10 Most Religious Countries in the World Keeping the Faith

The 10 Most Educated Countries in the World

The 10 Most Popular Cell Phones in the World

The 10 Drunkest Countries in the World

The 10 Most Expensive Private Schools in the World

The 10 Smallest Countries in the World

Walking Dead Season 5 Spoilers You’ll Wish You Didn’t Know

The 10 Poorest Countries in the World

The 10 Greenest Countries in the World

The Top 10 Countries with the Highest Population in the World

The 10 Most Visited Countries in the World

The Top 10 Star Wars Characters in the Iconic Series

The 10 Most Expensive Android Phones in the World

5 Reasons Why The Illuminati Is Real and a Threat to Society

The 6 Scariest Halloween Costumes Ever Screamed At

The 4 Biggest Hedge Fund Managers in the World Today

The 15 Most Densely Populated Countries in the World

The 10 Biggest Tea Drinking Countries in the World

Top 6 Ways to Improve Your Checkout Process and Close Sales

The 5 Most Profitable Online Businesses You Can Start Today

The 20 Most Profitable Hospitals in the US

The 5 Most Profitable Home Businesses to Start

The 7 Teams that Will Win the Stanley Cup in 2015

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!