Christopher Pucillo, Solus Alternative Further Increase Their Stake in YRC Worldwide Inc (YRCW)

Christopher Pucillo and Solus Alternative Asset Management have increased their holding of YRC Worldwide, Inc. (NASDAQ:YRCW) shares. According to a recent filing with the Securities and Exchange Commission, Solus Alternative has acquired 100,000 shares of common stock through open market transactions at a price of $9.93 apiece. Pucillo has also converted 10% of Serie A Notes and 10% of Serie B Notes into 1,046,604 shares of common stock. As a result, Solus Alternative currently holds 1,146,604 shares of YRC Worldwide, up from 614,377 shares previously reported. The new position accounts for 9.57% of the company’s common stock.

Christopher Pucillo and Solus Alternative Asset Management have also gone activist on YRC Worldwide, Inc. (NASDAQ:YRCW) having required special meetings with the company management to discuss ways to improve company performance and increase shareholder value. Marc Lasry is also interested in this stock. During the third quarter of 2013, his fund, Avenue Capital, had increased its stake to more than 32 million shares. Recently Lasry has, however, sold some 549,881 shares. As a result, Avenue Capital now holds 31.7 million shares reportedly worth $29.5 million. Cliff Asness is also keeping tabs on YRC Worldwide, with his fund, AQR Capital Management, holding 183,268 shares valued at a little over $3 million.

A provider of transportation service, YRC Worldwide, Inc. (NASDAQ:YRCW) has a market cap of $104 million and does not pay a dividend. The beta of 3.20 makes it a very volatile stock. At a price of $9.43, shares are trading close to the all time low of $4.56. According to its latest quarterly financial report, the company registered revenues of $1.25 billion and a loss of $4.45 per share for Q3 of 2013. Analysts expect the company to perform better this quarter, expecting revenues of $1.18 billion, but the loss per share is expected to narrow to $2.70.

Disclosure: none

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