MHR Fund Management Elects Members to Board of Navistar International Corp (NAV)

In a filing with the Securities and Exchange Commission Mark Rachesky’s MHR Fund Management, revealed that Dr. Rachesky, the President of Fund Management, and Michael Sirignano, a Principal at Fund Management, were re-elected and elected, respectively, to the board of Navistar International Corp (NYSE:NAV) at the 2014 Annual Meeting. As per the terms of the Settlement Agreement Amendment, Dr. Rachesky and Mr. Sirignano were nominated by MHR to the board.

Navistar International Corp (NYSE:NAV)

Mhr Fund Management holds 13.07 million shares of Navistar International Corp (NYSE:NAV), amassing a 16.1% stake in the company’s common stock.

Navistar International produces International brand commercial and military trucks, and IC Bus brand school, MaxxForce® brand diesel engines, and commercial buses.

According to a company press release, by expanding vehicle enhancements and powertrain choices on International brand vocational truck models, Navistar International Corp (NYSE:NAV) is investing in its severe service and medium-duty product lines.

Early this month, Navistar International Corp (NYSE:NAV) announced its first quarter results for 2014, wherein it posted a net loss of $248 million, or $3.05 per diluted share, versus a net loss of $123 million, or $1.53 per diluted share in the first quarter of 2013. Revenues were also down to $2.2 billion from $2.6 billion in the first quarter of 2013. This decline was due to low sales volumes, which was impacted by the company’s medium-duty emissions strategy transition and lower military sales; this was partially offset by $67 million in reduced structural costs. The first quarter results also included $18 million in asset impairment charges and an unfavorable impact of $21 million due to fluctuations in foreign exchange rates.

Other ‘hedgies’ bullish on Navistar International Corp (NYSE:NAV) are Carl Icahn’s Icahn Capital Lp, which held 13.3 million shares worth $508.3 million.

MHR Fund Management was founded by Mark Rachesky, who previously worked at Carl Icahn’s hedge fund. The fund has a stake worth $1.6 billion in 51.3 million shares of Lions Gate Entertainment Corp (NYSE:LGF), representing its largest holding in its equity portfolio. This is followed by a 8.1 million share position in Loral Space & Communications Inc (NASDAQ:LORL), worth $658.4 million.

A couple of months ago, MHR Fund Management initiated a stake in Titan International Inc (NYSE:TWI), and reported owning 5.8 million shares, which represents 10.9% of the common stock outstanding.

Disclosures: none

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