Solus Alternative Asset Management Boosts Stake in YRC Worldwide Inc. (YRCW) to 8.9%

Christopher Pucillo’s Solus Alternative Asset Management LP has raised its position in YRC Worldwide Inc. (NASDAQ:YRCW) to 2.55 million shares, a new filing with the SEC showed. This represents a significant increase by around 1.66 million shares from the previous amount disclosed by the investor earlier. Overall, the stake currently amasses 8.92% of the common stock.

YRC Worldwide, Inc. (NASDAQ:YRCW)

According to the filing, Pucillo acquired around 1.67 million shares under the terms of a stock purchase agreement for an aggregate consideration of about $25,000,000.

Earlier, Pursuant to an exchange agreement, Pucillo acquired 880,022 shares of common stock in exchange for about $12.8 million principal amount of YRC Worldwide (NASDAQ:YRCW)’s 10% series B convertible senior secured notes.

Also, the filing stated that YRC Worldwide (NASDAQ:YRCW) has earlier repurchased about $29.6 million of its 10% series A convertible senior secured notes from Pucillo for an aggregate consideration of about $30.6 million.

In a statement on Jan. 31, YRC Worldwide (NASDAQ:YRCW) said that it completed a series of transactions that will reduce debt by about $300 million.

The company issued $250 million of common and preferred stock, the proceeds of which will be used to retire the company’s convertible notes. Also, about $50 million in principal amount of the company’s other convertible notes were exchanged or converted to common stock.

In addition, the company announced that it amended and extended its pension fund obligations to December 2019 and has satisfied the final conditions to its modified contract with the International Brotherhood of Teamsters.

YRC Worldwide (NASDAQ:YRCW) is the holding company of YRC Freight, YRC Reimer, Reddaway, Holland and New Penn. As of September 2013, Marc Lasry‘s Avenue Capital own 31,691,336 shares of the company.

Last month, Solus Alternative Asset Management disclosed in an amended filing that it cut its position in YRC Worldwide to 800,715 shares from 990,323 shares held earlier.

Solus Alternative Asset Management, managed by Christopher Pucillo, fund has an estimated $2.5 billion in assets under management.

Disclosure: none

Recommended Reading:

Citadel Investment Group’s Recent Moves Involve RF Micro Devices Inc (RFMD) and Take Two Interactive Software Inc. (TTWO)

Broadwood Capital Sold Some Questcor Pharmaceuticals Inc (QCOR) Shares

Tim Mullen’s Swift Run Capital Is Betting On These Stocks

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 Countries with the Highest Suicide Rates

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

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!