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
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