Christopher Pucillo’s Solus Alternative Asset Management filed on November 21st for its 9.99% passive stake in Blueknight Energy Partners (BKEP). According to the SEC 13G filing, Solus Alternative Asset Management now has 2.50 million shares in BKEP, which is a 60% increase. Solus Alternative Asset Management previously reported 1.57 million BKEP shares and did not make change to its position during the third quarter. BKEP performed well for most of the time in 2011 even when the European debt crisis deteriorated in August. But the stock plunged hard in late September due to the settlement of its consolidated securities class action litigation. Now the stock has lost 14% and is trading at about $6.64.
Solus Alternative Asset Management L.P. is a private hedge fund located in New York City, New York. The firm provides services to pooled investment vehicles. The firm invests in leveraged loans, high-yield bonds, and distressed securities in the public equity and alternative markets. The firm reported a portfolio value of $1.62 billion in the second quarter and $906 million in the third quarter.
Blueknight Energy Partners provides integrated terminalling, storage, processing, gathering, and transportation services in the United States. The company primarily targets for companies engaged in the production, distribution and marketing of crude oil and asphalt products. The company offers crude oil terminalling, storage, pipeline, trucking, and producer field services. The company was formerly known as SemGroup Energy Partners, L.P. The company is based in Tulsa, Oklahoma.