A Wall Street investment fund has increased its stock ownership in YRC Worldwide to nearly 12 percent.
By STEVE ROSEN
The Kansas City Star
Solus Alternative Asset Management LP, a hedge fund operated by Christopher Pucillo, disclosed in a regulatory filing that it now owns 1.34 million shares, or 11.78 percent, of the Overland Park-based trucking company.
The fund previously held about 336,372 shares, or 3.1 percent, of YRC, based on June 30 records.
Shares in YRC climbed nearly 18 percent Tuesday and closed at $20.95, probably in response to the Solus investment. YRC shares slipped back 65 cents Wednesday and closed at $20.30.
The investment by Solus makes it one of YRC’s largest shareholders. There was no indication about the purpose of the investment.
The trucking company could not be reached for comment Wednesday.
Shares in YRC are up more than 200 percent over the past 12 months as the trucking company continues to rebound from a recession that nearly forced it into bankruptcy protection.
To reach Steve Rosen, call 816-234-4879 or send email to firstname.lastname@example.org.