Investment fund boosts stake in YRC Worldwide to nearly 12 percent
09/11/2013 9:18 AM
09/11/2013 9:51 PM
A Wall Street investment fund has increased its stock ownership in YRC Worldwide to nearly 12 percent.
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.
Join the Discussion
The Kansas City Star is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.