Solus Alternative Asset Management Ups Position in YRC Worldwide, Inc. (YRCW) to 14.6%
Christopher Pucillo's hedge fund Solus Alternative Asset Management has raised its stake in YRC Worldwide, Inc. (NASDAQ:YRCW) again, disclosing, in a newly amended filing with the SEC, owning around 1.8 million shares of the company. The stake represents almost 14.6% of the company's stock.
Once, one of the largest trucking services crisscrossing North American, YRC Worldwide, Inc. (NASDAQ:YRCW), currently seeks ways to save funds. The company is conducting a refinance plan, and recently it has received a positive vote from local IBT leaders, which will allow the company to start a ratification process following which it will extend its current Memorandum of Understanding to 2019.
CEO James Welch has been in the midst of reworking an agreement with labor unions, which will help the company save over $100 million in a year, the majority of which would have already been achieved if the agreement was signed at the beginning of the year. The cost-cutting would not compromise on either the pay or the health care benefits workers will receive, the company said in a statement.
Meanwhile, there are other Hedge Funds which are keen YRC Worldwide Inc, see some more action. Marc Lasry’s Avenue Capital, has increased the holding in the company, locking in around $38.8 million in 32.2 million shares. James Dinan's York Capital Management also revealed a long position in its latest 13F, its stake amassing about 1.1 million shares, worth $987,000. William C. Martin's Raging Capital Management also holds a small position in YRC, owning some 360,100 shares, with a reported value of $6.1 million.
Earlier this month, Christopher Pucillo had increased their stakes substantially, in the $104 million market cap transport company. The shares gained over 110% since the beginning of the year, and the company has reported revenues of $1.25 billion in its latest quarterly results.