Roadrunner Transportation Systems Inc. completed a rights offering that brings the troubled trucking company an infusion of more than $30 million in cash and brings the business under the control of activist investor Elliott Management Corp.Elliott, investor Paul Singer’s $35 billion hedge fund and already a major Roadrunner shareholder, backstopped the $450 million offering and now holds about 90.4% of the common stock, Roadrunner said Wednesday, including subscription rights to the offering. Roadrunner Chief Executive Officer Curt Stoelting said in a statement that the offering will simplify the company’s capital structure and “increase the speed and likelihood of a full operational recovery for Roadrunner.”

Source: Wall Street Journal February 27, 2019 20:19 UTC