Debevoise & Plimpton LLP has advised affiliates of Elliott Management Corporation (“Elliott”) in the backstop of a $450 million equity rights offering by Roadrunner Transportation Systems Inc. (“Roadrunner”), a leading asset-right transportation and asset-light logistics service provider. Following the purchase of shares from basic subscription rights and the backstop commitment, affiliates of Elliott now beneficially own approximately 90.4% of Roadrunner’s common stock. Debevoise previously advised Elliott in connection with its preferred stock investment in Roadrunner in May 2017, and the preferred stock was fully redeemed with proceeds from the rights offering.

The Debevoise team was led by partner Kevin M. Schmidt and included partners Steven J. Slutzky, Michael Bolotin and Maeve O’Connor, and associates Benjamin R. Pedersen, Sean Foley and Ethan Lee McMahon.

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