Investing in distressed debt and special situations
Founded in 2017 and headquartered in Rosemont, IL, WC Strategic Opportunity, L.P. (WSO), invests in distressed debt and special opportunities. WSO maintains this group of distressed debt and smaller special situation investments under a managed portfolio approach.
An example of investments to date:
WSO acquired approximately 15% of the outstanding common stock of Champion Iron Limited (Champion) on April 8, 2016. Champion is a publicly traded (TSX and ASX) iron ore exploration and development company based in Montréal, Canada. WSO’s investment was part of a $30 million private placement for which the proceeds were used to acquire Champion’s Bloom Lake iron ore assets in Northern Quebec out of CCAA insolvency. The Bloom Lake facility had previously been purchased by Cliffs for approximately $5 billion in 2011.
Champion presented WSO with a unique opportunity to back a seasoned mining team in the turnaround of a high-purity iron ore mine at a significant discount to replacement value and liquidation value of plant and equipment. The company began processing its first iron ore shipment in February 2018.