MagnaChip (MX) announces that 1.7M of its shares will be sold in a secondary offering by Marc Lasry's Avenue Capital. The hedge fund is paring its 7.5M share stake.
MagnaChip was Lasry's largest position as of June 30, representing 16.8% his fund's portfolio.
Avenue Capital held as many as 20.2M shares in the semiconductor firm in March 2011, and has since reduced its position. The stock is up 64.2% in the last year.