Canyon Capital proceeds with proxy fight at Navient

|About: Navient Corporation (NAVI)|By:, SA News Editor

Canyon Capital is amping up pressure on Navient (NASDAQ:NAVI), formally launching a rare fight for the boardroom.

It's filed a proxy statement to seek four seats on the board. Canyon had named four nominees in February.

Shares are down 1.8% after hours.

Canyon's formal filing comes after talks to refresh the board failed to make progress, Bloomberg reports.

It points out that total shareholder return has been -14% since Navient spun off from SLM in 2014.

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