Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Post-Bankruptcy Stocks / Telecommunication Services

TerreStar Networks Plan Filed

TerreStar Networks filed with the U.S. Bankruptcy Court a Revised Joint Chapter 11 Plan of Reorganization and related Revised Disclosure Statement. According to the Disclosure Statement, "The Debtors have revised the Disclosure Statement and the Plan to, among other things, reflect events that have transpired since the filing of the Disclosure Statement and Plan, modify, add or amend certain language on account of comments received from various parties in interest in the Debtors' chapter 11 cases and correct various clerical and typographical errors." According to documents filed with the Court, "On November 18, 2011, the Debtors filed the Plan with the Bankruptcy Court to facilitate the liquidation of the Debtors' estates and the distribution of the proceeds from the Sale Transaction and any other remaining assets to holders of Allowed Claims. The Plan also contemplates the reorganization of the Debtors for the limited purpose of operating the business until consummation of the Sale Transaction." The Court scheduled a December 21, 2011 hearing to consider the Disclosure Statement.

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Is there value in bankrupt PG&E’s stock?

In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.

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EV/EBITDA: What Is It & Why Are We Using It More?

In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple.  We thought it might be useful to describe this measure and why we like it.

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

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What Last Year's Top Stock Pickers Are Buying in 2018

 

This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.

 

George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."