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 / Energy / Post-Bankruptcy Stocks

Delta Petroleum Chapter 11 Petition Filed

Delta Petroleum and seven affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 11-14006. The Company, which is engaged primarily in the exploration, acquisition, development, production and sale of natural gas and crude oil, is represented by Derek C. Abbott of Morris Nichols Arsht & Tunnell and Kathryn A. Coleman of Hughes Hubbard & Reed. According to documents filed with the Court, “The Debtors have been in financial distress for quite some time. As a result, the Debtors have had to reduce their workforce substantially over the course of multiple reductions in force.” On November 9, 2011, the Company announced the appointment of John T. Young, Jr. as its chief restructuring officer. Young is a senior managing director at Conway MacKenzie, which Delta Petroleum had retained to assist with its strategic alternatives process.

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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."