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 / Healthcare Equipment & Services

Professional Veterinary Products Plan Confirmed

The U.S. Bankruptcy Court confirmed Professional Veterinary Products' First Amended Joint Plan of Liquidation, filed by the Company and its official committee of unsecured creditors. The Plan provides, among other things, that on its effective date: (a) all equity interests of the Debtors will be deemed cancelled and will be of no further force and effect; (b) title to all property of the Debtors' estates will pass to and vest in a liquidating trust, from which general unsecured creditors will receive a pro rata distribution from remaining available cash after payment of all post-confirmation expenses and allowed administrative, priority and secured claims; (c) the directors and officers of the Debtors will be deemed to have resigned or been terminated and (d) the Debtors will be deemed liquidated and dissolved as legal entities. The effective date of the Plan will be January 26, 2012. This animal health products' distributor filed for Chapter 11 protection on August 20, 2010, listing $80 million in pre-petition assets.

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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."