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 / Retailing / Transportation

Ahern Rentals Chapter 11 Petition Filed

Ahern Rentals filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nevada, case number 11-53860. The Company, which offers aerial lifts, boom lifts, hydraulic scissors and more heavy construction equipment rentals, is represented by Thomas H. Fell of Gordon Silver. The Company also announced that it has reached an agreement with existing lenders for debtor-in-possession financing with approximately $50 million of availability. Ahern Rentals states that it filed for Chapter 11 protection because the Company was unable to extend the maturity of its revolving credit facility, which had a maturity date of August 21, 2011. Since the maturity, the bank has continued to fund the Company and negotiate the extension of the facility without the necessity of a bankruptcy filing. Ahern Rentals states, “While the Company’s financial performance continues to improve, it has been forced to seek bankruptcy protection to address the maturity of its Revolving Credit Facility, despite the fact that approximately 90% of the Company’s lenders would have consented to an extension.” Don Ahern, chief executive officer, comments, “We have been experiencing a significant improvement in our business, with a substantial increase in our utilization levels and improved margins.”

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

stock market advicex

 

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."