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

AES Eastern Energy Chapter 11 Petition Filed

Privately-held AES Eastern Energy and 14 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 11-1438. The Company, which is a global power provider with generation and distribution businesses, is represented by Mark D. Collins of Richards Layton & Finger and Joseph H. Smolinksy of Weil, Gotshal & Manges. Concurrent with its bankruptcy, the Company announced that it and certain affiliated entities have reached an agreement in principle on a non-binding term sheet for the sale of their Somerset and Cayuga coal-fired electrical generation plants to an entity sponsored by holders of pass-through trust certificates issued in connection with a leveraged lease transaction that financed the acquisition of the plants. Holders of a majority of the pass-through trust certificates have indicated their support for the transaction, which remains subject to definitive documentation, higher and better offers in an auction process and Court approval. According to documents filed with the Court, “The Debtors are out of options. And out of time. After vigorously marketing their assets for almost a year and soliciting 58 potential buyers/investors with limited success, it is abundantly clear that – in the current economic environment and with the Debtors’ complicated leveraged lease structure – an out of court restructuring or sale is not possible.” AES Eastern Energy’s indicated an asset range of $100 to 500 million on its Chapter 11 petition.

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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."