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 / Transportation

Coach America Holdings Chapter 11 Petition Filed

Privately-held Coach America Holdings filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 12-10018. The Company, which is the largest tour and charter bus operator and the second largest motorcoach service provider in the U.S. surface transportation industry, is represented by Christopher A. Ward of Polsinelli Shughart and Sharon Levine of Lowenstein Sandler. George Maney, president and C.E.O. of Coach America, comments, “Coach America has, for too long, been constrained by our capital structure, and today’s decision will ensure a stronger Company focused on delivering critical transportation services to our customers across the country.” The Company has obtained a commitment for $30 million of debtor-in-possession financing from a steering committee of its existing senior lenders. The lead arranger for the financing is J.P. Morgan Securities, and JPMorgan Chase Bank is administrative agent. This financing, subject to approval by the Court, will support the Company’s fleet investment and help ensure the continuation of normal operations.

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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."