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 / Commercial & Professional Services / Consumer Services / Post-Bankruptcy Stocks / Media / Software & Services

Eastman Kodak C.R.O. Change Announced

Eastman Kodak announced the retention of James A. Mesterharm of AlixPartners as chief restructuring officer, effective as of January 23, 2012. Mesterharm replaces Dominic DiNapoli in that role. The Company explains, “The change does not reflect any disagreement or difference of opinion between Mr. DiNapoli and the Company….The Company thanks Mr. DiNapoli for his contribution in helping Kodak effectively implement its Chapter 11 filing.” AlixPartners will be the Company’s restructuring adviser during the reorganization process, and FTI Consulting is expected to continue to work on certain post-petition matters along with AlixPartners. The Company also announced today that it will not hold a conference call with the investment community at the time of its fourth quarter earnings announcement.

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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."