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 / Food, Beverage, & Tobacco / Food & Staples Retailing / Post-Bankruptcy Stocks

155 East Tropicana Plan Filed

155 East Tropicana filed with the U.S. Bankruptcy Court a First Amended Joint Plan of Reorganization. According to the Disclosure Statement, “During the course of the Debtors’ Chapter 11 Cases, the Debtors have sought a combination of capital raising transaction or merger and acquisition transactions, including the sale in one transaction of substantially all of the assets of that certain hotel and casino commonly known as Hooters Casino Hotel located in Las Vegas, Nevada (the ‘Casino Hotel’) as a going concern to a third-party buyer. The Debtors, in conjunction with its Bankruptcy Court appointed financial advisor, Innovation Capital, LLC (‘Innovation’) has marketed the Casino Hotel. The Company has entered into confidentiality agreements with a number of parties interested in submitting offers to purchase the assets of the Casino Hotel. Through Innovation, the Debtors have negotiated with a number of interested parties with respect to entering into an agreement to purchase the assets of the Casino Hotel.” The Court scheduled a March 2, 2012 final joint hearing to consider approving the Disclosure Statement and confirming the Plan.

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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

 

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."