Bonds / Software & Services
Eastman Kodak Plan Filed
Eastman Kodak filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan and First Amended Disclosure Statement. According to the Disclosure Statement, “The Plan represents a comprehensive compromise that provides higher creditor recovery and a more expeditious emergence from chapter 11 than the Initial Plan. The Creditors’ Committee has informed the Debtors that it endorses fully the Debtors’ entry into the Backstop Commitment Agreement, the implementation of the Rights Offerings and the terms and conditions of the Plan. The Plan provides for two rights offerings to raise $406 million of equity capital through the issuance of 34 million shares of New Common Stock. The Rights Offerings consist of (a) a rights offering for up to six million shares of the New Common Stock and (b) an additional rights offering for a number of shares of New Common Stock equal to the sum of (x) 28 million and (y) the number of shares of New Common Stock offered but unsubscribed in the 1145 Rights Offering.”
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Amazon joined Apple in reaching a $1 trillion market capitalization. $1 trillion is about the same as the total value of New York City property and the total value of loans at JP Morgan, the nation’s largest bank in terms of assets. Jeff Bezos’ $160 billion stake would place him (personally) as the #33 largest company in the S&P 500 in terms of market cap, next to Coca-Cola, Disney and Netflix. We aren’t bold enough to predict whether the shares will continue upwards or if they are in a bubble reaching maximum inflation. Setting aside for a moment their investment prospects, let’s admire the truly remarkable milestone that these two companies have reached.
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.
Turnaround Letter Stock Pick Named Top Performer of 2017
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."
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