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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Identify & Profit from Distressed Investing
Turnaround Investing Blog
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.
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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