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 / Energy

China Natural Gas Voluntary Consent Order Issued

Following the February 14, 2013 involuntary petition filed against China Natural Gas, the Company’s board consented to a voluntary Chapter 11 petition with the U.S. Bankruptcy Court in the Southern District of New York, case number 13-10419. China Natural Gas, which is a natural gas operator in the Peoples’ Republic of China primarily involved in the distribution of compressed natural gas, is represented by Louis T. DeLucia of Schiff Hardin. The Company also announced that its board appointed its C.E.O., Shuwen Kang, as chairman and a member of the board of directors. Kang has been serving as C.E.O. since October 2011, and prior to that he served as vice president of Xi’an Xilan Natural Gas Co. Kang holds an associate degree in party and government management from the Party School of the Shaanxi Provincial Committee of the Communist Party of China. In documents filed with the Court the Company explains, “…with the advice and recommendations of attorneys and financial advisors, the Board has considered the finances and operations of the Company, including the presently known current and long-term liabilities of the Company and other relevant circumstances; and…believes that it is in the best interests of the Company, its creditors, and other interested parties for the Company to consent to the entry of an Order for Relief.”

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Turnaround Investing Blog

IBM: Not Yet Time to Swing at this Pitch

IBM’s stock underperformance since IBM’s current CEO took the helm in 2012 has been stark, with the shares declining 23% while the S&P500 Index has more than doubled. One big problem: revenue growth rate is zero, at best. Without revenue growth, what’s left to entice investors? The real driver of value at IBM – free cash flow that is used to repurchase shares. Can IBM borrow its way to shareholder prosperity as its cash flows shrink? What to do with IBM shares? Wait for a better pitch in the form of a catalyst or much lower valuation. Read More.

Comparing Stocks Vs. Bonds

While the common stock of a turnaround candidate usually has the greatest upside potential, other classes of securities, such as bonds or preferred stock, may offer attractive profit possibilities with less risk. Many turnaround companies have only one class of securities available to investors but where there are different classes to choose from, it can pay to do a little extra analysis of the various options.

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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."