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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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."