Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

OnCure Holdings Plan Filed

OnCure Holdings filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The Plan contemplates certain transactions, including, without limitation, the following transactions: pursuant to an investment agreement dated June 22, 2013 (the ‘Investment Agreement’), Radiation Therapy Services, Inc. (‘RTS’) agreed to (1) buy 100% of the shares of Reorganized HoldCo upon the Effective Date of the Plan and (2) pay $42,500,000 in cash, subject to certain adjustments, and to guarantee $82,500,000 of the Amended Secured Notes. As of July 17, 2013, the Investment Agreement remains subject to the approval of the Bankruptcy Court and to higher or otherwise better bids pursuant to the Bidding Procedures Order; the DIP Facility Claims will be satisfied in full in Cash on the Effective Date; the Prepetition Term Loan Claims will be satisfied in full on the Effective Date, to the extent not previously paid in full pursuant to the DIP Facility Orders; the principal amount of the Prepetition Secured Notes will be reduced on a Pro Rata basis to $82,500,000 and the Prepetition Secured Notes Indenture and the Prepetition Secured Notes will be amended in their entirety as set forth in the Amended Secured Notes Indenture and the Amended Secured Notes, respectively; the Holders of General Unsecured Claims and Old HoldCo Interests will not receive any recovery under the Plan.” The Court scheduled an August 21, 2013 hearing to consider the Disclosure Statement.

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Amazon = US GDP 1970

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. Read More.

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."