Bankruptcy News

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

Bonds / Post-Bankruptcy Stocks

Eastman Kodak Plan Effective

Eastman Kodak’s First Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on August 21, 2013. Company chairman and chief executive officer, Antonio M. Perez, comments, “We have emerged as a technology company serving imaging for business markets - including packaging, functional printing, graphic communications and professional services,” “We have been revitalized by our transformation and restructured to become a formidable competitor - leaner, with a strong capital structure, a healthy balance sheet, and the industry’s best technology.” Eastman Kodak reports completion of the final steps of its Chapter 11 restructuring, including the spin-off of its Personalized Imaging and Document Imaging businesses to Kodak Pension Plan, a longstanding pension plan of Eastman Kodak’s U.K. subsidiary. The Company also successfully closed on its agreement for $695 million in term exit financing, paid off its D.I.P. lenders and second lien noteholders in full and completed its rights offerings, receiving approximately $406 million of new equity investments from participating unsecured creditors. This imaging technology provider filed for Chapter 11 protection on January 19, 2012, listing $6.2 billion in pre-petition assets. In a recent Distressed Investing Blog entry, George Putnam addresses Kodak’s post-bankruptcy investment opportunities in “Kodak Emerges from Bankruptcy; Great Brand Recognition, but….”

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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."