Bankruptcy/Chapter 11 / Post-Bankruptcy Stocks
FiberTower Plan Filed
FiberTower filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “In summary, the principal terms of the Plan are as follows: (i) the holders of the 2016 Notes will receive one hundred percent (100%) of the common equity in Reorganized FiberTower, in the form of shares of New FiberTower Common Stock; and (ii) Reorganized FiberTower shall receive one hundred percent (100%) of the New FiberTower Subsidiary Equity Interests in Reorganized FiberTower Network Services and Reorganized FiberTower Licensing, and Reorganized FiberTower Licensing shall receive one hundred percent (100%) of the New FiberTower Subsidiary Equity Interests in Reorganized FiberTower Spectrum, such that the Debtors’ corporate structure shall effectively remain in place following the Effective Date.” The Court Scheduled an October 29, 2013 hearing on the Disclosure Statement.
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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
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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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