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 / Bonds

Green Field Energy Services Chapter 11 Petition Filed

Green Field Energy Services and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 13-12783. The Company, which provides hydraulic fracturing and well services, is represented by Josef S. Athanas of Latham & Watkins and Michael R. Nestor of Young Conaway Stargatt & Taylor. According to documents filed with the Court, “Due to the competitive advantages of the turbine-powered hydraulic fracturing technology utilized by the Debtors, the Debtors greatly expanded their hydraulic fracturing operations and capabilities….Unfortunately, market conditions changed for the worse shortly after the Debtors made this shift in focus. As a result the Debtors’ customer base became more and more concentrated….This severely reduced the revenues generated by the Debtors’ business and has resulted in a need for reorganization of the Debtors’ debt structure.” Green Field Energy Services explains that the Company engaged in extensive pre-petition restructuring negotiations with key constituents, including Shell, certain holders of its 2016 Senior Secured Notes and the indenture trustee. The Company further states, “The Debtors and their key constituents will continue those discussions and hope to negotiate the terms of a comprehensive restructuring that maximizes the value of the Debtors’ estates for the benefit of their creditors following the Petition Date.”

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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."