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 / Media

GateHouse Media Prepackaged Plan Effective

GateHouse Media’s Joint Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on November 6, 2013. As previously reported, “Upon emergence, [the Company] will be under common ownership with Local Media Group, a company with a strong community media presence and performance that operates eight daily community newspapers and thirteen weeklies.” GateHouse’s secured lenders, whose debt was cancelled under the plan, received, at their election, shares in New Media or a 40% cash distribution, and the publicly traded shares of GateHouse have been cancelled, with the holders of those shares receiving warrants for New Media stock. Michael Reed, GateHouse Media’s director and chief executive officer, “GateHouse’s plan effected a ‘balance-sheet restructuring’ and allowed GateHouse to emerge from bankruptcy with much less debt on its balance sheet and with its business operations completely intact. Joining with Local Media Group is an important step in growing the GateHouse business and will contribute to GateHouse’s future success as the pre-eminent source for locally focused content, covering and serving our subscribers, advertisers and customers through print, online and other digital products, including mobile applications.” This online and print media publisher filed for Chapter 11 protection on September 27, 2013, listing $470 million in pre-petition assets.

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Identify & Profit from Distressed Investing

Free Report: Turnaround Investing Mistakes

Turnaround Investing Blog

Turnaround Investing Blog

Turnaround Investing Philosophy: 32 Years Later, Some Things Never Change

Recently I was asked how my investing perspective changed over the 32 years of publishing The Turnaround Letter. It's a fascinating question because change is constant, and often beneficial (although that's not a given) in the business world. If change is the norm, can investing principles stay constant? I firmly believe that they can. 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."