Bankruptcy/Chapter 11 / Bonds
Physiotherapy Holdings Disclosure Statement Approved, Plan Confirmed
The U.S. Bankruptcy Court approved Physiotherapy Holdings’ Disclosure Statement and concurrently confirmed the Joint Prepackaged Plan of Reorganization. As previously reported, “The…prepackaged chapter 11 plan of reorganization…will achieve the Debtors’ restructuring goals by (a) reducing the Debtors’ total funded indebtedness (including interest) by approximately 62%, from approximately $375 million as of October 10, 2013 to approximately $144 million (b) providing the Debtors’ with reasonable, long term financing and access to incremental commitments that will enable the Debtors to support their go-forward business needs and (c) providing for the establishment and funding of a litigation trust to consolidate and coordinate prosecution of certain claims and Causes of Action of the Contributing Claimants.” This outpatient rehabilatative services’ provider filed for Chapter 11 protection on November 12, 2013, listing more than $500 million in pre-petition assets.
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Turnaround Investing Blog
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.
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
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."
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