Bankruptcy/Chapter 11 / Bonds
Rural/Metro Plan Confirmed
The U.S. Bankruptcy Court confirmed Rural/Metro’s First Amended Joint Plan of Reorganization. As previously reported, “Pursuant to the restructuring support agreement, the Consenting lenders, representing at least 51% in amount of class 2 claims, and the consenting noteholders representing at least 66.66% in amount of class 4 claims have agreed to support and vote to accept the plan after the entry of an order approving this disclosure statement and the solicitation of votes on the Plan.” This ambulance and fire protection services’ provider filed for Chapter 11 protection on August 4, 2013.
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Identify & Profit from Distressed Investing
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
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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