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

AgFeed Industries Plan Filed

AgFeed Industries filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Liquidation and related Disclosure Statement. According to the Disclosure Statement, “The Plan provides for substantive consolidation of the Consolidated AgFeed USA Debtors and the liquidation of the Debtors’ assets. The majority of the Debtors’ assets have been liquidated pursuant to the AgFeed USA Sale and the AgFeed Industries Stock Sale. The Plan further provides for the Estates’ Assets to be allocated in accordance with the terms of the Plan and distributed to holders of the Allowed Claims and Interests. On the Effective Date, all of the Estates’ Assets will vest in and be transferred to the Liquidating Trust. The Liquidating Trust shall be administered by the Liquidating Trustee who shall, among other things, liquidate the remaining Estates’ Assets, resolve any disputed Claims, wind-down the affairs of the Debtors, prosecute Causes of Action and make initial and final distributions pursuant to the Plan. On the Effective Date, all existing stock and equity interest in AgFeed Industries shall be deemed cancelled and extinguished and AgFeed Industries shall reissue one (1) share of common stock to the Liquidating Trust.”

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Is there value in bankrupt PG&E’s stock?

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.

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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."