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 / Transportation

Excel Maritime Carriers Plan Confirmed

The U.S. Bankruptcy Court confirmed Excel Maritime Carriers’ Amended Joint Chapter 11 Plan of Reorganization, and the Company expects to emerge from Chapter 11 protection by mid-February 2014. The Plan was unanimously accepted by the Company’s two voting classes, with 100% of the class of secured lenders and approximately 92% of the class of impaired general unsecured creditors, by value, voting in favor. Upon completion of the restructuring process, the Company’s total pre-petition debt of $920 million will be reduced to approximately $300 million. Gabriel Panayotides, chairman of the board, together with other members of Excel Maritime Carriers’ management team, will continue to lead the Company. This seaborne transport provider filed for Chapter 11 protection on July 1, 2013, listing $2.7 billion in total pre-petition assets.

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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."