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 / Energy

Buccaneer Energy Limited Chapter 11 Petition Filed

Buccaneer Energy Limited and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 14-60041 (Buccaneer Resources). The Company, which is focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, is represented by William R Greendyke of Fulbright Jarworski LLP. The Company states that this bankruptcy filing was made on the eve of a June 1, 2014 deadline established by the Alaska Oil and Gas Conservation Commission (AOGCC) requiring it to establish and maintain an escrow account with a state-regulated bank in Alaska wherein 100% of the Company’s future production net revenue was to be deposited until an allocation of gas attributable to each of the adjacent landowners is made or upon further order by the AOGCC. As part of the Chapter 11 proceedings, Buccaneer Energy Limited has also reached an agreement in principle with its secured lender on certain critical elements of a reorganization plan that would result in the sale of substantially all assets. If implemented as proposed, Buccaneer Energy Limited anticipates that the plan will “enable it to satisfy obligations owed to its principal secured lender and other secured creditors, and conclude in an outcome that could result in some recovery for the Company’s unsecured creditors.” Buccaneer Energy does not intend to obtain debtor-in-possession financing because it expects to have sufficient cash on hand throughout the Chapter 11 proceedings to pay all of its post-petition obligations as they come due.

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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."