Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

TerraVia Holdings Plan Confirmed

The U.S. Bankruptcy Court issued an order confirming TerraVia Holdings' Combined Disclosure Statement and Chapter 11 Plan of Liquidation [further revised]. As previously reported, "The Combined Disclosure Statement and Plan contemplates the liquidation and dissolution of the Debtors and the resolution of all outstanding Claims and Interests....The plan offers unsecured creditors a 12.25 percent recovery on $181 million in claims. The company's $22.7 million distribution plan tops by about $1 million the recovery expected from a switch to a trustee-managed Chapter 7 sale. About $6.5 million will be set aside to pay attorneys' fees and related costs for the case….On the Effective Date, each holder of an Allowed SVB Facility Claim which has estimated allowed claims of $12,551,900, shall receive, in full satisfaction of its Allowed SVB Facility Claim, payment in full in Cash or such other treatment that will render such Claim Unimpaired….On the Effective Date, each holder of an Allowed General Unsecured Claim with allowed claims of $181,253,700, shall receive, in full satisfaction of its Allowed General Unsecured Claim, its Ratable Share of the remaining Sale Proceeds and other assets of the Estates following: (i) payment in full in Cash or such other treatment as to render Unimpaired all DIP Facility Claims, Administrative Expense Claims, Professional Fee Claims, Other Secured Claims, Other Priority Claims and SVB Facility Claims; and (ii) funding of the Convenience Claim Pool under the Combined Disclosure Statement and Plan." This food and nutrition ingredients provider filed for Chapter 11 protection on August 2, 2017, listing $136 million in pre-petition assets.

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Identify & Profit from Distressed Investing

Free Report: Turnaround Investing Mistakes

Turnaround Investing Blog

Turnaround Investing Blog

Lessons from the 1st Turnaround Letter of 32 Years ago

In July, 1986, exactly 32 years ago, George Putnam sent the first Turnaround Letter to subscribers. Technology back then seems like the Stone Age, with hard copy research and primitive CompuServe dial-up service. Wall Street ignored turnaround stocks back then and continues to ignore them today. While technology has changed immensely in 32 years, The Turnaround Letter’s philosophy of selecting out-of-favor companies on the verge of turning around hasn’t changed. Our timeless process helped driven The Turnaround Letter’s independently-verified market-beating returns. Read More.

Comparing Stocks Vs. Bonds

While the common stock of a turnaround candidate usually has the greatest upside potential, other classes of securities, such as bonds or preferred stock, may offer attractive profit possibilities with less risk. Many turnaround companies have only one class of securities available to investors but where there are different classes to choose from, it can pay to do a little extra analysis of the various options.

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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."