Bankruptcy/Chapter 11

A legal procedure that gives a business temporary protection from its creditors while it gets back on its feet

ARTICLES

Turnaround Investing Philosophy: 32 Years Later, Some Things Never Change

Recently I was asked how my investing perspective changed over the 32 years of publishing The Turnaround Letter. It's a fascinating question because change is constant, and often beneficial (although that's not a given) in the business world. If change is the norm, can investing principles stay constant? I firmly believe that they can.
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This article discusses the health of the stock market during the first six months of 2018

Mid-Year Stock Market Update

As we write this just before the middle of the year, the S&P500 has gained 2.5%, a relatively modest result compared to its impressive returns since 2009. It is hard to pinpoint any major drivers for the market performance.
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This article discusses the first six months of 2018 in terms of bankruptcy activity

Mid-Year Bankruptcy Review and Outlook

Bankruptcy activity has slowed somewhat in the first half of 2018. As long as the debt markets remain robust (some might say “frothy”), the number of large public bankruptcies may stay low. However, we expect to see bankruptcy activity pick up significantly in the not-too-distant future.
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Triad Guaranty Set to Emerge from Bankruptcy

Triad Guaranty Plan Effective, Summarized

Triad Guaranty's Amended Joint Plan of Reorganization [Revised] became effective, and the Company emerged from Chapter 11 protection.
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Erin Energy Files Bankruptcy

Erin Energy Chapter 11 Petition Filed

Erin Energy (F/D/B/A Camac Energy and Pacific Asia Petroleum) and three affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, case number 18-32106.
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STG Files for Chapter 7

STG Group Chapter 7 Petition Filed

STG Group (f/k/a Global Defense & National Security Systems) filed for Chapter 7 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia, case number 18-11395.
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Aeropostale Set to Emerge from Bankruptcy

Aeropostale Plan Effective, Summarized

Aeropostale's Second Revised Third Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection.
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Seadrill Amends Chapter 11 Plan

Seadrill Plan, Supplement Filed & Plan Confirmed, Summarized

Seadrill filed with the U.S. Bankruptcy Court a Second Amended Joint Chapter 11 Plan (as Modified) of Reorganization, which notes, "On the Effective Date, the Debtors shall consummate the Equity Rights Offering and the Note Rights Offering in accordance with the Rights Offering Procedures.
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Rentech Set to Emerge from Bankruptcy

Rentech Plan Effective, Summarized

Rentech's Second Amended Combined Disclosure Statement & Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection.
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Bertucci's Files Bankruptcy

Bertucci's Chapter 11 Petition Filed

Bertucci's and nine affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case 18-10894.
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DOCUMENTS AND FILES

Kodak Report

Bankruptcy Investing

Identify & Profit from Distressed Investing

Free Report: Turnaround Investing Mistakes

Turnaround Investing Blog

Turnaround Investing Blog

Books we Recommend for the Holidays

Looking for a stocking-stuffer for the investor or businessperson in your life, or perhaps for yourself? Don’t have a lot of time to stroll through a brick-n-mortar bookstore or wonder which books among Amazon’s endless inventory are actually worth buying? Our list, assembled by George Putnam and Bruce Kaser, includes some fascinating new titles as well as several timeless classics about successful investing and leadership. All are valuable reads which any recipient will be thrilled to dive into. 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."