Distressed Investing Archives - Page 2 of 9

Sell Alert: Cerence AI’s 1.5% Convertible Bond

Posted onThursday, October 16, 2025Thursday, October 16, 2025AuthorPorter & Co.

In the Distressed Investing April 10 report, “Car Talk,” we recommended buying Cerence AI’s 1.5% convertible bond maturing July 1, 2028. Today, we recommend selling the bond. At the time of the recommendation, the bond was priced at $692, which equated to annual yield of 13.6%. We indicated that we thought it extremely unlikely that

Sell Alert: Shares of Green Plains

Posted onWednesday, October 15, 2025Wednesday, October 15, 2025AuthorPorter & Co.

In the May 8 Distressed Investing report, “Cracking the Code,” we recommended the combined $1,000 purchase of one Green Plains 2.25% convertible bond, then trading at $774, and shares of Green Plain stock (Nasdaq: GPRE), then trading at $3.66. At the time this equated to one bond and 61.7 shares. Recently we recommended selling the

A Second Life For An American Icon

Posted onThursday, October 9, 2025Friday, October 10, 2025AuthorPorter & Co.

Investors are concerned that the products of the company featured this month are on the wrong side of history and condemned to permanent decline. This report will explain how the company is reinventing itself – and will remain a survivor – and propelling the price of its bond higher.

Opioids, Bankruptcies, And The U.S. Supreme Court

Posted onThursday, September 25, 2025Thursday, October 9, 2025AuthorPorter & Co.

As distressed-debt analysts, we have to keep tabs on the developments with the bankruptcy code. Typically, our most likely case is that the bond issuer will manage to make all the required interest payments and repay the principal at maturity. But not always.

Sell Alert: Green Plains 2.25% Bond

Posted onThursday, September 18, 2025Thursday, September 18, 2025AuthorPorter & Co.

In the May 9 Distressed Investing report “Cracking The Code,” we recommended purchasing Green Plains’ 2.25% bonds maturing March 15, 2027. We now recommend selling those bonds. In May, when we recommended them, the bonds were trading at $785, which equated to an annual return of just over 16%. We suggested pairing each bond with

Investing With A Titan

Posted onThursday, September 11, 2025Thursday, September 11, 2025AuthorPorter & Co.

This month’s recommendation reminds us of our very first recommendation in March 2023, when we wrote about Diversified Healthcare Trust’s 9.75% bonds. We believe that in both cases, investors were looking backward rather than forward, creating an opportunity for high, risk-adjusted returns.

Sell Alert: Half Position Of Shares Of Green Plains

Posted onThursday, August 28, 2025Thursday, August 28, 2025AuthorPorter & Co.

Yesterday, August 27, Green Plains (Nasdaq: GPRE) announced that it had agreed to sell its 120 million gallon per year ethanol plant in Obion, Tennessee, for $190 million. This equates to an impressive valuation of $1.58 per gallon of capacity. Shares of GPRE rose 12% to $11.18 per share following the news. We recommend selling half

Guilty Until Proven Innocent

Posted onThursday, August 14, 2025Wednesday, August 13, 2025AuthorPorter & Co.

Many beaten-down bonds deserve to be beaten down and never to recover. A smaller number of issuers, also beaten down, do have the wherewithal to make good on their obligations and strengthen their balance sheets.

Just Because They’re Down Doesn’t Mean They’re Out

Posted onThursday, July 24, 2025Thursday, July 24, 2025AuthorPorter & Co.

A noteworthy entrant to the distressed ranks is Xerox (XRX) – in the 1980s, the copier producer’s stock was one of the greatest performers ever, registering an astounding 4,500-fold gain in the 50 years through its all-time high on May 3, 1999. Xerox’s senior debt is now on the watchlist for downgrading.

A Fire Sale At QVC

Posted onThursday, July 10, 2025Thursday, July 10, 2025AuthorPorter & Co.

In April, we recommended selling the bonds of this e-commerce business at $878 – which we had recommended buying four months earlier at $840. They have since fallen dramatically. In this report, we are recommending buying them back. And we explain why the price of the bonds has dropped and why we think it will rise again.