Post-reorg stock at 3.7x EBITDA

This isn’t a particularly amazing business so if you’re searching for something high quality that you can hold for years, then you might want to skip this post.

For lovers of special situations that are intrigued by an absolutely despised post-bankrupt equity trading at less than 4x EBITDA with a much improved balance sheet, then this one is for you!

Gross debt is down from $2.6bn to $1.25bn. Interest expense down from $250m to $150m. And liquidity is up with $500m in gross cash. Overall, this business is on much better footing.