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May 23, 2016, 12:30pm EDT
A Kodak moment: following a struggle to adapt to the digital world of photography and bankruptcy filing in 2012, November 1, 2013 marks Kodak's return to the New York Stock Exchange.
Having received $1 billion in exit financing from J.P. Morgan, Bank of America Merrill Lynch and Barclays, Kodak says it has been "revitalized" by its reorganization and is "setting a trajectory for profitable growth."
Kodak isn't the only company to bounce back from a bankruptcy filing and reclaim a spot on the market. Here's a look at ten other companies who have managed the same feat.
There And Back Again: 10 Stocks That Returned To The Market After Bankruptcy
A Kodak moment if there ever was one: following a struggle to adapt to the digital world of photography and bankruptcy filing in 2012, November 1, 2013 marks Kodak's return to the New York Stock Exchange. Having received $1 billion in exit financing from J.P. Morgan, Bank of America Merrill Lynch and Barclays, Kodak says it has been "revitalized" by its reorganization and is "setting a trajectory for profitable growth." Kodak isn't the only company to bounce back from a bankruptcy filing and reclaim a spot on the market. Here's a look at ten other companies who have managed the same feat.[-]
Delta
The airline filed for bankruptcy in September 2005 after losing over $6 billion between 2001 and fall of 2005; its situation was not helped by high fuel costs and competition from lower-cost competitors. Shares of Delta were delisted from the NYSE on October 13, 2005.
After 19 months of restructuring – which included receiving $2.5 billion in exit financing from ten different banks, used to repay the company’s $2.1 billion debtor-in-possession credit facilities – Delta emerged from bankruptcy on April 30, 2007. Delta stock reemerged on the NYSE on May 3, 2007, under its old ticker symbol DAL.
General Motors
The tale of GM’s bankruptcy and subsequent recovery is long, intricate, and better-described by Jay Alix in this excellent article he did for the latest issue of Forbes. But in short, after ending 2008 over $30 billion in the red, GM filed for Chapter 11 bankruptcy protection on June 1, 2009. On June 2, 2009, the stock began trading in over-the-counter markets. Six days after that, GM was removed from the Dow Jones Industrial Average. It returned to the market in November 2010 after raising over $20 billion in an IPO.
General Growth Properties
This mall company owned New York’s South Street Seaport, Boston’s Faneuil Hall and more than 200 shopping malls before it was undone by $27 billion in debt in 2009. On April 16 2009, it filed for bankruptcy and received a notice of delisting from the NYSE. It emerged from bankruptcy in November of 2010, saying that as part of its restructuring process, it had split itself in two, and shareholders would get stock in both companies. The new General Growth, which started trading November 10, 2010 under the ticker "GGP," is now a shopping mall owner and operator in the U.S, and owns or has interest in 123 shopping malls in 41 states.
Six Flags
In a case of putting the cart before the horse, Six Flag shares were delisted from the Big Board before the company actually filed for bankruptcy – though a Chapter 11 filing did eventually happen. Because a large debt load and failure to meet the NYSE’s listing criteria, Six Flags was delisted on April 20, 2009. Two months later, on June 13, the company filed for bankruptcy protection, saying it would deleverage its balance sheet by $1.8 billion and eliminate more than $300 million in preferred stock obligations. Almost a year later, on May 3, 2010, it emerged from bankruptcy with a lowered debt load and under the control of several hedge funds. That same day, it announced intentions to relist the stock on the Exchange under its old ticker, SIX.
Cit Group
This publicly-traded financial services company – not to be confused with Citigroup – filed for bankruptcy on November 1, 2009, citing $71 billion in finance against $64.9 billion in debt. However, it filed for Chapter 11 under a prepackaged plan, which allowed it to emerge from bankruptcy barely one month later, on December 10, 2009. Its stock returned to the market that same day.
United Airlines
Following the terrorist attacks on September 11, 2001, United Airlines and its parent company, UAL Corp, was hit with the triple-whammy of an industry downturn, surging oil prices and higher labor costs, and as a result lost over $2 billion in 2001. After applying for – but failing to receive – over $1 billion in aid from Washington, the airline filed for bankruptcy protection on December 9, 2002. In April of 2003, the NYSE delisted United stock because the price had remained under $1 per share for 30 days straight. It took the airline until September 2005 to outline its plan for repaying its debts and until February 1, 2006 to finally emerge from bankruptcy. The next day, 02/02/2006 its stock began trading on the Nasdaq under the ticker UAUA.
Accuride
This vehicle-component manufacturer may not be as well known as the automakers it serves, but its bankruptcy, delisting and relisting would echo the financial problems of Detroit’s Big Three. On November 11, 2008, Accuride was delisted from the exchange because its value had fallen so much – as low as 37 cents per share on its last day on the market – and in October 2009, Accuride filed for bankruptcy protection. In just five months, the company was able to exit bankruptcy proceedings with a self-proclaimed “more flexible capital structure including a $308 million term loan and $140 million of convertible notes.” On December 22, 2010, Accuride returned to the stock exchange under the ticker ACW.
Pilgrim’s Pride Corp
This U.S. chicken producer was at one point the nation’s largest, but citing just $3.75 billion in assets for $2.72 billion in debt (debt mostly taken on by the acquisition of a rival in 2007), the company filed for bankruptcy in December of 2008. One month later, in January 2009, the NYSE removed the stock from its board, attributing the move to the uncertainty surrounding the company since the bankruptcy filing. After 13 months of restructuring – including a $1.75 billion credit facility with several different banks and $800 million in cash from a Brazilian meatpacking company, in return for 64% of its common shares – the company emerged from bankruptcy and was able to relist on the NYSE on December 28, 2009, under its old PPC ticker.
Calpine
On December 5, 2005, this power company's rocky trading year (shares hit $1.45 in April of that year, rebounded in June but then lost those gains) was capped by an NYSE notification that its shares would be suspended effective December 6, 2005, due to a low stock price and the Calpine's weak financial condition. Two weeks later, on December 20, Calpine filed for bankruptcy, citing $22 billion in debt. It took over two years for the company to recover, but on January 31, 2008, Calpine said it had reduced $7.2 billion in debt and was ready to emerge from bankruptcy. Shares of its stock began trading under the ticker CPN on February 5, 2008.
Dynegy
Electricity generator Dynegy had a near-miss with bankruptcy in 2002, but ultimately succumbed to Chapter 11 on July 5, 2012. The next day 07/06/2012, the NYSE announced it was delisting Dynegy stock, noting that the average closing price over a 30-day period had been less than $1 per share. Dynegy emerged from bankruptcy on October 2, 2012 after auctioning off several energy plants and using part of the proceeds to repay unsecured creditors. DYN returned to the market the next day 10/03/2012.