Why do post bankruptcy plays do well ?

PPC is up 5.5% today . It has recently exited from bankruptcy.
When companies exit bankruptcy they have clean balance sheet in most cases.
The reason they exit bankruptcy is they have viable business with potential. If that is not the case then they never emerge out of bankruptcy.
Companies go in to bankruptcy due to excessive leverage or sometime due to legal liabilities (e.g. many asbestos related lawsuit liabilities resulted in many companies going in to bankruptcy.
Post bankruptcy many of the companies have better cost structure than their competitors.
Fund ownership is low past bankruptcy IPO. So fund demand also drives the prices up.
You need to have a method to track post bankruptcy IPO.
CIT and LEA are two other recent bankruptcy play.

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