UPDATE 1-Six Flags group does not have to reveal holdings

WILMINGTON, Del. Jan 8 (Reuters) - A group of investors who crafted Six Flags plan of reorganization do not have to reveal the size of their bond holdings issued by the bankrupt theme park operator, a judge ruled on Friday.

Christopher Sontchi, a Delaware bankruptcy court judge, said that the ad hoc committee of SFO noteholders were not subject to the law, known as 2019, that required disclosure by committees in a bankruptcy.

"The law contemplates a subset of a larger group authorized by the larger group to act on its behalf. That is not the case here," Sontchi said.

Sontchi acknowledged that bankruptcy court judges Mary Walrath in Delaware and Allan Gropper in New York's Southern District had interpreted the law differently.

"I read 2019 narrowly," said Sontchi. "I don't think ad hoc committees are subject to rule 2019."

The SFO group is led by Avenue Capital Group, a hedge fund headed by Marc Lasry that is active in distressed debt.

In November, Six Flags SIXFQ.OB adopted Avenue Capital's reorganization plan, which has been opposed by the junior noteholders, a group led by hedge fund Stark Investments.

The official committee of unsecured creditors, SFI Noteholders, said in its request for the information that the SFO group had presented themselves to the company's management as representatives of a broad number of creditors.

They cited a September letter from the SFO group that said they owned almost all the senior SFO notes and a large position of SFI claims.

The attorney for the unsecured creditor's committee, Jeremy Coffey of Brown Rudnick, argued for the disclosure by citing a hypothetical case in which a group was holding one security issued by a bankrupt company while shorting another, which is a bet that pays off from a drop in price.

"That would be an interesting data point for your honor," Coffey said.

SFO's lawyer, Abid Qureshi of Akin Gump Strauss Hauer Feld said revealing the information sought by the committee would expose the investing strategy of the SFO group members.

"Ultimately it would reveal their trading strategies. Even the dates of their sale would be problematic for these investors," said Qureshi.

The case is In re: Premier International Holdings Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-12019.