Nov 14 A group of Eastman Kodak debt
investors seeking to influence how the company handles a
restructuring has hired the Blackstone Group as a
financial adviser, according to a source familiar with the
The investors also hired law firm Akin Gump Strauss Hauer &
Feld several weeks ago, sources familiar with the situation
previously told Reuters.
The hiring of the financial advisory team was previously
reported by Leveraged Commentary & Data, a Standard & Poor's
A Blackstone spokeswoman declined to comment.
Kodak earlier this year drew down on its revolving credit
facility and on Nov. 3, told investors that it may need to
issue new debt or complete a multibillion-dollar patent sale to
survive the next year.
The investors are concerned that new debt issued by Kodak
would be given priority over the debt they currently hold. The
investors believe that the company should sell its assets
instead, sources have previously said.
Kodak has hired Jones Day, a law firm known for
restructuring cases, as well as restructuring firm FTI
Consulting, but has denied that it intends to file for
bankruptcy. It has been struggling to cope with the collapse of
its film business.
A Kodak spokesman declined to comment on the move.