February 1, 2012 / 5:55 AM / 5 years ago

GSO, D.E. Shaw, JPMorgan disclose Kodak stakes

3 Min Read

A man walks past the Kodak World Headquarters sign in Rochester, New York January 19, 2012.Adam Fenster

(Reuters) - The Blackstone Group's GSO Capital Partners, the D.E. Shaw Group and JPMorgan Chase are among the members of a committee of Eastman Kodak debt holders with the biggest stakes, according to a court filing on Monday.

The hedge funds and investment firms are part of a committee that includes holders of secured Kodak notes due in 2018 and 2019, known as the second lien debt. The group had been pressuring Kodak for change ahead of its mid-January bankruptcy filing.

They have since filed an objection in court to Kodak's debtor-in-possession financing terms and other motions. Kodak's most secured debt holder - Citibank - is providing the bankruptcy financing that the hedge funds have taken issue with.

Bankruptcy courts can ask committee members to disclose their holdings.

GSO - the credit investment unit of Blackstone - has a stake that includes secured notes, unsecured notes and credit default swaps for a total value of $83.4 million.

D.E. Shaw has $50 million worth of debt and 967,693 shares of common stock, which was trading on the pink sheets on Tuesday at 34 cents.

JPMorgan has $20 million worth of secured notes and $33 million worth of unsecured notes while JPMorgan Investment Management has $53 million worth of 2018 notes.

Among other holders are Alden Global Capital with $20 million in secured notes and 6 million shares; Archview LP with $30 million in secured notes and 500,000 shares; Avenue Capital with $25 million in 2018 notes; Barclays Capital with $21.5 million in secured notes and $5.5 million in credit default swaps; Bennet Management Corp with $20.75 million in 2018 notes; Capital Ventures International with $20.5 million in secured notes; Litespeed Partners with $27 million of 2019 notes; and RBS Global Banking & Markets with $20 million of secured notes and $8 million in credit default swaps.

The case is in re: Eastman Kodak Co et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202.

(Corrects Jan. 31 story to reflect shares controlled by D.E. Shaw at 967,693, not 967,693 million)

Reporting By Caroline Humer; editing by Mark Porter

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