What Hedge Funds Are Playing Eastman Kodak's Bankruptcy (Hint: One of them is Greenlight Capital)

Last night, Akin Gump, as attorneys for the ad hoc group of second lien note holders of Eastman Kodak, filed the ownership of Eastman Kodak securities for its members under Bankruptcy Rule 2019.  I have written about Rule 2019 in the past and I expect a more detailed post coming from one of our guest contributors later in the week.  The quick and dirty summary:  The new Rule 2019 requires affiliated groups of stakeholders (read: ad hoc groups) to disclose their economic interests in a debtor.

The link to the document (Docket #153) can be found here: Eastman Kodak Ad Hoc Holdings. I have also embedded the document below.

As expected (I believe this is the first large case that the new Rule 2019 is applicable), the ad hoc members disclosed both their physical and synthetic positions.  These disclosures will change with time as members and holdings change but at this point in time, one can get a look at the holders of Eastman Kodak's securities.

Here is the list of funds / entities represented in the Rule 2019:

• Alden Global
• Archview L.P
• Avenue Capital
• Barclays Capital
• Bennett Management
• Brevan Howard
• Capital Ventures
• CS Global Credit Products
• DE Shaw
• DB
• Greenlight Capital
• GSO / Blackstone
• JP Morgan
• JP Morgan Investment Management
• Knighthead
• KS Management
• Linden
• Litespeed
• Morgan Stanley
• RBS 
• River Birch Capital
• UBS

For detailed on each of the holder's economic interests, see below.  2nd lien notes have rallied dramatically from the lows and received a nice pop on the bankruptcy filing (due to less leakage to subordinated creditors).  At some point in the next week, I'll provide an analysis of the EK capital structure, specifically the 2nd liens. 

EK 2019