Eastman Kodak Debt Investors Hire Blackstone

A group of Eastman Kodak debt investors have hired Blackstone Group as a financial advisor, Reuters reported. The group is seeking to influence how the company handles a restructuring, Reuters wrote, and also recently hired law firm Akin Gump Strauss Hauer & Feld.

(Reuters) – 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 situation.

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 publication.

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.