A second group of investors disclosed their holdings in Northwest Airlines Corp. on Wednesday, saying they own $949.3 million in claims against the bankrupt carrier.
Several hedge funds have been buying shares and — especially — claims in Northwest. The airline has said it expects its current shares to be canceled when it emerges from Chapter 11 protection by the end of June but that it expects unsecured claimholders to receive roughly 74 cents on the dollar payable in new shares. Secured claimholders will be paid in full in cash under its reorganization plan.
The group filing the disclosure on Wednesday called itself the “ad hoc committee of certain claims holders.” The 10 filers were Avenue Capital, Black River Asset Management, CarVal Investors LLC, Davidson Kempner Capital Management LLC, DE Shaw Laminar, Durham Asset Management LLC, Fortress Investment Group LLC, GK Capital LLC, GSO Capital Partners, and Stanfield Capital Partners LLC.
