New ''112'' phases, LnBaCo(2)O(5.4), with an ordered oxygen deficient perovskite structure, derived from the YBaFeCuO5-type were studied for Ln = Eu, Gd. The appearance of giant negative magnetoresistance in this structural type is demonstrated. Resistance ratio R-0/R-7 T reaches at least 10 at 10 K, i.e., is significantly larger than those observed in the other cobalt perovskites, such as La1-xSrxCoO3. These properties are linked to an original magnetic behavior of these materials that exhibit two types of transition-antiferromagnetic to ferromagnetic, and ferromagnetic to paramagnetic-as T increases. This magnetic behavior may be related to a possible I.S. and L.S. spin ordering of trivalent cobalt in pyramidal and octahedral coordinations, respectively. (C) 1997 American Institute of Physics.