================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
OWENS CORNING
--------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
--------------------------------------------
(Title of Class of Securities)
690742101
---------------
(CUSIP Number)
Robert H. Weiss
General Counsel
MatlinPatterson Global Advisers LLC
520 Madison Avenue
New York, New York 10022
Telephone: (212) 651-9525
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
DECEMBER 7, 2006
------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-l(e), 240.13d-l(f) or 240.13d-l(g), check the
following box |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Exchange Act") or otherwise subject to the liabilities of that
section of the Exchange Act but shall be subject to all other provisions of the
Exchange Act (however, see the Notes).
================================================================================
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 2 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PI SPE LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 6,871,687
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,871,687
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,871,687
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.66%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 3 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PI SPE CI LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 2,460,270
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,460,270
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,460,270
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.38%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 4 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Global Opportunities Partners II L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 7,195,247
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,195,247
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,195,247
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.97%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 5 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Global Opportunities Partners (Cayman) II L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 2,576,117
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,576,117
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,576,117
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.50%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 6 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Global Partners II LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 9,771,364
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,771,364
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,771,364
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.47%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 7 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Global Advisers LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 9,771,364
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,771,364
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,771,364
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.47%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 8 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Asset Management LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 9,771,364
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,771,364
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,771,364
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.47%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 9 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 9,771,364
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,771,364
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,771,364
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.47%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 10 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David J. Matlin
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 9,771,364
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,771,364
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,771,364
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.47%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 11 of 18
--------------------------- ---------------------------
SCHEDULE 13D
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mark R. Patterson
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[_]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 9,771,364
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,771,364
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,771,364
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.47%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 12 of 18
--------------------------- ---------------------------
INTRODUCTION.
-------------
This Schedule l3D Amendment No. 1 (this "Amendment No. 1")
amends and supplements the Schedule 13D Statement filed on November 9, 2006
(the "Initial Statement"). The Initial Statement and this Amendment No. 1 are
collectively referred to herein as the "Statement."
Capitalized terms used and not defined in this Amendment No. 1
shall have the meanings set forth in the Statement.
The Initial Statement was filed on behalf of (i) MatlinPatterson
Global Opportunities Partners II L.P. ("Matlin Partners (Delaware)"), a
Delaware limited partnership, (ii) MatlinPatterson Global Opportunities
Partners (Cayman) II L.P. ("Matlin Partners (Cayman)" and, together with Matlin
Partners (Delaware), the "Matlin Partners"), a Cayman Islands limited
partnership, (iii) MatlinPatterson Global Advisers LLC ("Matlin Advisers"), a
Delaware limited liability company, by virtue of its investment authority over
securities held by each of the Matlin Partners, (iv) MatlinPatterson Global
Partners II LLC ("Matlin Global Partners"), a Delaware limited liability
company, as the general partner of each of the Matlin Partners, (v)
MatlinPatterson Asset Management LLC ("Matlin Asset Management"), a Delaware
limited liability company, as the holder of all of the membership interests in
Matlin Global Partners and Matlin Advisers, (vi) MatlinPatterson LLC
("MatlinPatterson"), a Delaware limited liability company, as the holder of all
of the membership interests in Matlin Asset Management, (vii) and David J.
Matlin and Mark R. Patterson each, as a holder of 50% of the membership
interests in MatlinPatterson. In addition to the parties identified in the
previous sentence, this Amendment No. 1 is filed on behalf of PI SPE LLC ("PI
LLC"), a Delaware limited liability company and PI SPE CI LLC, a Delaware
limited liability company ("PI CI LLC" and, together with PI LLC, the "Private
Share Purchasers"). PI LLC, PI CI LLC, Matlin Partners (Delaware), Matlin
Partners (Cayman), Matlin Advisers, Matlin Global Partners, Matlin Asset
Management, MatlinPatterson, David J. Matlin and Mark R. Patterson, are
collectively referred to in this Statement as the "Reporting Persons" and each
is a "Reporting Person." This purpose of this Amendment No. 1 is to disclose
the beneficial ownership of the Reporting Persons of common stock, par value
$0.01 per share ("Common Stock") of Owens Corning (formerly Owens Corning
(Reorganized) Inc., the "Issuer") following satisfaction of the HSR Condition
(as hereinafter defined).
ITEM 1. SECURITY AND ISSUER
The name of the issuer is Owens Corning. This Statement relates
to the Issuer's common stock, par value $0.01 per share. The principal
executive offices of the Issuer are located at One Owens Corning Way, Toledo,
Ohio 43659.
ITEM 2. IDENTITY AND BACKGROUND
The address of the principal office of each Reporting Person is:
c/o MatlinPatterson Global Advisers LLC
520 Madison Avenue
New York, New York 10022
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 13 of 18
--------------------------- ---------------------------
(i) PI LLC is a limited liability company organized under the
laws of Delaware. PI CI LLC is a limited liability
company organized under the laws of Delaware. The
principal business of each of PI LLC and PI CI LLC is to
invest in equity and debt securities of companies
(ii) Matlin Partners (Delaware) is a limited partnership
organized under the laws of Delaware. Matlin Partners
(Cayman) is a limited partnership organized under the
laws of the Cayman Islands. The principal businesses of
each of Matlin Partners (Delaware) and Matlin Partners
(Cayman) are to invest in equity and debt securities of
companies and to serve as sole members of PI LLC and PI
CI LLC, respectively.
(iii) Matlin Advisers is a limited liability company organized
under the laws of Delaware. The principal business of
Matlin Advisers is to serve as investment adviser to
Matlin Partners (Delaware) and Matlin Partners (Cayman).
(iv) Matlin Global Partners is a limited liability company
organized under the laws of Delaware. The principal
business of Matlin Global Partners is to serve as General
Partner of Matlin Partners (Delaware) and Matlin Partners
(Cayman).
(v) Matlin Asset Management is a limited liability company
organized under the laws of Delaware. Matlin Asset
Management is the holder of all the membership interests
in Matlin Global Partners and Matlin Advisers. Matlin
Asset Management's principal business is owning Matlin
Global Partners and Matlin Advisers.
(vi) MatlinPatterson is a limited liability company organized
under the laws of Delaware. MatlinPatterson is the holder
of all of the membership interests in Matlin Asset
Management. MatlinPatterson's principal business is
owning Matlin Asset Management.
(vii) David J. Matlin and Mark R. Patterson are each the holder
of 50% of the membership interests in MatlinPatterson.
David J. Matlin's principal occupation is acting as Chief
Executive Officer of Matlin Advisers and Mark R.
Patterson's principal occupation is acting as Chairman of
Matlin Advisers. Each of David J. Matlin and Mark R.
Patterson are citizens of the United States of America.
(viii) In the past five years, none of the Reporting Persons
have been (a) convicted in a criminal proceeding (other
than traffic violations or similar misdemeanors) or (b)
party to a civil proceeding of a judicial or
administrative body of competent jurisdiction in which it
was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state
securities laws nor has it been found to have violated
such laws.
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 14 of 18
--------------------------- ---------------------------
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of the Initial Statement is amended to add the following
sixth paragraph:
On December 5, 2006, the Federal Trade Commission granted early
termination of the waiting period required pursuant to the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, with respect to the Private
Shares held in the Escrow Accounts. This event satisfies the HSR Condition. On
December 7, 2006, the Private Shares were released to the Private Share
Purchasers from the Escrow Agent, the Escrow Accounts were closed and the
Escrow Agreements were terminated.
ITEM 4. PURPOSE OF TRANSACTION
The information set forth in Item 3 hereof is hereby
incorporated by reference into this Item 4. The remainder of Item 4 is amended
and restated as follows:
The Reporting Persons continuously evaluate the Issuer's
businesses and prospects, alternative investment opportunities and all other
factors deemed relevant in determining whether additional Common Stock of the
Issuer will be acquired by the Reporting Persons or whether the Reporting
Persons will dispose of Common Stock of the Issuer. At any time, additional
Common Stock may be acquired or some or all of the Common Stock of the Issuer
beneficially owned by the Reporting Persons may be sold, in either case in the
open market, in privately negotiated transactions or otherwise. Except as
otherwise disclosed herein, no Reporting Person currently has any agreements,
beneficially or otherwise, which would be related to or would result in any of
the matters described in Items 4(a) - (j) of Schedule 13D; however, as part of
the ongoing evaluation of this investment and investment alternatives, any
Reporting Person may consider such matters, and, subject to applicable law, may
formulate a plan with respect to such matters, and, from time to time, any
Reporting Person may hold discussions with or make formal proposals to
management or the Board of Directors of the Issuer, other shareholders of the
Issuer or other third parties regarding such matters.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of the Initial Statement is amended and restated as
follows:
(a) (i) As of the date hereof, (A) PI LLC is a direct beneficial
owner of 6,871,687 shares of Common Stock and (B) Matlin Partners (Delaware),
MatlinPatterson, Matlin Asset Management, Matlin Advisers, Matlin Global
Partners, David J. Matlin and Mark R. Patterson are each an indirect beneficial
owner of such shares. The 6,871,687 shares of Common Stock represent beneficial
ownership of approximately 6.66% of the Issuer's issued and outstanding shares
of Common Stock. The Issuer disclosed in its Prospectus, dated October 27,
2006, which was filed with the Commission pursuant to Rule 424(b)(1) under the
Securities Act of 1933 on October 30, 2006, that it has approximately 103.2
million shares of Common Stock outstanding following consummation of the Plan.
(ii) As of the date hereof, (A) PI CI LLC is a direct
beneficial owner of 2,460,270 shares of Common Stock and (B) Matlin Partners
(Cayman), MatlinPatterson, Matlin Asset Management, Matlin Advisers, Matlin
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 15 of 18
--------------------------- ---------------------------
Global Partners, David J. Matlin and Mark R. Patterson are each an indirect
beneficial owner of such shares. The 2,460,270 shares of Common Stock represent
beneficial ownership of approximately 2.38% of the Issuer's issued and
outstanding shares of Common Stock.
(iii) As of the date hereof, (A) Matlin Partners (Delaware) is
a direct beneficial owner of 323,560 shares of Common Stock and (B)
MatlinPatterson, Matlin Asset Management, Matlin Advisers, Matlin Global
Partners, David J. Matlin and Mark R. Patterson are each an indirect beneficial
owner of such shares. The 323,560 shares of Common Stock represent beneficial
ownership of approximately 0.314% of the Issuer's issued and outstanding shares
of Common Stock.
(iv) As of the date hereof, (A) Matlin Partners (Cayman), is a
direct beneficial owner of 115,847 shares of Common Stock and (B)
MatlinPatterson, Matlin Asset Management, Matlin Advisers, Matlin Global
Partners, David J. Matlin and Mark R. Patterson are each an indirect beneficial
owner of such shares. The 115,847 shares of Common Stock represent beneficial
ownership of approximately 0.112% of the Issuer's issued and outstanding shares
of Common Stock.
(v) Matlin Global Partners serves as General Partner of each
of the Matlin Partners. By reason of such relationships, Matlin Global Partners
may be deemed to beneficially own the aggregate of 9,771,364 shares
beneficially owned by the Matlin Partners, which represents beneficial
ownership of approximately 9.47% of the Issuer's issued and outstanding shares
of Common Stock.
(vi) Matlin Advisers serves as investment advisor to each of
the Matlin Partners. By reason of such relationships, Matlin Advisers may be
deemed to beneficially own the shares beneficially owned by the Matlin
Partners.
(vii) Matlin Asset Management is the holder of all of the
membership interests in Matlin Global Partners and Matlin Advisers. By reason
of such relationships, Matlin Asset Management may be deemed to beneficially
own the shares beneficially owned by the Matlin Partners.
(viii) MatlinPatterson is the holder of all of the membership
interests in Matlin Asset Management. By reason of such relationship,
MatlinPatterson may be deemed to beneficially own the shares beneficially owned
by the Matlin Partners.
(ix) David J. Matlin and Mark R. Patterson are the holders of
all of the membership interests in MatlinPatterson. By reason of such
relationships, each of David J. Matlin and Mark R. Patterson and may be deemed
to share voting and dispositive power over the shares beneficially owned by the
Matlin Partners.
(b) All of the Reporting Persons described in section (a) above
share voting and dispositive power over the Plan Shares and the Private Shares
with all of the other Reporting Persons, except that:
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 16 of 18
--------------------------- ---------------------------
(i) PI LLC does not have any voting or dispositive power over
any Plan Shares held directly by any other Reporting Person or the Private
Shares held directly by PI CI LLC;
(ii) PI CI LLC does not have any voting or dispositive power
over any Plan Shares held directly by any other Reporting Person or the Private
Shares held directly by PI LLC;
(iii) Matlin Partners (Delaware) does not have voting or
dispositive power over the Plan Shares held directly by Matlin Partners
(Cayman) or the Private Shares held directly by PI CI LLC; and
(iv) Matlin Partners (Cayman) does not have voting or
dispositive power over the Plan Shares held directly by Matlin Partners
(Delaware) or the Private Shares held directly by PI LLC.
(c) The information set forth in Item 3 hereof is hereby
incorporated herein by reference. In addition, between December 1, 2006 and
December 6, 2006, Matlin Partners (Delaware) and Matlin Partners (Cayman) sold
an aggregate of 83,000 shares of Common Stock in brokerage transactions at sale
prices ranging from $31.35 to $31.65. Except as described in this paragraph and
in Item 3 hereof, the Reporting Persons have effected no transactions in the
Common Stock in the past 60 days.
(d) Not applicable.
(e) Not applicable.
The filing of this Statement shall not be construed as an
admission by any of the Reporting Persons that it is, for purposes of Section
13(d) of the Exchange Act, the beneficial owner of shares of Common Stock owned
by other parties.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
The information set forth in Item 3 hereof is hereby
incorporated by reference into this Item 6. The remainder of Item 6 is
unchanged.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1 Joint Filing Agreement, dated as of December 11, 2006 among the
Reporting Persons.
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 17 of 18
--------------------------- ---------------------------
SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this Statement is true,
complete and correct.
Dated: December 11, 2006
MATLINPATTERSON LLC
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Member
MATLINPATTERSON ASSET MANAGEMENT LLC
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Chairmam
MATLINPATTERSON GLOBAL ADVISERS LLC
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Chairmam
MATLINPATTERSON GLOBAL PARTNERS II LLC
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Director
MATLINPATTERSON GLOBAL OPPORTUNITIES
PARTNERS II L.P.
By: MatlinPatterson Global Partners II
LLC, its general partner
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Director
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 18 of 18
--------------------------- ---------------------------
MATLINPATTERSON GLOBAL OPPORTUNITIES
PARTNERS (Cayman) L.P.
By: MatlinPatterson Global Partners II
LLC, its general partner
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Director
PI SPE LLC
By: MatlinPatterson Global Partners
II, L.P.
By: MatlinPatterson Global Partners
II LLC, its general partner
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Director
PI SPE CI LLC
By: MatlinPatterson Global Partners
(Cayman) II, L.P.
By: MatlinPatterson Global Partners
II LLC, its general partner
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
Title: Director
DAVID J. MATLIN
By: /s/ David J. Matlin
-----------------------
Name: David J. Matlin
MARK R. PATTERSON
By: /s/ Mark R. Patterson
-------------------------
Name: Mark R. Patterson
EXHIBIT INDEX
-------------
1 Joint Filing Agreement, dated as of December 11, 2006, among the
Reporting Persons.