================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 2)
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)
APRIL 3, 2007
------------------------
(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 Sections 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 Section 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).
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Page 1 of 17
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CUSIP NO. 690742101 Page 2 of 17
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SCHEDULE 13D
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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 8,533,298
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,533,298
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,533,298
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.52%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
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CUSIP NO. 690742101 Page 3 of 17
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SCHEDULE 13D
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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 3,055,175
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,055,175
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,055,175
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.33%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
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CUSIP NO. 690742101 Page 4 of 17
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SCHEDULE 13D
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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 8,820,040
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,820,040
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,820,040
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.74%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 690742101 Page 5 of 17
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SCHEDULE 13D
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Global Opportunities Partners (Cayman) II L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, WC
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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
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7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 3,157,840
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,157,840
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,157,840
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.41%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 690742101 Page 6 of 17
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SCHEDULE 13D
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Global Partners II LLC
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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 11,977,880
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,977,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,977,880
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.15%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC
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CUSIP NO. 690742101 Page 7 of 17
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SCHEDULE 13D
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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 11,977,880
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,977,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,977,880
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.15%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
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CUSIP NO. 690742101 Page 8 of 17
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SCHEDULE 13D
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson Asset Management LLC
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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 11,977,880
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,977,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,977,880
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.15%
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14 TYPE OF REPORTING PERSON
HC
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CUSIP NO. 690742101 Page 9 of 17
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SCHEDULE 13D
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MatlinPatterson LLC
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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 11,977,880
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,977,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,977,880
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.15%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC
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CUSIP NO. 690742101 Page 10 of 17
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SCHEDULE 13D
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David J. Matlin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF, WC
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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 11,977,880
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,977,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,977,880
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.15%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
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CUSIP NO. 690742101 Page 11 of 17
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SCHEDULE 13D
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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 11,977,880
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,977,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,977,880
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.15%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
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CUSIP NO. 690742101 Page 12 of 17
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INTRODUCTION.
This Schedule l3D Amendment No. 2 (this "Amendment No. 2") amends and
supplements the Schedule 13D Statement filed on November 9, 2006 (the "Initial
Statement") as amended by Amendment No.1 to the Initial Statement filed on
Decmber 12, 2006 ("Amendment No.1") . The Initial Statement, Amendment No. 1
and this Amendment No. 2 are collectively referred to herein as the
"Statement."
Capitalized terms used and not defined in this Amendment No. 2 shall
have the meanings set forth in the Statement.
The Amendment No. 2 is filed on behalf of (i) PI SPE LLC ("PI LLC"),
a Delaware limited liability company, (ii) PI SPE CI LLC, a Delaware limited
liability company ("PI CI LLC" and, together with PI LLC, the "Private Share
Purchasers"), (iii) MatlinPatterson Global Opportunities Partners II L.P.
("Matlin Partners (Delaware)"), a Delaware limited partnership, (iv)
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, (v) 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, (vi) MatlinPatterson Global Partners II LLC ("Matlin Global
Partners"), a Delaware limited liability company, as the general partner of
each of the Matlin Partners, (vii) 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, (viii) MatlinPatterson LLC ("MatlinPatterson"), a Delaware limited
liability company, as the holder of all of the membership interests in Matlin
Asset Management, (ix) and David J. Matlin and Mark R. Patterson each, as a
holder of 50% of the membership interests in MatlinPatterson. Each of 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. 2 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").
All disclosure for items contained in the Initial Statement and
Amendement No. 1, where no new information is provided for such item in this
Amendment No. 2, is incorporated by reference into this filing.
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 8,533,298 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 8,533,298 shares of Common Stock represent beneficial
ownership of approximately 6.52% of the Issuer's issued and outstanding shares
of Common Stock. The Issuer disclosed in its Annual Report on Form 10-K, which
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CUSIP NO. 690742101 Page 13 of 17
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was filed with the Commission on March 14, 2007, that it had 130,895,843 shares
of Common Stock outstanding.
(ii) As of the date hereof, (A) PI CI LLC is a direct beneficial
owner of 3,055,175 shares of Common Stock and (B) Matlin Partners (Cayman),
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 3,055,175 shares of Common Stock represent beneficial
ownership of approximately 2.33% 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 286,742 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 286,742 shares of Common Stock represent beneficial
ownership of approximately 0.219% 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 102,665 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 102,665 shares of Common Stock represent beneficial
ownership of less than 1/10 of 1% 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 11,977,880 shares
beneficially owned by the Matlin Partners, which represents beneficial
ownership of approximately 9.15% 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.
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CUSIP NO. 690742101 Page 14 of 17
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(b) All of the Reporting Persons described in section (a) above share
voting and dispositive power over the Plan Shares, the Private Shares and the
Collar Shares (as defined in Item 6 below) with all of the other Reporting
Persons, except that:
(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
or Collar 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 or Collar 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 or Collar 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 or Collar Shares held directly by PI LLC.
(c) On February 21, 2007, Matlin Partners (Delaware) and Matlin Partners
(Cayman) sold an aggregate of 50,000 shares of Common Stock in brokerage
transactions at a sale price of $33.22 per share. Except as described in this
paragraph and in Item 6 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
PI LLC and PI CI LLC each also entered into a "collar" participation
arrangement (the "Collar Agreement") through Bear Stearns International Limited
("Bear Stearns") pursuant to which both PI LLC and PI CI LLC agreed to purchase
shares of Common Stock (the "Collar Shares") under certain circumstances from a
trust established to receive payments on behalf of asbestos personal injury
claimants (the "Asbestos Trust"). The Collar Agreement is a participation of
Bear Stearn's current obligations under the Collar Agreement. From PI LLC's
perspective, the collar transactions involve (i) a short put option which would
have obligated PI LLC, at the request of the Asbestos Trust, to purchase from
the Asbestos Trust 1,661,611 shares of Common Stock until April 9, 2007 at
$25.00 per share, and (ii) a long call option providing PI LLC with the right
to purchase 1,661,611 shares of Common Stock until January 8, 2008 at $37.50
per share. From PI CI LLC's perspective, the collar transactions involve (i) a
short put option which would have obligated PI CI LLC, at the request of the
Asbestos Trust, to purchase from the Asbestos Trust 594,905 shares of Common
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 15 of 17
--------------------------- ---------------------------
Stock until April 9, 2007 at $25.00 per share, and (ii) a long call option
providing PI CI LLC with the right to purchase 594,905 shares of Common Stock
until January 8, 2008 at $37.50 per share. The Collar Agreement provides that
only the respective short put option or the long call option, not both, of
these options can be exercised. The put options expired unexercised on April 9,
2007.
In addition, PI LLC and PI CI LLC each also entered into an account
control agreement with Bear Stearns and Investors Bank & Trust Company (the
custodian of the Reporting Persons' share holdings in the Company) in order to
secure the put right obligations of the Private Share Purchasers provided under
the Collar Agreement. The account control agreements expired with the
expiration of the put option on April 9, 2007.
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 16 of 17
--------------------------- ---------------------------
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: April 11, 2007
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 17 of 17
--------------------------- ---------------------------
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
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Name: Mark R. Patterson