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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)
OCTOBER 31, 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).
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CUSIP NO. 690742101 Page 2 of 16
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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.
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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 384,667
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
384,667
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
384,667
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.373%
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14 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 690742101 Page 3 of 16
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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
--------------------------------------------------------------------------------
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 137,455
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
137,455
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
137,455
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.133%
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14 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 690742101 Page 4 of 16
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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) [_]
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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 522,122
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,122
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,122
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.506%
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14 TYPE OF REPORTING PERSON
HC
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CUSIP NO. 690742101 Page 5 of 16
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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
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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 522,122
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,122
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,122
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.506%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
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CUSIP NO. 690742101 Page 6 of 16
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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 522,122
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,122
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,122
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.506%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC
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CUSIP NO. 690742101 Page 7 of 16
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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
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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
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 522,122
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,122
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,122
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.506%
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14 TYPE OF REPORTING PERSON
HC
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CUSIP NO. 690742101 Page 8 of 16
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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
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7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 522,122
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,122
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,122
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.506%
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14 TYPE OF REPORTING PERSON
IN
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CUSIP NO. 690742101 Page 9 of 16
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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
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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
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 522,122
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,122
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,122
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.506%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
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CUSIP NO. 690742101 Page 10 of 16
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INTRODUCTION.
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This Schedule l3D Statement (this "Statement") is 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. 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 Statement is to disclose the
beneficial ownership of the Reporting Persons in common stock, par value $0.01
per share ("Common Stock") of Owens Corning (formerly Owens Corning
(Reorganized) Inc., the "Issuer").
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
(i) 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. Each of Matlin Partners
(Delaware) and Matlin Partners (Cayman) are in the
business of investing in equity and debt securities of
companies.
(ii) 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).
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CUSIP NO. 690742101 Page 11 of 16
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(iii) 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).
(iv) 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.
(v) 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.
(vi) 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.
(vii) 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Pursuant to the Sixth Amended Joint Plan of Reorganization For
Owens Corning And Its Affiliated Debtors And Debtors-In-Possession (as
Modified) (the "Plan"), which became effective on October 31, 2006, the
Reporting Persons acquired beneficial ownership of 778,722 shares of Common
Stock of the Issuer in consideration of the cancellation of certain debt
instruments (and all pre-petition interest thereon)(the "Debt Instruments")
which had been acquired by the Reporting Persons through a series of market
purchases. The Reporting Persons sold 256,600 shares of Common Stock on October
31, 2006 for aggregate proceeds of approximately $6.9 million. As described
below, the remaining 522,122 shares issued to the Reporting Persons pursuant to
the Plan (the "Plan Shares") are the only shares of Common Stock of the Issuer
that are currently beneficially owned by the Reporting Persons and included in
this Statement.
Separately, on the same date, the Reporting Persons, through PI
SPE LLC, a Delaware limited liability company and a wholly-owned subsidiary of
Matlin Partners (Delaware), and PI SPE CI LLC, a Delaware limited liability
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CUSIP NO. 690742101 Page 12 of 16
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company and a wholly-owned subsidiary of Matlin Partners (Cayman)
(collectively, the "Private Share Purchasers"), completed transactions with
J.P. Morgan Securities Inc. ("JPM") as assignees under a Syndication Agreement,
dated as of May 10, 2006 (the "Syndication Agreement") and a Purchase
Agreement, dated as of August 31, 2006 (the "Purchase Agreement"). The
Syndication Agreement and the Purchase Agreement had been entered into between
JPM and various parties including the assignors, and were executed for the
purpose of syndicating JPM's obligations to purchase Common Stock from the
Issuer under an Equity Commitment Agreement between JPM and the Issuer, dated
as of May 10, 2006 (the "Equity Commitment Agreement"). Under the Equity
Commitment Agreement, JPM agreed to purchase unsubscribed shares of Common
Stock offered to the Issuer's claimholders in a rights offering conducted by
the Issuer as a component of the Plan. The transactions between the Private
Share Purchasers and JPM covered an aggregate of 9,331,957 shares of Common
Stock (the "Private Shares").
The Private Share Purchasers and the Matlin Partners
collectively paid an aggregate of approximately $248.4 million pursuant to the
Syndication Agreement and the Purchase Agreement and to acquire the Debt
Instruments. The source of funds for the transactions was the general working
capital of the Reporting Persons. Together, the Plan Shares and the Private
Shares would constitute approximately 9.55% of the outstanding Common Stock of
the Issuer.
Upon the closing of the transactions under the Syndication
Agreement and the Purchase Agreement on October 31, 2006, the Private Shares
were deposited by the Issuer into two escrow accounts (the "Escrow Accounts")
at Investors Bank and Trust Company (the "Escrow Agent") pursuant to Escrow
Agreements, dated as of October 31, 2006 (the "Escrow Agreements"). Under the
Escrow Agreements, the Private Shares will be released to the Private Share
Purchasers upon the expiration or termination of the applicable waiting period
that may be required pursuant to the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (the "HSR Condition"). The Reporting Persons currently
do not know when or if the HSR Condition will be satisfied. Should the HSR
Condition not be satisfied on or prior to January 29, 2007, the Escrow Agent is
directed by the Escrow Agreements to sell the Private Shares into the market
and pay the net proceeds from the sales to the Private Share Purchasers.
While the Private Shares are held in the Escrow Accounts pending
satisfaction of the HSR Condition, no Reporting Person or Private Share
Purchaser will have the right to directly or indirectly vote or dispose of the
Private Shares or to receive any dividends or distributions made thereon.
Therefore, the Private Shares are not included in this Statement, and the
Reporting Persons (as well as the Private Share Purchasers) disclaim beneficial
ownership of such Private Shares at this time. Pursuant to Rule 13d-4 under the
Securities Exchange Act of 1934 (the "Exchange Act"), this Statement shall not
be construed as an admission of beneficial ownership of the Private Shares by
the Reporting Persons or the Private Share Purchasers for purposes of Section
13(d) or 13(g) of the Exchange Act.
ITEM 4. PURPOSE OF TRANSACTION
The information set forth in Item 3 hereof is hereby
incorporated by reference into this Item 4.
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CUSIP NO. 690742101 Page 13 of 16
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The Reporting Persons (through the Private Share Purchasers)
intend to acquire the Private Shares upon satisfaction of the HSR Condition.
The Reporting Persons also 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
(a) (i) As of the date hereof, (A) Matlin Partners (Delaware), is
a direct beneficial owner of 384,667 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 384,667 shares of Common Stock represent beneficial
ownership of approximately 0.373% 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) Matlin Partners (Cayman), is a
direct beneficial owner of 137,455 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 137,455 shares of Common Stock represent beneficial
ownership of approximately 0.133% of the Issuer's issued and outstanding shares
of Common Stock.
(iii) 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 522,122 shares owned by the
Matlin Partners, which represents beneficial ownership of approximately 0.506%
of the Issuer's issued and outstanding shares of Common Stock.
(iv) 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 owned by the Matlin Partners.
--------------------------- ---------------------------
CUSIP NO. 690742101 Page 14 of 16
--------------------------- ---------------------------
(v) 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 owned by the Matlin Partners.
(vi) 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 owned by the
Matlin Partners.
(vii) 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 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 with all of the other
Reporting Persons, except that:
(i) Matlin Partners (Delaware) does not have voting or
dispositive power over the Plan Shares held directly by Matlin Partners
(Cayman); and
(ii) Matlin Partners (Cayman) does not have voting or
dispositive power over the Plan Shares held directly by Matlin Partners
(Delaware).
(c) The information set forth in Item 3 hereof is hereby
incorporated herein by reference. Except as described 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.
In order to facilitate the resale of the Private Shares by the
Reporting Persons, the Private Share Purchasers agreed to be bound by a
Registration Rights Agreement, dated as of July 7, 2006 (the "Registration
Rights Agreement"), initially among the Issuer and holders signatory thereto.
As the Private Shares are "Registrable Securities" pursuant to the Registration
Rights Agreement, resales by the Reporting Persons will be effected pursuant to
a shelf registration statement which has been declared effective by the
Securities and Exchange Commission.
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CUSIP NO. 690742101 Page 15 of 16
--------------------------- ---------------------------
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1 Joint Filing Agreement, dated as of November 9, 2006, among the
Reporting Persons.
2 Sixth Amended Joint Plan of Reorganization For Owens Corning And
Its Affiliated Debtors And Debtors-In-Possession (as Modified).
(Incorporated herein by reference to Exhibit 2.1 of the Issuer's
Current Report on Form 8-K filed on September 29, 2006)
3 Registration Rights Agreement, dated as of July 7, 2006, among
the Issuer and the holders signatory thereto. (Incorporated
herein by reference to Exhibit P-1 to Exhibit 2.1 of the
Issuer's Current Report on Form 8-K filed on September 29, 2006)
4 Escrow Agreement, dated as of October 31, 2006, by and between
PI SPE LLC and Investors Bank and Trust Company, as escrow
agent.
5 Escrow Agreement, dated as of October 31, 2006, by and between
PI SPE CI LLC and Investors Bank and Trust Company, as escrow
agent.
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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: November 9, 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
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CUSIP NO. 690742101 Page 17 of 17
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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
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 November 9, 2006, among the
Reporting Persons.
2 Sixth Amended Joint Plan of Reorganization For Owens Corning And
Its Affiliated Debtors And Debtors-In-Possession (as Modified).
(Incorporated herein by reference to Exhibit 2.1 of the Issuer's
Current Report on Form 8-K filed on September 29, 2006)
3 Registration Rights Agreement, dated as of July 7, 2006, among
the Issuer and the holders signatory thereto. (Incorporated
herein by reference to Exhibit P-1 to Exhibit 2.1 of the
Issuer's Current Report on Form 8-K filed on September 29, 2006)
4 Escrow Agreement, dated as of October 31, 2006, by and between
PI SPE LLC and Investors Bank and Trust Company, as escrow
agent.
5 Escrow Agreement, dated as of October 31, 2006, by and between
PI SPE CI LLC and Investors Bank and Trust Company, as escrow
agent.