UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
Amendment No. 1
Owens Corning
-------------
(Name of Issuer)
Common Stock, par value $0.01 per share
---------------------------------------
(Title of Class of Securities)
690742101
---------
(CUSIP Number)
December 31, 2006
-----------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
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 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
------------------- ------------------
CUSIP No. 690742101 13G Page 2 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Quadrangle Debt Recovery Advisors LP (formerly Quadrangle Debt
Recovery Advisors LLC)
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,582,632
OWNED BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,582,632
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,582,632
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
N/A
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5%
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
---------- ---------------------------------------------------------------------
------------------- ------------------
CUSIP No. 690742101 13G Page 3 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael Weinstock
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,582,632
OWNED BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,582,632
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,582,632
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
N/A
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5%
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
---------- ---------------------------------------------------------------------
------------------- ------------------
CUSIP No. 690742101 13G Page 4 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Andrew Herenstein
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,582,632
OWNED BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,582,632
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,582,632
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
N/A
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5%
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
---------- ---------------------------------------------------------------------
------------------- ------------------
CUSIP No. 690742101 13G Page 5 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Christopher Santana
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,582,632
OWNED BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,582,632
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,582,632
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
N/A
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5%
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
---------- ---------------------------------------------------------------------
------------------- ------------------
CUSIP No. 690742101 13G Page 6 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Josiah Rotenberg
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States, Canada and Israel
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,582,632
OWNED BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,582,632
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,582,632
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
N/A
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5%
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
---------- ---------------------------------------------------------------------
This Amendment No. 1 to Schedule 13G (this "Amendment No. 1") is being
filed with respect to the common stock, par value $0.01 per share (the "Common
Stock"), of Owens Corning, a corporation organized under the laws of the State
of Delaware (the "Company"), to amend the Schedule 13G filed on November 7, 2006
(the "Original Schedule 13G") and to report beneficial ownership of less than 5%
of the total outstanding Common Stock of the Company. This Amendment No. 1
reflects a change in the name and organizational form of Advisors (as defined in
Item 2(a)), which took place subsequent to the filing of the Original Schedule
13G. Capitalized terms used but not defined herein have the meaning ascribed
thereto in the Original Schedule 13G.
This Amendment No. 1 hereby amends and restates the Original Schedule 13G
as follows:
Item 1(a): Name of Issuer:
--------- --------------
The name of the issuer is Owens Corning, a corporation organized under the
laws of the State of Delaware (the "Company").
Item 1(b): Address of Issuer's Principal Executive Offices:
--------- -----------------------------------------------
The Company's principal executive office is located at One Owens Corning
Parkway, Toledo, Ohio 43659.
Item 2(a): Name of Person Filing:
--------- ---------------------
Item 2(a) is hereby amended and restated as follows
This Schedule 13G is filed by:
(i) Quadrangle Debt Recovery Advisors LP (formerly Quadrangle Debt
Recovery Advisors LLC), a Delaware limited partnership (the
"Advisors"), which serves as advisor to a variety of private
investment funds (such funds collectively the "Funds"), with respect
to shares of Common Stock directly owned by the Funds;
(ii) Mr. Michael Weinstock ("Mr. Weinstock"), who is a managing principal
of Advisors, with respect to shares of Common Stock that may be deemed
to be indirectly beneficially owned by Mr. Weinstock by virtue of such
position;
(iii) Mr. Andrew Herenstein ("Mr. Herenstein"), who is a managing principal
of Advisors, with respect to shares of Common Stock that may be deemed
to be indirectly beneficially owned by Mr. Herenstein by virtue of
such position;
(iv) Mr. Christopher Santana ("Mr. Santana"), who is a managing principal
of Advisors, with respect to shares of Common Stock
-7-
that may be deemed to be indirectly beneficially owned by Mr. Santana
by virtue of such position; and
(v) Mr. Josiah Rotenberg ("Mr. Rotenberg"), who is a managing principal of
Advisors, with respect to shares of Common Stock that may be deemed to
be indirectly beneficially owned by Mr. Rotenberg by virtue of such
position.
Advisors, Mr. Weinstock, Mr. Herenstein, Mr. Santana and Mr. Rotenberg are
hereinafter sometimes collectively referred to as the "Reporting Persons." Each
of Mr. Weinstock, Mr. Herenstein, Mr. Santana and Mr. Rotenberg explicitly
disclaims beneficial ownership of the Common Stock reported on this Amendment
No. 1 except to the extent of his pecuniary interest therein.
Item 2(b): Address of Principal Business Office or, if None, Residence:
--------- -----------------------------------------------------------
The address of the principal business office of Advisors, Mr. Weinstock,
Mr. Herenstein, Mr. Santana and Mr. Rotenberg is 375 Park Avenue, New York, New
York 10152.
Item 2(c): Citizenship:
--------- -----------
Advisors is organized as a limited partnership under the laws of the State
of Delaware. Mr. Weinstock, Mr. Herenstein, Mr. Santana and Mr. Rotenberg are
United States citizens. Mr. Rotenberg is also a citizen of Canada and Israel.
Item 2(d): Title of Class of Securities:
--------- ----------------------------
Common Stock, par value $0.01 per share.
Item 2(e): CUSIP Number:
--------- ------------
690742101.
Item 3: If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b)
------ -----------------------------------------------------------------
or (c), check whether the person filing is a:
--------------------------------------------
A. [ ] Broker or dealer registered under Section 15 of the Act,
B. [ ] Bank as defined in Section 3(a)(6) of the Act,
C. [ ] Insurance Company as defined in Section 3(a)(19) of the Act,
D. [ ] Investment Company registered under Section 8 of the Investment
Company Act of 1940,
E. [ ] Investment Adviser in accordance with Rule 13d-1 (b)(1)(ii)(E),
F. [ ] Employee Benefit Plan or Endowment Fund in accordance with
13d-1 (b)(1)(ii)(F),
-8-
G. [ ] Parent Holding Company or control person in accordance with
Rule 13d-1 (b)(1)(ii)(G),
H. [ ] Savings Association as defined in Section 3(b) of the Federal
Deposit Insurance Act,
I. [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
J. [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4: Ownership:
------ ---------
The beneficial ownership of Common Stock by the Reporting Persons, as of
December 31, 2006, is as follows:
A. Advisors
--------
(a) Amount beneficially owned: 4,582,632
(b) Percent of class: 3.5%. The percentages used herein and in the rest
of this Schedule 13G are calculated based upon the 130,807,241 shares of Common
Stock issued and outstanding, as reflected in the Company's Prospectus filed
pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended, filed
with the Securities and Exchange Commission on January 10, 2007.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 4,582,632
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 4,582,632
B. Mr. Weinstock
-------------
(a) Amount beneficially owned: 4,582,632
(b) Percent of class: 3.5%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 4,582,632
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 4,582,632
C. Mr. Herenstein
--------------
(a) Amount beneficially owned: 4,582,632
(b) Percent of class: 3.5%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 4,582,632
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 4,582,632
-9-
D. Mr. Santana
-----------
(a) Amount beneficially owned: 4,582,632
(b) Percent of class: 3.5%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 4,582,632
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 4,582,632
E. Mr. Rotenberg
-------------
(a) Amount beneficially owned: 4,582,632
(b) Percent of class: 3.5%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 4,582,632
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 4,582,632
Item 5: Ownership of Five Percent or Less of a Class:
------ --------------------------------------------
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following: [ X ]
Item 6: Ownership of More than Five Percent on Behalf of Another Person:
------ ---------------------------------------------------------------
Other than as set forth herein, no other person has the right to receive or the
power to direct the receipt of dividends from, or proceeds from the sale of, in
excess of 5% of the total outstanding Common Stock.
Item 7: Identification and Classification of the Subsidiary Which
------ ---------------------------------------------------------
Acquired the Security Being Reported on by the Parent Holding
-------------------------------------------------------------
Company:
-------
Not applicable.
Item 8: Identification and Classification of Members of the Group:
------ ---------------------------------------------------------
Not applicable.
Item 9: Notice of Dissolution of Group:
------ ------------------------------
Not applicable.
-10-
Item 10: Certification:
------- -------------
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
[Signatures on following page]
-11-
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: February 12, 2007
QUADRANGLE DEBT RECOVERY ADVISORS LP
By: /s/ Michael Weinstock
--------------------------------
Name: Michael Weinstock
Title: Managing Principal
MICHAEL WEINSTOCK
/s/ Michael Weinstock
------------------------------------
Michael Weinstock
CHRISTOPHER SANTANA
/s/ Christopher Santana
------------------------------------
Christopher Santana
ANDREW HERENSTEIN
/s/ Andrew Herenstein
------------------------------------
Andrew Herenstein
JOSIAH ROTENBERG
By: /s/ Robert Burns
--------------------------------
Name: Robert Burns
Title: Attorney-in-Fact
[SIGNATURE PAGE TO AMENDMENT NO. 1 TO SCHEDULE 13G
WITH RESPECT TO OWENS CORNING]
EXHIBIT INDEX
-------------
Exhibit 99.1: Amended and Restated Joint Filing Agreement, dated February 12,
2007, by and between Quadrangle Debt Recovery Advisors LP, Mr.
Michael Weinstock, Mr. Andrew Herenstein, Mr. Christopher Santana
and Mr. Josiah Rotenberg.