<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
(RULE 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) AND (c) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(AMENDMENT NO. __________)/1/
FIRST AVIATION SERVICES INC.
----------------------------
(Name of Issuer)
COMMON STOCK
------------
(Title of Class of Securities)
31865 W 108
-----------
(CUSIP Number)
- -----------------------
/1/ 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 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).
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 2 OF 9 PAGES
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 CANPARTNERS INVESTMENTS IV, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
CALIFORNIA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 1,293,335
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 1,293,335
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,293,335
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
14.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
OO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 3 OF 9 PAGES
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 CANPARTNERS INCORPORATED
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
CALIFORNIA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,293,335
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,293,335
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,293,335
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
14.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 4 OF 9 PAGES
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 MITCHELL R. JULIS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,293,335
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,293,335
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,293,335
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
14.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 5 OF 9 PAGES
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 JOSHUA S. FRIEDMAN
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,293,335
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,293,335
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,293,335
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
14.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 6 OF 9 PAGES
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 R. CHRISTIAN B. EVENSEN
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,293,335
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,293,335
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,293,335
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
14.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 7 OF 9 PAGES
- ------------------------ ---------------------
ITEM 1(a). NAME OF ISSUER:
First Aviation Services Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
15 Riverside Avenue
Westport, Connecticut 06880-4214
ITEM 2(a). NAME OF PERSON FILING:
This schedule is being filed on behalf of the following persons*:
(i) Canpartners Investments IV, LLC ("Canpartners IV")
(ii) Canpartners Incorporated ("Canpartners")
(iii) Mitchell R. Julis
(iv) Joshua S. Friedman
(v) R. Christian B. Evensen
* Attached as Exhibit A is a copy of an agreement between the
Persons filing (as specified hereinabove) that this Schedule
13G is being filed on behalf of each of them.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The principal business office of the persons comprising the group
filing this Schedule 13G is located at 9665 Wilshire Boulevard, Suite 200,
Beverly Hills, CA 90212.
ITEM 2(c). CITIZENSHIP:
Canpartners IV: a California limited liability company
Canpartners: a California corporation
Mitchell R. Julis: United States
Joshua S. Friedman: United States
R. Christian B. Evensen: United States
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
The class of securities beneficially owned by the persons filing this
statement is common stock.
ITEM 2(e). CUSIP NUMBER:
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 8 OF 9 PAGES
- ------------------------ ---------------------
31865 W 108
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-2(b),
CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP:
The information in items 1 and 5 through 11 on the cover pages (pp.
2 - 6) on Schedule 13G is hereby incorporated by reference.
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. [_]
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not applicable.
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 A GROUP:
This group has filed this schedule 13G pursuant to Rule 13d-1(c) and
the identity of each member of the group is stated in Exhibit B attached hereto.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
ITEM 10. CERTIFICATION
Not applicable.
<PAGE>
- ------------------------ ---------------------
CUSIP NO. 31865 W 108 13G PAGE 9 OF 9 PAGES
- ------------------------ ---------------------
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, 1998
<TABLE>
<CAPTION>
<S> <C>
CANPARTNERS INVESTMENTS IV, LLC CANPARTNERS INCORPORATED,
a California limited liability company a California corporation
By: Canpartners Incorporated,
a California corporation, By:/s/ Joshua S. Friedman
an authorized member --------------------------------
Name: Joshua S. Friedman
Title: Vice President
By: /s/ Joshua S. Friedman
---------------------------
Name: Joshua S. Friedman JOSHUA S. FRIEDMAN
Title: Vice President
/s/ Joshua S. Friedman
MITCHELL R. JULIS ---------------------------------
Joshua S. Friedman
/s/ Mitchell R. Julis
- --------------------------------
Mitchell R. Julis R. CHRISTIAN B. EVENSEN
/s/ R. Christian B. Evensen
----------------------------------
R. Christian B. Evensen
</TABLE>
<PAGE>
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
--------------------------------
The undersigned hereby agree and consent to the joint filing on their
behalf of this Schedule 13G in connection with their beneficial ownership of the
common stock of First Aviation Services Inc.
Dated: February 12, 1998
<TABLE>
<CAPTION>
<S> <C>
CANPARNTERS INVESTMENTS IV, LLC CANPARTNERS INCORPORATED,
a California limited liability company a California corporation
By: Canpartners Incorporated,
a California corporation, By:/s/ Joshua S. Friedman
an authorized member --------------------------------
Name: Joshua S. Friedman
Title: Vice President
By: /s/ Joshua S. Friedman
----------------------
Name: Joshua S. Friedman JOSHUA S. FRIEDMAN
Title: Vice President
/s/ Joshua S. Friedman
MITCHELL R. JULIS ---------------------------------
Joshua S. Friedman
/s/ Mitchell R. Julis
- ---------------------------- R. CHRISTIAN B. EVENSEN
Mitchell R. Julis
/s/ R. Christian B. Evensen
----------------------------------
R. Christian B. Evensen
</TABLE>
<PAGE>
EXHIBIT B
IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
This exhibit is filed in response to Item 8. Canpartners IV is a
special purpose investment vehicle formed to hold securities through
participation agreements for accounts managed by Canyon Capital Management,
L.P., a registered investment advisor controlled by Canpartners. Thus,
Canpartners IV may be deemed to beneficially own and have sole voting and
dispositive power over a total of 1,293,335 shares. The members of Canpartners
IV are Canpartners and Messrs. Friedman, Julis and Evensen. Canpartners is a
holding company formed for the purpose of acting as the general partner in
various investment partnerships and thus Canpartners may be deemed to share
beneficial ownership of the shares shown as owned by Canpartners IV. Joshua S.
Friedman, R. Christian B. Evensen, and Mitchell R. Julis are the sole
shareholders and directors of Canpartners and may be deemed to share beneficial
ownership of the shares shown as owned by Canpartners IV.
