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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) (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(AMENDMENT NO. 1 )(1)
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FIRST AVIATION SERVICES INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
31865 W 108
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(CUSIP Number)
FEBRUARY 25, 2000
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(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)
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(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 1 of 9
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CUSIP NO. 31865 W 108 13G Page 2 of 9
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1 NAME OF REPORTING PERSON:
CANYON CAPITAL ADVISORS LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER 5 SOLE VOTING POWER
OF 917,635
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
-----------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 917,635
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REPORTING 8 SHARED DISPOSITIVE POWER
PERSON WITH 0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
917,635
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.1%
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12 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 31865 W 108 13G Page 3 of 9
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1 NAME OF REPORTING PERSON:
CANPARTNERS INVESTMENTS IV, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- --------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 917,635
-----------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
-----------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON WITH 917,635
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
917,635
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 31865 W 108 13G Page 4 of 9
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1 NAME OF REPORTING PERSON:
MITCHELL R. JULIS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER 5 SOLE VOTING POWER
OF 0
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 917,635
-----------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
-----------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON WITH 917,635
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
917,635
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 31865 W 108 13G Page 5 of 9
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1 NAME OF REPORTING PERSON:
JOSHUA S. FRIEDMAN
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER 5 SOLE VOTING POWER
OF 0
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 917,635
-----------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
-----------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON WITH 917,635
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
917,635
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 31865 W 108 13G Page 6 of 9
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1 NAME OF REPORTING PERSONS
R. CHRISTIAN B. EVENSEN
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
-----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 917,635
-----------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
-----------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON WITH 917,635
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
917,635
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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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 13G is being filed on behalf of the following
persons*:
(i) Canyon Capital Advisors LLC ("CCA")
(ii) Canpartners Investments IV, LLC ("Canpartners IV")
(iii) Mitchell R. Julis
(iv) Joshua S. Friedman
(v) R. Christian B. Evensen
CCA is the investment advisor to the following persons:
(i) The Value Realization Fund, L.P. ("VRF")
(ii) The Value Realization Fund B, L.P. ("VRFB")
(iii) The Canyon Value Realization Fund (Cayman), Ltd.
("CVRF")
(iv) GRS Partners II ("GRS")
* Attached as Exhibit A is a copy of an agreement among
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:
CCA a Delaware limited liability company
Canpartners IV: a California limited liability company
VRF: a Delaware limited partnership
VRFB: a Delaware limited partnership
CVRF: a Cayman Island company
GRS: an Illinois general partnership
Mitchell R. Julis: United States
Joshua S. Friedman: United States
R. Christian B. Evensen: United States
Page 7 of 9
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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:
31865 W 108
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR
13d-2(b) OR (c) CHECK WHETHER THE PERSON FILING IS: ONE OF THE
FOLLOWING
Not applicable.
ITEM 4. OWNERSHIP:
The information in items 1 and 5 through 11 on the cover
pages (pp. 2 - 6) on this 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:
The shares reported on this Schedule 13G are held by
Canpartners IV for the accounts of VRF, VRFB, CVRF and GRS. CCA is an investment
advisor to various managed accounts, including VRF, VRFB, CVRF, and GRS, with
the right to receive or the power to direct the receipt of dividends from, or
the proceeds from the sale of the securities held by such managed accounts.
Messrs. Julis, Friedman and Evensen are the sole general partners of entities
which own 100% of CCA.
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:
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
Page 8 of 9
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ITEM 10. 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.
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 25, 2000
CANPARTNERS INVESTMENTS IV, LLC,
A CALIFORNIA LIMITED LIABILITY COMPANY
BY: CANPARTNERS INCORPORATED,
A CALIFORNIA CORPORATION,
AN AUTHORIZED MEMBER
By: /s/ Joshua S. Friedman
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Name: Joshua S. Friedman
Title: Vice President
CANYON CAPITAL ADVISORS LLC,
A DELAWARE LIMITED LIABILITY COMPANY
By: /s/ Joshua S. Friedman
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Name: Joshua S. Friedman
Title: Managing Director
JOSHUA S. FRIEDMAN
/s/ Joshua S. Friedman
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MITCHELL R. JULIS
/s/ Mitchell R. Julis
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R. CHRISTIAN B. EVENSEN
/s/ R. Christian B. Evensen
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Page 9 of 9
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EXHIBIT 99A
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 25, 2000
CANPARTNERS INVESTMENTS IV, LLC,
A CALIFORNIA LIMITED LIABILITY COMPANY
BY: CANPARTNERS INCORPORATED,
A CALIFORNIA CORPORATION,
AN AUTHORIZED MEMBER
By: /s/ Joshua S. Friedman
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Name: Joshua S. Friedman
Title: Vice President
CANYON CAPITAL ADVISORS LLC,
A DELAWARE LIMITED LIABILITY COMPANY
By: /s/ Joshua S. Friedman
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Name: Joshua S. Friedman
Title: Managing Director
JOSHUA S. FRIEDMAN
/s/ Joshua S. Friedman
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MITCHELL R. JULIS
/s/ Mitchell R. Julis
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R. CHRISTIAN B. EVENSEN
/s/ R. Christian B. Evensen
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