SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under The Securities Exchange Act of 1934
(Amendment No. 1)
Pioneer Companies Inc.
_____________________________________________________
(Name Of Issuer)
Class A Common Stock
_______________________________________________________________
(Title of Class of Securites)
723643102
(Cusip Number)
Check the following box if a fee is being paid with this statement .
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than 5%
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (see rule13d-7.)
*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 in 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 ("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).
(Continued on the following page(s))
Page 1 of 6 Pages
SEC 1745 (9-82)
<PAGE>
CUSIP No. 723643102 13G Page 2 of 6 Pages
Pioneer Companies Inc.
1 NAME OF REPORTING PERSON S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE
PERSON.
Chemical Banking Corporation - CBC
Chemical Bank - CB
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (A)
(B)
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Chemical Banking Corporation - CBC
Chemical Bank - CB
NUMBER
OF
SHARES 5 SOLE VOTING POWER
CBC - 576,419
CB - 576,419
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
NONE
EACH
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
CBC - 576,419
CB - 576,419
WITH 8 SHARED DISPOSITIVE POWER
NONE
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
CBC - 576,419
CB - 576,419
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
CBC - 6.75%
CB - 6.75%
12 TYPE OF PERSON REPORTING*
CBC - HC
CB - BK
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Pioneer Companies Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G Under
The Securities Exchange Act of 1934
(Amendment No. 1 )
Item 1(a). Name of Issuer: Pioneer Companies Inc.
Item 1(b). Address of Issuer: 191 Mason Street
Greenwich, Ct 06830
Principal Executive Officer: William R. Berkley, Chairman
Item 2(a). Name of Person Filing: This notice is filed by CHEMICAL BANKING
CORPORATION (CBC) and its wholly owned
subsidiary, Chemical Bank (CB).
Item 2(b). Address of Principal Business CBC: 270 Park Avenue
Office: New York, NY 10017
CB: 270 Park Avenue
New York, NY 10017
Item 2(c). Citizenship: CBC - Delaware
CB - New York
Item 2(d). Title of Class of Securities: Class A Par
Item 2(e). CUSIP Number: 723643102
Page 3 of 6
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Pioneer Companies Inc.
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act.
(b) [ X ] 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.
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or endowment Fund
[see Section 240.13d-1(b)(1)(ii)(F)].
(g) [ X ] Parent Holding Company, in accordance with
Section 240.13d-1(b)(ii)(G).
(h) [ ] Group, in accordance with Section 240.13d-1(ii)(H).
Item 4. Ownership:
(a) Amount Beneficially Owned: CBC - 576,419
CB - 576,419
(b) Percent of Class: CBC - 6.75%
CB - 6.75%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
CBC - 576,419
CB - 576,419
(ii) Shared power to vote or to direct the vote:
Page 4 of 6
<PAGE>
Pioneer Companies Inc.
(iii) Sole power to dispose or to direct the disposition of:
CBC - 576,419
CB - 576,419
(iv) Shared power to dispose or to direct the disposition of:
None
Item 5. Ownership of Five Percent or Less of a Class:
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
The beneficial interest reported has been acquired through
fiduciary relationships. Beneficial ownership of portions of the
shares reported is shared with unaffiliated persons, none of whose
beneficial ownership in the subject shares exceeds five percent of
the issuers outstanding shares. On May 3, 1995 GEV Corporation
changed its name to Pioneer Companies Inc. and effected a reverse
split of 1 to 4
Item 7. Identification and Classification of the Subsidiary Which Holds
the Security Being Reported on by the Parent Holding Company:
Pursuant to Rule 13(d) - 1 (c): This notice is filed on behalf
of both CBC and its subsidiary, CB. In lieu of attaching an exhibit
hereto, the identity of CB is as set forth on the cover page hereof.
CB is classified as a Bank, as such term is defined in Section
(3) (a) (6) of the Securities Exchange Act of 1934, as amended,
Item 8. Identification and Classification of Members of this Group:
Not applicable.
Item 9. Notice of Dissolution of Group:
Not applicable.
Page 5 of 6
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Pioneer Companies Inc.
Item 10. Certification:
By signing below, I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course
of business and were not acquired for the purpose of and did not have the
effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purpose or effect.
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 2,1996
CHEMICAL BANK CHEMICAL BANKING CORPORATION
/s/John B. Wynne /s/John B. Wynne
John B. Wynne John B. Wynne
Corporate Secretary Corporate Secretary
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