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 RULE 13d-2(b)
(AMENDMENT NO. 1)(1)
The Cronos Group
(Name of Issuer)
Common Shares
(Title of Class of Securities)
L20708100
(CUSIP Number)
April 13, 1999
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
|X| Rule 13d-1(b)
|_| Rule 13d-1(c)
|_| Rule 13d-1(d)
- --------
(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 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 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. L20708100 13G/A Page 2 of 9 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Fleet Bank, N.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6 SHARED VOTING POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES|_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.5% (Based on 8,858,378 Common Shares reported outstanding as
of March 29, 1999)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
BK
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. L20708100 13G/A Page 3 of 9 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
BankBoston, N.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6 SHARED VOTING POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES|_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.5% (Based on 8,858,378 Common Shares reported outstanding
as of March 29, 1999)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
BK
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. L20708100 13G/A Page 4 of 9 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
First Union National Bank (formerly CoreStates Bank, N.A.)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6 SHARED VOTING POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES|_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.5% (Based on 8,858,378 Common Shares reported outstanding
as of March 29, 1999)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
BK
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. L20708100 13G/A Page 5 of 9 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Union Bank of California, N.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6 SHARED VOTING POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,463,636
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES|_|
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.5% (Based on 8,858,378 Common Shares reported outstanding
as of March 29, 1999)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
BK
- --------------------------------------------------------------------------------
<PAGE>
Item 1(a). Name of Issuer:
The Cronos Group (the "Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
The address of the principal executive offices of the Issuer
is:
16, Allee Marconi, Boite Postale 160, L-2120 Luxembourg
Item 2(a). Name of Person Filing:
(i) Fleet Bank, N.A.
(ii) BankBoston, N.A.
(iii) First Union National Bank (formerly CoreStates Bank,
N.A.)
(iv) Union Bank of California, N.A.
Such filing persons are hereinafter collectively referred to
as the "Reporting Persons."
Item 2(b). Address of Principal Business Office or, if None, Residence:
(i) 777 Main Street, Hartford, CT 06115
(ii) 100 Federal Street, 01-31-03, Boston, MA 02110
(iii) 1339 Chestnut Street, PA 4810, Philadelphia, PA 19107
(iv) 350 California Street, Suite 750, San Francisco, CA
94104-1402
Item 2(c). Citizenship:
(i) United States of America
(ii) United States of America
(iii) United States of America
(iv) United States of America
Item 2(d). Title of Class of Securities:
This statement relates to the Issuer's common shares, $2.00
par value per share ("Common Shares").
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
Exchange Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange
Act.
(c) |_| Insurance Company as defined in Section 3(a)(19) of
the Exchange Act.
(d) |_| Investment Company registered under Section 8 of the
Investment Company Act.
(e) |_| An investment adviser in accordance with Rule
13d-1(b)(l)(ii)(E).
<PAGE>
(f) |_| An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(g) |_| A parent holding company or control person in
accordance with Rule 13b-1(b)(1)(ii)(G).
(h) |_| A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act.
(i) |_| A church plan that is excluded from the definition
of an investment company under Section 3(c)(14) of the
Investment Company Act.
(j) |X| Group, in accordance with Rule 13d-1(b)(l)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. |_|
Item 4. Ownership.
(a) Amount Beneficially Owned:
Each of the Reporting Persons may be deemed to beneficially
own 1,463,636 Common Shares of the Issuer. Such beneficial
ownership results from the determination by such banks to
exercise their rights under a collateral assignment between
Fleet Bank, N.A., as agent, and Cronos Equipment (Bermuda)
Limited ("Cronos") pursuant to which Cronos pledged certain
promissory notes issued to it, as well as 1,463,636 Common
Shares, which secure such notes, to secure its obligations to
such banks. In October 1997, the issuer of such notes
defaulted under such notes. In December 1997, the Reporting
Persons notified Cronos of their intention to exercise rights
under such collateral assignment with respect to 1,000,000 of
such Common Shares. On April 13, 1999, the Reporting Persons
notified Cronos of their intention to exercise their rights
under such collateral assignment agreement with respect to
the remaining 463,636 of the pledged shares. Ultimately,
depending upon market conditions, the Reporting Persons
intend, through the exercise of such rights, to cause a sale
of all or part of such 1,436,636 Common Shares in order to
satisfy the outstanding obligation of the issuer of such
notes.
(b) Percent of class:
Approximately 16.5% of the outstanding Common Shares based on
8,858,378 Common Shares reported outstanding as of March 29,
1999 (based on the Issuer's Form 10-K filed on April 13,
1999).
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
None of Fleet Bank, N.A., BankBoston, N.A., First
Union National Bank, or Union Bank of California,
N.A. has the sole power to vote or direct the vote of
any of the Common Shares.
(ii) Shared power to vote or to direct the vote
Fleet Bank, N.A., BankBoston, N.A., First Union
National Bank, and Union Bank of California, N.A.
share the right to vote or direct the vote of
1,463,636 Common Shares.
<PAGE>
(iii) Sole power to dispose or to direct the disposition of
None of Fleet Bank, N.A., BankBoston, N.A., First
Union National Bank, N.A., or Union Bank of
California, N.A. has sole power to dispose or to
direct the disposition of any of the Common Shares.
(iv) Share power to dispose or to direct the disposition of
Fleet Bank, N.A., BankBoston, N.A., First Union
National Bank, and Union Bank of California, N.A.
share the power to dispose or direct the disposition
of 1,463,636 Common Shares.
Item 8. Identification and Classification of Members of the Group.
This Amendment No. 1 to Schedule 13G is filed on behalf of a group
pursuant to Rule 13d-1(b) (1) (ii) (J). The identification and
classification of the members of the group are as follows:
Fleet Bank, N.A., a Bank as defined in Section 3(a)(6) of the
Securities Exchange Act of 1934, as amended (the "Exchange
Act");
BankBoston, N.A., a Bank as defined in Section 3(a)(6) of the
Exchange Act;
First Union National Bank, a Bank as defined in Section
3(a)(6) of the Exchange Act; and
Union Bank of California, N.A., a Bank as defined in Section
3(a)(6) of the Exchange Act.
Item 10. Certifications.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held
in the ordinary course of business and 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.
<PAGE>
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.
May 7, 1999
FLEET BANK, N.A.
By: /s/ Edward J. Walsh
Name: Edward J. Walsh
Title: Senior Vice President
BANK BOSTON, N.A.
By: /s/ W. Douglass Vannah
Name: W. Douglass Vannah
Title: Vice President
FIRST UNION NATIONAL BANK
(FORMERLY CORESTATES BANK, N.A.)
By: /s/ Anne D. Brehony
Name: Anne D. Brehony
Title: Vice President
UNION BANK OF CALIFORNIA, N.A.
By: /s/ Richard David Morris
Name: Richard David Morris
Title: Vice President
