FORM 4
( ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Compagnie Generale des Eaux
52 Rue d'Anjou
Paris, France 75464
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2. Issuer Name and Ticker or Trading Symbol
Air & Water Technologies Corporation ("AWT")
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
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4. Statement for Month/Year
1/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of reporting person to Issuer (Check all applicable)
( ) DIRECTOR
( X) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
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7. Individual, or Joint/Group Filing (Check all applicable) ( X) Form
filed by One Reporting Person ( ) Form filed by More than One
Reporting Person
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TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security (Instr. 3)
Class A Common Stock, par value $.001 per share ("Class A Common
Stock")
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2. Transaction Date (Month/Day/Year)
1/28/98
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3. Transaction Code (Instr. 8) J (See explanation of responses below.)
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
34,285,714 shares at $1.75/share (A)
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3
and 4) 47,895,689 shares (See explanation of responses below.)
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
D (41,193,189 shares)
I (6,702,500 shares)
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7. Nature of Indirect Beneficial Ownership (Instr. 4) By Anjou
International Company, a wholly owned subsidiary.
(See explanation of responses below.)
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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TABLE II
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., Puts, Calls, Warrants, Options, Convertible securities)
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1. Title of Derivative Security (Instr. 3)
5 1/2% Series A Convertible Exchangeable Preferred Stock, par value
$.01 per share ("Series A Preferred Stock")
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2. Conversion or Exercise Price of Derivative Security
$12.50 per share of Class A Common Stock
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3. Transaction Date (Month/Day/Year)
1/28/98
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4. Transaction Code (Instr. 8) J (See explanation of responses below.)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
1,200,000 shares (D)
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6. Date Exercisable and Expiration Date (Month/Day/Year) Immediately,
at any time and from time to time; no expiration date
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
4,800,000 shares of Class A Common Stock
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8. Price of Derivative Securities (Instr. 5)
$1.75 per share (See explanation of responses below.)
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
None.
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4) Not applicable. (See Part II, Item 9 above.)
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11. Nature of Indirect Beneficial Ownership (Instr. 4) Not applicable.
(See Part II, Item 9 above.)
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EXPLANATION OF RESPONSES:
On January 28, 1998, Compagnie Generale des Eaux ("CGE") exchanged
the outstanding 1,200,000 shares having an aggregate liquidation
preference of $60,000,000 of 5 1/2% Series A Convertible Exchangeable
Preferred Stock, par value $.01 per share (the "Series A Preferred Stock"),
representing all of the outstanding shares of Series A Preferred Stock of
AWT, for 34,285,714 shares of Class A Common Stock, par value $.001 per
share (the "Class A Common Stock"), at an exchange price of $1.75 per share
(the "Exchange"), pursuant to the terms of a Recapitalization Agreement,
dated as of September 24, 1997 and amended as of January 26, 1998, among
AWT, CGE and CGE's indirect wholly-owned subsidiary, Anjou International
Company ("Anjou"). Immediately after the Exchange, CGE beneficially owned
47,895,689 shares of Class A Common Stock, consisting of 41,193,189
shares of Class A Common Stock owned directly and 6,702,500 shares of
Class A Common Stock owned indirectly through Anjou.
COMPAGNIE GENERALE DES EAUX
By: /s/ Guillaume Hannezo February 9, 1998
** Name: Guillaume Hannezo -----------------
Title: Chief Financial Officer Date
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** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
