UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
---------------
Walter Industries, Inc.
-----------------------
(Name of Issuer)
Common Stock, par value $.01 per share
--------------------------------------
(Title of Class of Securities)
93317Q105
---------
(CUSIP Number)
Check the following box if a fee is being paid with this
statement /X/. (A fee is not required only if the filing person:
(1) has a previous statement on file reporting beneficial
ownership of more than five percent 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 Rule 13d-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).
Page 1 of 12 pages
<PAGE>
13G
CUSIP No. 93317Q105 Page 2 of 12 Pages
---------
- ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JWC Associates, L.P.
- ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 9,610,144
BENEFICIALLY --------------------------------------------------------
OWNED BY EACH 6 SHARED VOTING POWER
REPORTING 0
PERSON WITH --------------------------------------------------------
7 SOLE DISPOSITIVE POWER
6,163,165
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
9,610,144
- ------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
- ------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
17.7
- ------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 12 pages
<PAGE>
13G
CUSIP No. 93317Q105 Page 3 of 12 Pages
---------
- ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JWC Associates II, L.P.
- ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 63,680
BENEFICIALLY --------------------------------------------------------
OWNED BY EACH 6 SHARED VOTING POWER
REPORTING 0
PERSON WITH
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
40,839
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
63,680
- ------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
- ------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1
- ------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 12 pages
<PAGE>
13G
CUSIP No. 93317Q105 Page 4 of 12 Pages
---------
- ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
KKR Partners II, L.P.
- ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 232,965
BENEFICIALLY --------------------------------------------------------
OWNED BY EACH 6 SHARED VOTING POWER
REPORTING 0
PERSON WITH
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
149,405
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
232,965
- ------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
- ------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.4
- ------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
Page 4 of 12 pages
<PAGE>
13G
CUSIP No. 93317Q105 Page 5 of 12 Pages
---------
- ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Channel One Associates, L.P.
- ------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 4,361,800
BENEFICIALLY --------------------------------------------------------
OWNED BY EACH 6 SHARED VOTING POWER
REPORTING 0
PERSON WITH
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
4,361,800
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
4,361,800
- ------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
- ------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.0
- ------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
Page 5 of 12 pages
<PAGE>
SCHEDULE 13G
Item 1.
(a) Name of Issuer
Walter Industries, Inc.
(b) Address of Issuer's Principal Executive Offices
1500 North Dale Mabry Highway
Tampa, FL 33607
Item 2.
(a) Name of Person Filing
JWC Associates, L.P.
JWC Associates II, L.P.
KKR Partners II, L.P.
Channel One Associates, L.P.
(b) Address of Principal Business Office or, if none, Residence
c/o Kohlberg Kravis Roberts & Co., L.P.
9 West 57th Street
New York, NY 10009
(c) Citizenship
JWC Associates, L.P. -- Delaware
JWC Associates II, L.P. -- Delaware
KKR Partners II, L.P. -- Delaware
Channel One Associates, L.P. -- Delaware
(d) Title of Class of Securities
Common Stock, par value $.01 per share
(e) CUSIP Number
93317Q105
Item 3. If this statement is filed pursuant to Rule 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) 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
Page 6 of 12 pages
<PAGE>
(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
Sec.240.13d-1 (b)(1)(ii)(F)
(g) Parent Holding Company, in accordance with
Sec.240.13d-1(b)(ii)(G) (Note: See Item 7)
(h) Group, in accordance with Sec.240.13d-1(b)(1)(ii)(H)
Not applicable
Item 4. Ownership
(a) Amount Beneficially Owned
Each of JWC Associates, L.P. ("JWC Associates"),
JWC Associates II, L.P. ("JWC Associates II"), KKR
Partners II, L.P. ("KKR Partners II" and, together with
JWC Associates and JWC Associates II, the "KKR
Investors") and Channel One Associates, L.P. ("Channel
One") is a Delaware limited partnership the sole
general partner of which is KKR Associates, a New York
limited partnership.
JWC Associates has sole voting and dispositive
power with respect to 6,163,165 shares of Common Stock.
In addition, JWC Associates has the sole power to
exercise voting rights with respect to 3,446,979 shares
of Common Stock currently in escrow, as described
below.
JWC Associates II has sole voting and dispositive
power with respect to 40,839 shares of Common Stock.
In addition, JWC Associates II has the sole power to
exercise voting rights with respect to 22,841 shares of
Common Stock currently in escrow, as described below.
KKR Partners II has sole voting and dispositive
power with respect to 149,405 shares of Common Stock.
In addition, KKR Partners II has the sole power to
exercise voting rights with respect to 83,560 shares of
Common Stock currently in escrow, as described below.
Channel One has sole voting and dispositive power
with respect to 4,361,800 shares of Common Stock.
As the sole general partner of each of the KKR
Investors and Channel One, KKR Associates may be deemed
to be the beneficial owner of the 14,268,589 shares of
Common Stock beneficially owned by the KKR Investors
and Channel One. Messrs. Henry R. Kravis, George R.
Roberts, Robert I. MacDonnell, Paul E. Raether, Michael
Page 7 of 12 pages
<PAGE>
W. Michelson, Saul A. Fox, James H. Greene, Jr.,
Michael T. Tokarz, Perry Golkin, Scott M. Stewart,
Clifton S. Robbins and Edward A. Gilhuly are the
general partners of KKR Associates and in such capacity
may be deemed to share beneficial ownership of any
securities beneficially owned by KKR Associates, but
they disclaim any such beneficial ownership.
The 3,553,380 shares of Common Stock currently in
escrow were issued to an escrow account for the benefit
of the KKR Investors on September 13, 1995 pursuant to
the Issuer's Amended Joint Plan of Reorganization dated
as of December 9, 1994, as modified on March 1, 1995
(as so modified, the "Plan of Reorganization"), under
Section 1123(a) of the United States Bankruptcy Code.
The resolution of certain contingencies regarding
federal income tax claims will determine whether and to
what extent the shares of Common Stock in escrow will
be distributed to the KKR Investors or returned to the
Issuer and cancelled. Until such matters are resolved,
the KKR Investors will have the sole power to exercise
voting rights with respect to such shares of Common
Stock.
(b) Percent of Class
See Item 11 of each cover page, which is based on
Item 5 of each cover page. See Item 4(a).
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
See Item 5 of each cover page
(ii) shared power to vote or to direct the vote
See Item 6 of each cover page
(iii) sole power to dispose or to direct the disposition
of
See Item 7 of each cover page
(iv) shared power to dispose or to direct the
disposition of
See Item 8 of each cover page
Item 5. Ownership of Five Percent or Less of a Class
Not applicable
Page 8 of 12 pages
<PAGE>
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
See Item 4(a)
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 the
Group
Each of the KKR Investors and Channel One is a
Delaware limited partnership the sole general partner
of which is KKR Associates, a New York limited
partnership. As the sole general partner of each of
the KKR Investors and Channel One, KKR Associates may
be deemed to be the beneficial owner of the securities
beneficially owned by the KKR Investors and Channel
One. The KKR Investors and Channel One may be deemed
to be a group in relation to their respective
investments in Walter Industries, Inc. The KKR
Investors and Channel One do not affirm the existence
of a group.
Item 9. Notice of Dissolution of Group
Not applicable
Item 10. Certification
Not applicable
Page 9 of 12 pages
<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.
JWC ASSOCIATES, L.P.
By: KKR ASSOCIATES,
its General Partner
By:/s/ John A. Gerson
---------------------------
Name: John A. Gerson
Attorney-in-fact
JWC ASSOCIATES II, L.P.
By: KKR ASSOCIATES,
its General Partner
By:/s/ John A. Gerson
---------------------------
Name: John A. Gerson
Attorney-in-fact
KKR PARTNERS II, L.P.
By: KKR ASSOCIATES,
its General Partner
By:/s/ John A. Gerson
---------------------------
Name: John A. Gerson
Attorney-in-fact
CHANNEL ONE ASSOCIATES, L.P.
By: KKR ASSOCIATES,
its General Partner
By:/s/ John A. Gerson
---------------------------
Name: John A. Gerson
Attorney-in-fact
Dated: February 6, 1996
Page 10 of 12 pages
<PAGE>
EXHIBITS
Exhibit 1 - Joint Filing Agreement and Power of Attorney
Page 11 of 12 pages
Exhibit 1
JOINT FILING AGREEMENT AND POWER OF ATTORNEY
We, the signatories of the statement on Schedule 13G to
which this Agreement is attached, hereby agree that such
statement is, and any amendments thereto filed by any of us
will be, filed on behalf of each of us. Each of us hereby
constitutes and appoints each of John A. Gerson, Perry
Golkin and Michael T. Tokarz as our true and lawful agent
and attorney-in-fact, with full power of substitution and
resubstitution, to prepare, execute and file any such
amendments, and any other documents that any such agent and
attorney-in-fact may consider advisable in connection with
the holdings described in this statement on Schedule 13G, on
our behalf, and hereby ratifies any such action by such
agent and attorney-in-fact.
JWC ASSOCIATES, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Michael T. Tokarz
--------------------------
Name: Michael T. Tokarz
a General Partner
JWC ASSOCIATES II, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Michael T. Tokarz
--------------------------
Name: Michael T. Tokarz
a General Partner
KKR PARTNERS II, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Michael T. Tokarz
--------------------------
Name: Michael T. Tokarz
a General Partner
CHANNEL ONE ASSOCIATES, L.P.
By: KKR ASSOCIATES,
its General Partner
By: /s/ Michael T. Tokarz
--------------------------
Name:Michael T. Tokarz
a General Partner
Dated: February 6, 1996
Page 12 of 12 pages
