UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
JPS TEXTILE GROUP, INC.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
46624B30
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(CUSIP Number)
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February 17,1998
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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:
[X]Rule 13d-1(b)
[ ]Rule 13d-1(c)
[ ]Rule 13d-1(d)
*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 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 8 pages
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SCHEDULE 13G
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CUSIP No. 46624B30 Page 2 of 8 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Swiss Bank Corporation
TIN: 13-5424347
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
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5 SOLE VOTING POWER
NUMBER OF 410,886
SHARES ----------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 616,328
REPORTING ---------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
410,886
----------------------------------------------------
8 SHARED DISPOSITIVE POWER
616,328
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,027,214
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions) |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.3%
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12 TYPE OF REPORTING PERSON (See Instructions)
HC CO
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Page 2 of 8 Pages
<PAGE>
SCHEDULE 13G
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CUSIP No. 46624B30 Page 3 of 8 Pages
----------- ---- -- --------
- ---------------------------------- ----------------------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SBC Restructuring and Recovery Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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5 SOLE VOTING POWER
NUMBER OF 0
SHARES ----------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 616,328
REPORTING ---------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------------
8 SHARED DISPOSITIVE POWER
616,328
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
616,328
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions) |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.18%
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12 TYPE OF REPORTING PERSON (See Instructions)
PN
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Page 3 of 8 Pages
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Page 4 of 8 Pages
Item 1(a). Name of Issuer:
JPS Textile Group, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
555 North Pleasantburg Drive, Suite 202,
Greenville, South Carolina 29607
Item 2(a). Name of Person Filing:
Swiss Bank Corporation ("SBC") and SBC Restructuring and Recovery Ltd.
("SBCRR").
Item 2(b). Address of Principal Business Office:
SBC's principal business office is located at:
Aeschenplatz 6 CH-4002
Basel, Switzerland
SBCRR's principal business office is located at:
c/o Swiss Bank Corporation
222 Broadway, 20th floor
New York, New York 10038
Item 2(c). Citizenship:
Incorporated by reference to Item 4 of the cover pages.
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share (the "Common Stock").
Item 2(e). CUSIP Number:
46624B30
Item 3.
If this statement is filed pursuant to ss.ss.240.13d-1(b) of 240.13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(b) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
<PAGE>
Page 5 of 8 Pages
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g) [X] A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940 (14 U.S.C.
80a-3);
(j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J);
If this statement is filed pursuant to ss.240.13d-1(c), check this box [X}.
SBC is a parent holding company in accordance with section
240.13d-1(b)(1)(ii)(G). SBCRR is a passive investor who owns less than 20% of
the Common Stock of JPS Textile Group, Inc. (the "Common Stock") under section
240.13d-1(c), as amended February 17, 1998.
Item 4. Ownership:
(a-b) Amount Beneficially Owned:
SBC, through its London branch, is the beneficial owner of 410,886 shares of
Common Stock, representing 4.12% of the class of securities. SBCRR is the
beneficial owner of 616,328 shares of Common Stock, representing 6.18% of the
class of securities. The shares owned by SBCRR are aggregated with the shares of
SBC, the indirect parent of SBCRR.
(c) SBC has sole power to vote and dispose of the 410,886 shares owned by its
London branch. SBC, through its New York branch, has sole power to vote and
dispose of the 616,328 shares owned by SBCRR.
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:
Accounts managed on a discretionary basis by SBC have the right to receive or
the power to direct the receipt of dividends from, or the proceeds from the sale
of, the Common Stock. No account holds more than 5 percent of the outstanding
Common Stock.
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Page 6 of 8 Pages
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company:
See Item 3 above.
Item 8. Identification and Classification of Members of the Group:
Not Applicable.
Item 9. Notice of Dissolution of Group:
Not Applicable.
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 do 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
purposes or effect.
<PAGE>
Page 7 of 8 Pages
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.
SWISS BANK CORPORATION, LONDON BRANCH
By: /s/ Bernd E. Kallmeyer
---------------------------------
Name: Bernd E. Kallmeyer
Title: Attorney-In-Fact
By: /s/ Lauren C. Alter
---------------------------------
Name: Lauren C. Alter
Title: Associate Director,
Legal Affairs
Attorney-In-Fact
SBC RESTRUCTURING AND RECOVERY LTD.
By: /s/ Bernd E. Kallmeyer
---------------------------------
Name: Bernd E. Kallmeyer
Title: Attorney-In-Fact
By: /s/ Lauren C. Alter
---------------------------------
Name: Lauren C. Alter
Title: Associate Director,
Legal Affairs
Attorney-In-Fact
Dated: March 6, 1998
<PAGE>
Page 8 of 8 Pages
EXHIBIT A TO SCHEDULE 13G
Joint Filing Agreement
Pursuant to Rule 13d-1(k)
The undersigned hereby agree, pursuant to Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended, that the annexed statement on
Schedule 13G and all amendments thereto shall be filed on behalf of each of
them.
SWISS BANK CORPORATION, LONDON BRANCH
By: /s/ Bernd E. Kallmeyer
---------------------------------
Name: Bernd E. Kallmeyer
Title: Attorney-In-Fact
By: /s/ Lauren C. Alter
---------------------------------
Name: Lauren C. Alter
Title: Associate Director,
Legal Affairs
Attorney-In-Fact
SBC RESTRUCTURING AND RECOVERY LTD.
By: /s/ Bernd E. Kallmeyer
---------------------------------
Name: Bernd E. Kallmeyer
Title: Attorney-In-Fact
By: /s/ Lauren C. Alter
---------------------------------
Name: Lauren C. Alter
Title: Associate Director,
Legal Affairs
Attorney-In-Fact
Dated: March 6, 1998
