UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
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)
James Petrie, Esq.
UBS AG
299 Park Avenue, New York, NY 10171 (212) 821-3000
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
January 6, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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 on 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 5 Pages
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SCHEDULE 13D
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CUSIP No. 46624B30 Page 2 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
UBS AG, London Branch
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
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7 SOLE VOTING POWER
NUMBER OF 1,027,214
SHARES ______________________________________________
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH None
REPORTING ______________________________________________
PERSON WITH 9 SOLE DISPOSITIVE POWER
1,027,214
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10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,027,214
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.27%
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14 TYPE OF REPORTING PERSON*
HC CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF
THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 2 of 5 Pages
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Item 1. Security and Issuer
This Schedule 13D relates to the common stock (the "Common Stock") of JPS
Textile Group, Inc. (the "Company") whose principal executive offices are
located at 555 North Pleasantburg Drive, Suite 202, Greenville, South Carolina
29607. The shares owned by UBS AG covered by this filing were covered by a prior
13G filing by Swiss Bank Corporation and SBC Restructuring and Recovery Ltd.,
predecessors of UBS AG, dated March 26, 1998. Reference is made to a 13D filing
of Daystar L.L.C. ("Daystar") dated the date hereof.
Item 2. Identity and Background
This statement is filed by UBS AG ("UBS" or the "Reporting Person").
UBS, a corporation incorporated under the laws of Switzerland, has its
principal office at 45 Bahnhofstrasse, Zurich, Switzerland and business address
at 299 Park Avenue, 31st floor, New York, New York 10071.
Item 3. Source and Amount of Funds or Other Consideration
The Reporting Person originally acquired the shares as part of a
reorganization plan of the Company.
Item 4. Purpose of Transaction
On January 6, 1999, the Reporting Persons discussed their views of the
Company with representatives of Daystar. On January 13, 1999, the Reporting
Persons and Daystar met with representatives of the Company to discuss these
views.
The Reporting Person intends to review its investment in the Company after
the date hereof, and from time to time, in light of the Company's operations,
prospects, business development and competitive and strategic matters. After
such review, the Reporting Person may change its intention with respect to
proposing one or more actions to enhance shareholder value or to effect a change
of control of the Company.
The Reporting Person reserves the right to acquire, or cause to be
acquired, additional securities of the Company, to dispose of, or cause to be
disposed, such securities at any time or to formulate other purposes, plans or
proposals regarding the Company or any of its securities, to the extent deemed
advisable in light of general investment and trading policies of the Reporting
Person, market conditions or other factors.
Item 5. Interests in Securities of the Issuer
(a) UBS, through its London branch, is the beneficial owner of 1,027,214
shares of Common Stock, representing 10.27% of the class of securities.
(b) UBS, through its New York branch, has sole power to vote and dispose of
the 1,027,214 shares owned by its London branch.
(c) Not applicable.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understanding or Relationships with Respect to
Securities of the Issuer
There are no contracts, arrangements, understandings or relationships with
respect to securities of the Company to which the Reporting Person is a party
Page 3 of 5 Pages
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Item 7. Material to be Filed as Exhibits
None.
Page 4 of 5 Pages
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SIGNATURES
The undersigned certify that, after reasonable inquiry and to the best of
their respective knowledge and belief, the information set forth in the Schedule
13D is true, complete and correct.
UBS AG, New York Branch,
as Agent for UBS AG, London Branch
By: /s/ Herbert E. Seif
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Name: Herbert E. Seif
Title: Managing Director
UBS AG, New York Branch
By: /s/ Christine Daley
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Name: Christine Daley
Title: Executive Director
UBS AG, New York Branch
Dated: January 19, 1999
Page 5 of 5 Pages
