<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)/1/
Buckeye Cellulose Corporation
------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
--------------------------------------
(Title of Class of Securities)
11815H104
-----------
(CUSIP Number)
Page 1 of 16 Pages
- -------------------
/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 ("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).
SEC 1745 (10-88)
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 11815H104 PAGE 2 OF 16 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Madison Dearborn Capital Partners, L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 36-3863140
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
121,000 (see Item 4)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
121,000 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 121,000 (See Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 11815H104 PAGE 3 OF 16 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Madison Dearborn Partners, L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 36-3863141
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
121,000 (See Item 4)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
121,000 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
121,000 (See Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 11815H104 PAGE 4 OF 16 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Madison Dearborn Partners, Inc.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 36-3856522
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
121,000 (see Item 4)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
121,000 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 121,000 (See Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1(a) Name of Issuer:
--------------
Buckeye Cellulose Corporation (the "Company").
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
1001 Tillman Street
Memphis, Tennessee 38112
Item 2(a) Names of Persons Filing:
-----------------------
Madison Dearborn Capital Partners, L.P.
Madison Dearborn Partners, L.P.
Madison Dearborn Partners, Inc.
Madison Dearborn Capital Partners, L.P. ("MDCP") was the record
owner of the shares of common stock covered by this statement as of
December 31, 1996. MDCP is managed by its general partner, Madison
Dearborn Partners, L.P. ("MDP"). Dispositive and voting power of
securities owned by MDCP and managed by MDP is shared by an
advisory committee of limited partners of MDP (the "L.P.
Committee") and by Madison Dearborn Partners, Inc. ("MDP, Inc."),
the general partner of MDP. MDCP, MDP and MDP, Inc. are
collectively referred to herein as the "Reporting Persons".
Appendix A, which is incorporated herein by reference, sets forth
the following information with respect to each member of the L.P.
Committee: (i) name, (ii) address of principal business office, and
(iii) citizenship. Appendix B, which is incorporated herein by
reference, sets forth the same information for the director of MDP,
Inc.
Item 2(b) Address of Principal Business Office or, if none, Residence:
-----------------------------------------------------------
The principal business address of the Reporting Persons is Three
First National Plaza, Suite 1330, Chicago, Illinois, 60602.
Item 2(c) Citizenship:
-----------
MDCP and MDP are limited partnerships organized under the laws of
the State of Delaware. MDP, Inc. is a corporation organized under
the laws of the State of Delaware.
Page 5 of 16 Pages
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Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, par value $.01 per share.
Item 2(e) CUSIP No.:
---------
11815H 10 4
Item 3 If this statement is file pursuant to Rules 13d-1(b), or 13d-2(b),
------------------------------------------------------------------
check whether the person filing is a:
------------------------------------
This statement is filed as an amendment to the Reporting Persons'
Schedule 13G, originally filed pursuant to Rule 13d-1(c). Since the
original Schedule 13G was not filed pursuant to Rule 13d-1(b), the
listed alternatives are not applicable.
Item 4 Ownership:
---------
(a) Amount Beneficially Owned:
MDCP was the registered owner of 121,000 shares of common stock of the
Company (the "Shares") as of December 31, 1996. MDP is the general
partner of MDCP and exercises investment and voting control over
securities owned by MDCP. Investment and voting control over
securities owned by MDCP is shared at MDP by the L.P. Committee, the
members of which are listed on Appendix A of this statement, and by
MDP, Inc., the general partner of MDP. The director of MDP, Inc. is
set forth on Appendix B of this statement. Thus, by virtue of the
investment and voting control exercised by MDP as general partner of
MDCP and shared by members of the L.P. Committee and by MDP, Inc.,
each of the Reporting Persons may be deemed to have beneficially owned
the Shares. In 1996, MDCP distributed an aggregate of 557,222 shares
of common stock of the Company to MDP, and MDP distributed the same
number of shares to the members of the L.P. Committee, in each case in
accordance with the terms of the related partnership agreements. Such
shares, together with the shares reported hereunder, comprise less
than 5% of the total common stock outstanding on December 31, 1996. To
the knowledge of the Reporting Persons, the members of the L.P.
Committee own no additional shares of common stock, or rights to
acquire common stock, except for Mr. Samuel M. Mencoff, who has an
option to purchase 5,000 shares of common stock issued under the
Company's stock option plan for non-employee directors.
Page 6 of 16 Pages
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(b) Percent of Class: (Based on 19,185,998 shares outstanding)
0.6%
(c) Number of Shares as to which such person has:
(i) Sole power to vote or to direct the vote:
None
(ii) Shared power to vote or to direct the vote:
121,000 (MDCP, MDP, MDP, Inc.)
(iii) Sole power to dispose or to direct the disposition of:
None
(iv) Shared power to dispose or to direct the disposition of:
121,000 (MDCP, MDP, MDP, Inc.)
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is filed to report the fact that as of the date
hereof, the Reporting Persons have ceased to be the beneficially
owners of more than five percent of the class of securities, check the
following [ X ].
Item 6 Ownership of More Than Five Percent on Behalf of Another Person:
---------------------------------------------------------------
Not applicable
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:
---------------------------------------------------------
Not applicable
Page 7 of 16 Pages
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Item 9 Notice of Dissolution of Group:
------------------------------
Not applicable
Item 10 Certification:
-------------
Not applicable
Page 8 of 16 Pages
<PAGE>
EXHIBITS AND APPENDICES
Exhibit I Joint Filing Agreement among the Reporting Persons pursuant
to Rule 13d-1(f) under the Securities Exchange Act of 1934,
as amended.
Appendix A Schedule Setting Forth (i) Name, (ii) Address of Principal
Place of Business, and (iii) Citizenship for each member of
the L.P. Committee of Madison Dearborn Partners, L.P.
Appendix B Schedule Setting Forth (i) Name, (ii) Address of Principal
Place of Business, and (iii) Citizenship for the Director of
Madison Dearborn Partners, Inc.
Page 9 of 16 Pages
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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.
Date: February 5, 1997
Madison Dearborn Capital Partners, L.P.
By: Madison Dearborn Partners, L.P.
Its: General Partner
By: Madison Dearborn Partners, Inc.
Its: General Partner
By: /s/ GARY J. LITTLE
------------------------------
Print Name: Gary J. Little
Title: Vice President
Page 10 of 16 Pages
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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.
Date: February 5, 1997
Madison Dearborn Partners, L.P.
By: Madison Dearborn Partners, Inc.
Its: General Partner
By: /s/ GARY J. LITTLE
---------------------------
Print Name: Gary J. Little
Title: Vice President
Page 11 of 16 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.
Date: February 5, 1997
Madison Dearborn Partners, Inc.
By: /s/ GARY J. LITTLE
-------------------------------
Print Name: Gary J. Little
Title: Vice President
Page 12 of 16 Pages
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EXHIBIT I
---------
SCHEDULE 13G JOINT FILING AGREEMENT
The undersigned and each other person executing this joint filing
agreement (this "Agreement") agree as follows:
(i) The undersigned and each other person executing this Agreement
are individually eligible to use the Schedule 13G to which this Exhibit is
attached and such Schedule 13G is filed on behalf of the undersigned and each
other person executing this Agreement; and
(ii) The undersigned and each other person executing this Agreement
are responsible for the timely filing of such Schedule 13G and any amendments
thereto, and for the completeness and accuracy of the information concerning
such person contained therein; but none of the undersigned or any other person
executing this Agreement is responsible for the completeness or accuracy of the
information statement concerning any other persons making the filing, unless
such person knows or has reason to believe that such information is inaccurate.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all of which, taken together, shall
constitute one and the same instrument.
* * * * *
Date: February 5, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Madison Dearborn Partners, L.P. Madison Dearborn Capital Partners, L.P.
By: Madison Dearborn Partners, Inc. By: Madison Dearborn Partners, L.P.
Its: General Partner Its: General Partner
By: Madison Dearborn Partners, Inc.
Its: General Partner
</TABLE>
By: /s/ GARY J. LITTLE
---------------------------
Print Name: Gary J. Little
Title: Vice President By: /s/ GARY J. LITTLE
--------------------------
Print Name: Gary J. Little
Title: Vice President
Madison Dearborn Partners, Inc.
By: /s/ GARY J. LITTLE
---------------------------
Print Name: Gary J. Little
Title: Vice President
Page 13 of 16 Pages
<PAGE>
APPENDIX A
Members of the L.P. Committee of Madison Dearborn Partners, L.P.
----------------------------------------------------------------
<TABLE>
<CAPTION>
Address of Principal
Name Business Office Citizenship
- ---- --------------- -----------
<S> <C> <C>
John A. Canning, Jr. Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Paul J. Finnegan Three First National Plaza United States
Suite 1330
Chicago, IL 60602
William J. Hunckler,III Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Samuel M. Mencoff Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Paul R. Wood Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Justin S. Huscher Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Benjamin D. Chereskin Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Thomas R. Reusche Three First National Plaza United States
Suite 1330
Chicago, IL 60602
James N. Perry, Jr. Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Nicholas W. Alexos Three First National Plaza United States
Suite 1330
Chicago, IL 60602
Timothy P. Sullivan Three First National Plaza United States
Suite 1330
Chicago, IL 60602
</TABLE>
Page 14 of 16 Pages
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APPENDIX A (cont.)
<TABLE>
Members of the L.P. Committee of Madison Dearborn Partners, L.P.
----------------------------------------------------------------
<S> <C> <C>
Gary J. Little Three First National Plaza United States
Suite 1330
Chicago, IL 60602
David F. Mosher Three First National Plaza United States
Suite 1330
Chicago, IL 60602
</TABLE>
Page 15 of 16 Pages
<PAGE>
APPENDIX B
Director of Madison Dearborn Partners, Inc.
-------------------------------------------
<TABLE>
<CAPTION>
Address of Principal
Name Business Office Citizenship
- ---- --------------- -----------
<S> <C> <C>
John A. Canning, Jr. Three First National Plaza United States
Suite 1330
Chicago, IL 60602
</TABLE>
Page 16 of 16 Pages
