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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Amendment No. 1
GCR Holdings Limited
---------------------------------------------
(Name of Issuer)
Ordinary Shares, $0.10 par value
---------------------------------------------
(Title of Class of Securities)
G3774N100
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(CUSIP Number)
Page 1 of 9 Pages
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CUSIP NO.
G3774N100
- ----------------------
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Goldman, Sachs & Co.
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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
- ----------------------------------------------------------------
4. Citizenship or place of Organization
New York
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Number of 5. Sole Voting Power
Shares
Beneficially 0
--------------------------------
Owned By 6. Shared Voting Power
Each
Reporting 2,337,314
--------------------------------
Person With 7. Sole Dispositive Power
0
--------------------------------
8. Shared Dispositive Power
2,337,314
--------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,337,314
- ----------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
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11. Percent of Class Represented by Amount in Row (9)
9.4%
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12. Type of Reporting Person
BD-PN-IA
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Page 2 of 9 Pages
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CUSIP NO.
G3774N100
- ----------------------
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Goldman Sachs Group, L.P.
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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
- ----------------------------------------------------------------
4. Citizenship or place of Organization
Delaware
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Number of 5. Sole Voting Power
Shares
Beneficially 3,000
--------------------------------
Owned By 6. Shared Voting Power
Each
Reporting 2,337,314
--------------------------------
Person With 7. Sole Dispositive Power
3,000
--------------------------------
8. Shared Dispositive Power
2,337,314
--------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,340,314
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
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11. Percent of Class Represented by Amount in Row (9)
9.5%
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12. Type of Reporting Person
HC-PN
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Page 3 of 9 Pages
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CUSIP NO.
G3774N100
- --------------------------
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Advisory Partners, L.P.
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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
- ----------------------------------------------------------------
4. Citizenship or place of Organization
Delaware
- ----------------------------------------------------------------
Number of 5. Sole Voting Power
Shares
Beneficially 0
--------------------------------
Owned By 6. Shared Voting Power
Each
Reporting 247,748
--------------------------------
Person With 7. Sole Dispositive Power
0
--------------------------------
8. Shared Dispositive Power
247,748
--------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
247,748
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- ----------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
1.0%
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12. Type of Reporting Person
PN
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Page 4 of 9 Pages
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CUSIP NO.
G3774N100
- --------------------------
- ----------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
GS Capital Partners, L.P.
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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
- ----------------------------------------------------------------
4. Citizenship or place of Organization
Delaware
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Number of 5. Sole Voting Power
Shares
Beneficially 0
--------------------------------
Owned By 6. Shared Voting Power
Each
Reporting 247,748
--------------------------------
Person With 7. Sole Dispositive Power
0
--------------------------------
8. Shared Dispositive Power
247,748
--------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
247,748
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
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11. Percent of Class Represented by Amount in Row (9)
1.0%
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12. Type of Reporting Person
PN
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Page 5 of 9 Pages
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CUSIP NO.
G3774N100
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
GS Advisors, L.P.
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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
- ----------------------------------------------------------------
4. Citizenship or place of Organization
Delaware
- ----------------------------------------------------------------
Number of 5. Sole Voting Power
Shares
Beneficially 0
--------------------------------
Owned By 6. Shared Voting Power
Each
Reporting 247,748
--------------------------------
Person With 7. Sole Dispositive Power
0
--------------------------------
8. Shared Dispositive Power
247,748
--------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
247,748
- ----------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- ----------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
1.0%
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12. Type of Reporting Person
PN
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Page 6 of 9 Pages
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Item 1(a). Name of Issuer:
GCR Holdings Limited
Item 1(b). Address of Issuer's Principal Executive Offices:
Sophia House
48 Church Street
Hamilton HM, 12 Bermuda
Item 2(a). Name of Persons Filing:
The Goldman Sachs Group, L.P., Goldman, Sachs & Co., GS Capital
Partners, L.P., GS Advisors, L.P. and Advisory Partners, L.P.
Item 2(b). Address of Principal Business Office or, if None, Residence:
85 Broad Street
New York, NY 10004
Item 2(c). Citizenship:
The Goldman Sachs Group, L.P. - Delaware
Goldman, Sachs & Co. - New York
GS Capital Partners, L.P. - Delaware
GS Advisors, L.P. - Delaware
Advisory Partners, L.P. - Delaware
Item 2(d). Title and Class of Securities:
Ordinary Shares, $0.10 par value
Item 2(e). CUSIP Number:
G3774N100
Item 3. Not applicable. This Schedule 13G was filed pursuant to Rule
13d-1(c).
Item 4. Ownership./*/
(a). Amount beneficially owned:
See the response(s) to Item 9 on the attached cover page(s).
(b). Percent of class:
See the response(s) to Item 11 on the attached cover page(s).
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/*/The Goldman Sachs Group, L.P. ("GS Group") and Goldman, Sachs & Co.
("Goldman Sachs") each disclaim beneficial ownership of the Ordinary Shares
beneficially owned by (i) managed accounts and (ii) certain investment limited
partnerships, of which a subsidiary of GS Group or Goldman Sachs is the general
partner or managing general partner, to the extent partnership interests in such
partnerships are held by person other than GS Group, Goldman Sachs or their
affiliates.
Page 7 of 9 Pages
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(c). Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See the response(s) to Item 5 on the attached cover
page(s).
(ii) Shared power to vote or direct the vote:
See the response(s) to Item 6 on the attached cover
page(s).
(iii) Sole power to dispose or to direct the disposition of:
See the response(s) to Item 7 on the attached cover
page(s).
(iv) Shared power to dispose or to direct the disposition of:
See the response(s) to Item 8 on the attached cover
page(s).
Includes currently exercisable options to purchase 3,000 Ordinary
Shares which are beneficially owned by The Goldman Sachs Group, L.P.
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.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
See Exhibit (2) as previously filed.
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
Not Applicable
Page 8 of 9 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 14, 1997
THE GOLDMAN SACHS GROUP, L.P. GOLDMAN, SACHS & CO.
By: The Goldman Sachs Corporation,
its general partner
By: /s/ Richard A. Friedman By: /s/ Richard A. Friedman
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Name: Richard A. Friedman Name: Richard A. Friedman
Title: Executive Vice President Title: Managing Director
GS CAPITAL PARTNERS, L.P. GS ADVISORS, L.P.
By: GS Advisors, L.P., By: GS Advisors, Inc.,
its general partner its general partner
By: GS Advisors, Inc.,
its general partner
By: /s/ Richard A Friedman By: /s/ Richard A. Friedman
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Name: Richard A. Friedman Name: Richard A. Friedman
Title: President Title: President
ADVISORY PARTNERS, L.P.
By: /s/ Richard A. Friedman
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Name: Richard A. Friedman
Title: General Partner
Page 9 of 9 Pages
