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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
TRANSIT GROUP, INC.
(Name of Issuer)
Common Stock, par value 893691105
$.01 per share
(Title of class of securities) (CUSIP number)
Barbara J. Gould
GE Capital Equity Investments, Inc.
120 Long Ridge Road
Stamford, Connecticut 06927
(203) 357-4000
(Name, address and telephone number of person authorized to receive notices and
communications)
December 18, 2001
(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 [_].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting 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.)
Note: When filing this statement in paper format, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 23 Pages)
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NY2:\1118967\02\NZ#F02!.DOC\47660.1654
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CUSIP No. 893691105 13D Page 2
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1 NAME OF REPORTING PERSON: GE Capital Equity Investments, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. 06-1268495
OF ABOVE PERSON:
------------------- ----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC
------------------- ----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------------------------ ------- ---------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: N/A
SHARES
------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 123,422,990
OWNED BY
------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: N/A
REPORTING
------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 123,422,990
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 123,422,990
------------------- ----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 79.4%
(See Item 5 of
Schedule 13D
filed April 24,
2001)
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14 TYPE OF REPORTING PERSON: CO
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2
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CUSIP No. 893691105 13D Page 3
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1 NAME OF REPORTING PERSON: General Electric Capital Corporation
S.S. OR I.R.S. IDENTIFICATION NO. 13-1500700
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
------------------- ----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- ----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC
------------------- ----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------------------------ ------- ---------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 17,601,276 (See Item 5 of Schedule 13D filed
SHARES April 24, 2001)
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BENEFICIALLY 8 SHARED VOTING POWER: 123,422,990
OWNED BY
------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 17,601,276 (See Item 5 of Schedule 13D filed
REPORTING April 24, 2001))
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 123,422,990
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 141,024,266 (See Item 5 of Schedule 13D filed
April 24, 2001))
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 81.5%
(See Item 5 of
Schedule 13D
filed April 24,
2001))
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14 TYPE OF REPORTING PERSON: CO
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3
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CUSIP No. 893691105 13D Page 4
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1 NAME OF REPORTING PERSON: General Electric Capital Services, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. 06-1109503
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: Disclaimed (See 11 Below)
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: Disclaimed (See 11 Below)
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: Disclaimed (See 11 Below)
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: Disclaimed (See 11 Below)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: Beneficial Ownership of all shares disclaimed
by General Electric Capital Services, Inc.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): Not Applicable (See
11 Above)
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14 TYPE OF REPORTING PERSON: CO
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4
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CUSIP No. 893691105 13D Page 5
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1 NAME OF REPORTING PERSON: General Electric Company
S.S. OR I.R.S. IDENTIFICATION NO. 14-0689340
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
------------------- ----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: New York
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NUMBER OF 7 SOLE VOTING POWER: Disclaimed (See 11 Below)
SHARES
------- ---------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: Disclaimed (See 11 Below)
OWNED BY
------- ---------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: Disclaimed (See 11 Below)
REPORTING
------- ---------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: Disclaimed (See 11 Below)
------------------- ----------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: Beneficial Ownership of all shares disclaimed
by General Electric Company
------------------- ----------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------- ----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): Not Applicable (See
11 Above)
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14 TYPE OF REPORTING PERSON: CO
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5
This Amendment No. 1 amends the Schedule 13D filed April 24,
2001 and is filed by GE Capital Equity Investments, Inc. (GECEI), General
Electric Capital Corporation (GE Capital), General Electric Capital Services,
Inc. (GECS) and General Electric Company (GE) (collectively, the "Reporting
Persons"), with respect to the Common Stock, par value $.01 per share ( the
"Common Stock"), of Transit Group, Inc., a Florida corporation ( the "Company").
Item 2 Identity and Background
Item 2 is amended as follows:
GE Capital is a Delaware corporation.
For information with respect to the identity and background of
each executive officer and director of GE, see Schedule I.
During the last five years GE, nor, to the best of its
knowledge, any person identified in Schedule I has been (i) convicted of any
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to federal or state securities laws or finding
any violation with respect to such laws.
Item 4. Purpose of Transaction
Item 4 is supplemented as follows:
On December 17, 2001, GE Capital delivered a draft term sheet
to T. Wayne Davis, a shareholder of the Company and its Chairman of the Board,
and to representatives of certain Davis family trusts, describing a transaction
in which a newly formed entity controlled by a third party investor or GE
Capital would acquire, as part of the Company's reorganization pursuant to
Chapter 11 of the U.S. Bankruptcy Code, all of the outstanding stock
(representing approximately 35% of the authorized stock) of the reorganized
Company for approximately $7.5 million. The term sheet, representing a
preliminary non-binding proposal, contemplates, among other things, that
pursuant to the plan of reorganization: (i) all existing outstanding equity of
the Company (including warrants and options) would receive no distribution and
would be cancelled; (ii) warrants exercisable for approximately 40% of the
reorganized Company's authorized stock would be issued to various lenders,
including GE Capital; (iii) 5% of the reorganized Company's authorized stock
would be reserved for employee stock options issued post-bankruptcy and
post-confirmation; and (iv) 20% of the reorganized Company's authorized stock
would be reserved for issuances for working capital and other needs
post-bankruptcy and post-confirmation. A copy of the term sheet is filed
herewith as Exhibit 1 and incorporated herein by reference. Since delivering the
term sheet, GE Capital has had discussions with Mr. Davis and representatives of
the trusts regarding the proposal and the reorganization of the Company and its
subsidiaries. GE Capital may continue these discussions and may also have
discussions with management of the Company concerning the proposal and the
reorganization of the Company.
11
The proposal is only a preliminary outline of the potential
terms of a transaction. All or any of the terms outlined in the proposal,
including those relating to the capital structure of the reorganized Company,
may be revised, deleted or supplemented. GE Capital and GECEI expect to continue
to evaluate on an ongoing basis the Company's financial condition, business,
operations and prospects, the market price of the Common Stock, general economic
and industry conditions and other factors. Accordingly, GE Capital reserves the
right to change its plans and intentions at any time, as it deems appropriate,
and may or may not continue or have discussions with Mr. Davis, representatives
of the Davis family trusts, or representatives of the Company, or submit a new
or revised proposal, or terminate any proposal with respect to the Company. In
particular, GE Capital and GECEI may at any time or from time to time, acquire
additional securities of the Company or dispose of all or a portion of any
securities of the Company.
On December 28, 2001, Company and certain of its subsidiaries
filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy
Code. GE Capital is providing the Company with a debtor-in-possession (DIP)
financing facility of up to $7 million.
Item 5. Interest in Securities of the Issuer
Item 5 is supplemented as follows:
Except as disclosed in Item 5(a) and in Item 3 of the Schedule
13D filed April 24, 2001, none of GECEI, GE Capital, GECS, GE, nor, to the best
of their knowledge, any of their executive officers and directors, beneficially
owns any securities of the Company or presently has a right to acquire any
securities of the Company.
Item 6. Contracts, Agreements, Understandings or Relationships with respect
to Securities of the Issuer
Item 6 is supplemented as follows:
The information contained in Item 4 of this statement is
specifically incorporated herein by reference.
Except as described above, there are no contracts,
arrangements, understandings or relationships with respect to any securities of
the Company (a) among the Reporting Persons and, to the best of their knowledge,
any of the other persons identified pursuant to Item 2 above and (b) between (i)
the Reporting Persons and, to the best of their knowledge, any of the persons
identified pursuant to Item 2 above and (ii) any other person, other than the
agreement filed herewith as Exhibit 1.
Item 7. Material to be Filed as Exhibits
Exhibit 1 Term Sheet
Exhibit 2 Joint Filing Agreement by and among GE,
GECS, GE Capital and GECEI, dated February
6, 2002.
12
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.
GE CAPITAL EQUITY INVESTMENTS, INC.
By: /s/ Barbara J. Gould
--------------------------------------------
Name: Barbara J. Gould
Title: Managing Director, Associate
General Counsel and Assistant Secretary
Dated: February 6, 2002
13
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.
GENERAL ELECTRIC CAPITAL CORPORATION
By: /s/ Barbara J. Gould
--------------------------------------------
Name: Barbara J. Gould
Title: Department Operations Manager
Dated: February 6, 2002
14
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.
GENERAL ELECTRIC CAPITAL SERVICES, INC.
By: /s/ Barbara J. Gould
--------------------------------------------
Name: Barbara J. Gould
Title: Attorney-in-Fact*
Dated: February 6, 2002
* Power of attorney, dated as of February 22, 2000, by General Electric
Capital Services, Inc., is hereby incorporated by reference to Schedule
13D for Luxtec Corporation, filed March 12, 2001 by GE Capital Equity
Investments, Inc.
15
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.
GENERAL ELECTRIC COMPANY
By: /s/ Barbara J. Gould
------------------------------------------
Name: Barbara J. Gould
Title: Attorney-in-Fact*
Dated: February 6, 2002
* Power of attorney, dated as of February 22, 2000, by General Electric
Company is hereby incorporated by reference to Schedule 13D for Luxtec
Corporation, filed March 12, 2001 by GE Capital Equity Investments,
Inc.
16
SCHEDULE I TO AMENDMENT NO. 1 TO SCHEDULE 13D
---------------------------------------------
Filed by General Electric Company
GENERAL ELECTRIC COMPANY
DIRECTORS AND EXECUTIVE OFFICERS
--------------------------------
PRESENT PRESENT
BUSINESS PRINCIPAL
NAME ADDRESS OCCUPATION
---- ------- ----------
Directors
---------
J. .I. Cash, Jr. Harvard Business School Professor of Business
Morgan Hall Administration-Graduate School of
Soldiers Field Road Business Administration, Harvard
Boston, MA 02163 University
S.S. Cathcart 222 Wisconsin Avenue Retired Chairman, Illinois
Suite 103 Tool Works
Lake Forest, IL 60045
D.D. Dammerman General Electric Company Vice-Chairman of the Board and Executive
3135 Easton Turnpike Officer, General Electric Company;
Fairfield, CT 06431 Chairman, General Electric Capital
Services, Inc.
P. Fresco Fiat SpA Chairman of the Board, Fiat SpA
Via Nizza 250
10126 Torino, Italy
A.M. Fudge 4 Lowlyn Road Former Executive Vice President, Kraft
Westport, CT 06880 Foods, Inc.
C.X. Gonzalez Kimberly-Clark de Mexico, Chairman of the Board and Chief
S.A. de C.V. Executive Officer, Kimberly-Clark de
Jose Luis Lagrange 103, Mexico, S.A. de C.V.
Tercero Piso
Colonia Los Morales
Mexico, D.F. 11510, Mexico
J. R. Immelt General Electric Company Chairman of the Board and Chief
3135 Easton Turnpike Executive Officer, General Electric
Fairfield, CT 06431 Company
A. Jung Avon Products, Inc. Chairman and Chief Executive Officer,
1345 Avenue of the Americas Avon Products, Inc.
New York, NY 10105
Fairfield, CT 06431
K.G. Langone Invemed Associates, Inc. Chairman, President and Chief Executive
375 Park Avenue Officer, Invemed Associates, Inc.
New York, NY 10152
17
PRESENT PRESENT
BUSINESS PRINCIPAL
NAME ADDRESS OCCUPATION
---- ------- ----------
R.B. Lazarus Ogilvy & Mather Worldwide Chairman, President and Chief Executive
309 West 49th Street Officer
New York, NY 10019-7316
S.G. McNealy Sun Microsystems, Inc. Chairman, President and Chief Executive
901 San Antonio Road Officer, Sun Microsystems, Inc.
Palo Alto, CA 94303-4900
G.G. Michelson Federated Department Stores Former Member of the Board of Directors,
151 West 34th Street Federated Department Stores
New York, NY 10001
S. Nunn King & Spalding Partner, King & Spalding
191 Peachtree Street, N.E.
Atlanta, GA 30303
R.S. Penske Penske Corporation Chairman of the Board and President,
13400 Outer Drive, West Penske Corporation
Detroit, MI 48239-4001
F.H.T. Rhodes Cornell University President Emeritus,
3104 Snee Building Cornell University
Ithaca, NY 14853
G.L. Rogers General Electric Company Vice Chairman of the Board and Executive
3135 Easton Turnpike Officer, General Electric Company
Fairfield, CT 06431
A.C. Sigler Champion International Corporation Retired Chairman of the Board, CEO and
1 Champion Plaza former Director, Champion International
Stamford, CT 06921 Corporation
D.A. Warner III J.P. Morgan & Co., The Chase Manhattan Retired Chairman of the Board
Bank and Morgan Guaranty Trust Co.
of New York
345 Park Avenue
New York, NY 10154
R.C. Wright National Broadcasting Company, Inc. Vice Chairman of the Board and Executive
30 Rockefeller Plaza Officer, General Electric Company;
New York, NY 10112 Chairman and Chief Executive Officer,
National Broadcasting Company, Inc.
Officers
--------
J. R. Immelt General Electric Company Chairman of the Board and Chief
3135 Easton Turnpike Executive Officer
Fairfield, CT 06431
D.C. Calhoun General Electric Company Senior Vice President -
1 Neumann Way GE Aircraft Engines
Cincinnati, OH 05215
18
PRESENT PRESENT
BUSINESS PRINCIPAL
NAME ADDRESS OCCUPATION
---- ------- ----------
W.J. Conaty General Electric Company Senior Vice President - Human Resources
3135 Easton Turnpike
Fairfield, CT 06431
J.R. Bunt General Electric Company Vice President and Treasurer
3135 Easton Turnpike
Fairfield, CT 06431
D.D. Dammerman General Electric Company Vice Chairman of the Board and
3135 Easton Turnpike Executive Officer, General Electric
Fairfield, CT 06431 Company; Chairman, General Electric
Capital Services, Inc.
B.W. Heineman, Jr. General Electric Company Senior Vice President - General Counsel
3135 Easton Turnpike and Secretary
Fairfield, CT 06431
R.W. Nelson General Electric Company Vice President - Corporate Financial
3135 Easton Turnpike Planning and Analysis
Fairfield, CT 06431
G.M. Reiner General Electric Company Senior Vice President - Chief Information
3135 Easton Turnpike Officer
Fairfield, CT 06431
G.L. Rogers General Electric Company Vice Chairman of the Board and Executive
3135 Easton Turnpike Officer
Fairfield, CT 06431
L.G. Trotter General Electric Company Senior Vice President - GE Industrial
41 Woodward Avenue Systems
Plainville, CT 06062
P.D. Ameen General Electric Company Vice President and Comptroller
3135 Easton Turnpike
Fairfield, CT 06431
J.P. Campbell General Electric Company Vice President - GE Appliances
Appliance Park
Louisville, KY 40225
S.C. Donnelly General Electric Company Senior Vice President - Corporate
One Research Circle Research and Development
Niskayuna, NY 12309
M.J. Espe General Electric Company Senior Vice President - GE Lighting
Nela Park
Cleveland, OH 44112
Y. Fujimori General Electric Company Senior Vice President - GE Plastics
1 Plastics Avenue
Pittsfield, MA 01201
J.M. Hogan General Electric Company Senior Vice President - GE Medical
P.O. Box 414 Systems
Milwaukee, WI 53201
19
PRESENT PRESENT
BUSINESS PRINCIPAL
NAME ADDRESS OCCUPATION
---- ------- ----------
R. A. Jeffe General Electric Company Senior Vice President - Corporate
3135 Easton Turnpike Business Development
Fairfield, CT 06431
J. Krenicki, Jr. General Electric Company Vice President - GE Transportation
2901 East Lake Road Systems
Erie, PA 16531
J.G. Rice General Electric Company Senior Vice President - GE Power Systems
1 River Road
Schenectady, NY 12345
K.S. Sherin General Electric Company Senior Vice President - GE Industrial
3135 Easton Turnpike Systems
Fairfield, CT 06431
W.A. Woodburn General Electric Company Senior Vice President - GE Specialty
3135 Easton Turnpike materials
Fairfield, CT 06431
R.C. Wright National Broadcasting Company, Inc. Vice Chairman of the Board and Executive
30 Rockefeller Plaza Officer, General Electric Company;
New York, NY 10112 Chairman and Chief Executive Officer,
National Broadcasting Company, Inc.
Citizenship
-----------
P. Fresco Italy
C.X. Gonzalez Mexico
Andrea Jung Canada
Yoshiaki Fujimori Japan
All Others USA
20
EXHIBIT INDEX
Exhibit No.
-----------
Exhibit 1 Term Sheet
Exhibit 2 Joint Filing Agreement by and among GE, GECS, GE
Capital and GECEI, dated February 6, 2002.
21