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SCHEDULE 13D
(AMENDMENT NO. 7)
Under the Securities Exchange Act of 1934
PRG-SCHULTZ INTERNATIONAL, INC.
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(Name of Company)
Common Stock
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(Title of Class of Securities)
69357C107
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(CUSIP Number of Class of Securities)
Andre Weiss, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2431
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 1, 2006
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 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).
SCHEDULE 13D
CUSIP NO. 69357C107 PAGE 2 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Parkcentral Global Hub, Limited
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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*
See Item 3
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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7 SOLE VOTING POWER
2,589,793 shares issuable upon conversion of notes and
payable as shares of interest under the notes (see Item 5)
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 2,589,793 shares issuable upon conversion of notes and
payable as shares of interest under the notes (see Item 5)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,093,669 shares issuable upon conversion of notes and payable as
shares of interest under the notes (see Item 5)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
4.5% (see Item 5)
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
CUSIP NO. 69357C107 PAGE 3 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Petrus Securities, LP
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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*
See Item 3
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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7 SOLE VOTING POWER
503,876 shares issuable upon conversion of notes and
payable as shares of interest under the notes (see Item 5)
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 503,876 shares issuable upon conversion of notes and
payable as shares of interest under the notes (see Item 5)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,093,669 shares issuable upon conversion of notes and payable as
shares of interest under the notes (see Item 5)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
4.5% (see Item 5)
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14 TYPE OF REPORTING PERSON*
PN
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This Amendment No. 7 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission on December 21, 2005 by
Parkcentral Global Hub, Limited, a Bermuda Company and Petrus Securities, LP, a
Texas Limited Partnership (collectively, the "Reporting Persons"). This
amendment to the Schedule 13D relates to the shares of Common Stock (the
"Shares") of PRG-Schultz International, Inc., a Georgia corporation (the
"Company"). The following amendments to the Schedule 13D are hereby made. Unless
otherwise defined herein, all capitalized terms shall have the meanings ascribed
to them in the Schedule 13D.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby supplemented by the following:
On February 1, 2006, the Reporting Persons entered into an
Amended and Restated Restructuring Support Agreement (the "Amended and Restated
Restructuring Support Agreement") with the Company and the other members of the
Ad Hoc Committee, which provides, among other things, that the members of the Ad
Hoc Committee will vote their shares in favor of an amendment of the Company's
articles of incorporation to authorize 140 million shares of common stock. A
copy of the Amended and Restated Restructuring Support Agreement is attached as
an exhibit hereto and incorporated into this Item 4 by reference.
Except as set forth above, the Reporting Persons have no oral or
written agreements, understandings or arrangements with each other or any other
person relating to acquiring, holding, voting or disposing of any securities of
the Company or otherwise with respect to the Company.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5(c) of the Schedule 13D is hereby supplemented by the following:
On December 28, 2005, Petrus Securities, LP sold 133,970 Shares for a
price of $0.674 per Share in an open market transaction.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE COMPANY.
Item 6 of the Schedule 13D is hereby supplemented by the following:
The Amended and Restated Restructuring Support Agreement is
incorporated by reference into this Item 6.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement dated February 7, 2006.
2. Amended and Restated Restructuring Support Agreement, dated
February 1, 2006, among the Reporting Persons and the Company.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 7, 2006
PARKCENTRAL GLOBAL HUB LIMITED
By: /s/ DAVID RADUNSKY
------------------
Name: David Radunsky
Title: Chief Operating Officer
Parkcentral Capital Management, L.P.
Advisor to Parkcentral Global Hub Limited
PETRUS SECURITIES, LP
By: /s/ DAVID RADUNSKY
Name: David Radunsky
Title: Chief Operating Officer
EXHIBIT INDEX
1. Joint Filing Agreement dated February 7,2006.
2. Amended and Restated Restructuring Support Agreement, dated
February 1, 2006, among the Reporting Persons and the Company.
EXHIBIT 1
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this agreement
as an exhibit to this Schedule 13D to evidence the agreement of the below-named
parties, in accordance with the rules promulgated pursuant to the Securities
Exchange Act of 1934, to file this Schedule jointly on behalf of each such
party.
Dated as of February 7, 2006
PARKCENTRAL GLOBAL HUB LIMITED
By: /s/ DAVID RADUNSKY
------------------
Name: David Radunsky
Title: Chief Operating Officer
Parkcentral Capital Management, L.P.
Advisor to Parkcentral Global Hub Limited
PETRUS SECURITIES, LP
By: /s/ DAVID RADUNSKY
------------------
Name: David Radunsky
Title: Chief Operating Officer