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SCHEDULE 13D
(AMENDMENT NO. 8)
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)
March 17, 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
23,271,478 shares issuable upon conversion of
Senior Convertible Notes and Series A Preferred
Stock (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 23,271,478 shares issuable upon conversion of
Senior Convertible Notes and Series A Preferred
Stock (See Item 5)
---------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
27,799,228 shares issuable upon conversion of Senior Convertible
Notes and Series A Preferred Stock (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)
30.9% (see Item 5)
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
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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
4,527,750 shares issuable upon conversion of
Senior Convertible Notes and Series A Preferred
Stock (See Item 5)
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 4,527,750 shares issuable upon conversion of
Senior Convertible Notes and Series A Preferred
Stock (See Item 5)
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
27,799,228 shares issuable upon conversion of Senior Convertible
Notes and Series A Preferred Stock (See Item 5)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.9% (see Item 5)
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14 TYPE OF REPORTING PERSON*
PN
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This Amendment No. 8 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 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby supplemented by the following:
Pursuant to the Company's exchange offer, on March 17, 2006, each
Reporting Person exchanged all of its 4.75% Convertible Subordinated Notes due
2006 for 11.0% Senior Notes due 2011, 10.0% Senior Convertible Notes due 2011
("Senior Convertible Notes") and 9.0% Senior Series A Convertible Participating
Preferred Stock ("Series A Preferred Stock") of the Company. As a result of this
exchange,(i) Parkcentral Global Hub, Limited holds principal amount of
$9,621,600 of Senior Convertible Notes and 20,045 shares of Series A Preferred
Stock over which it has sole voting and dispositive power and (ii) Petrus
Securities, LP holds principal amount of $1,872,000 of Senior Convertible Notes
and 3,900 shares of Series A Preferred Stock over which it has sole voting and
dispositive power. Together, the Reporting Persons may be deemed to beneficially
own (i) principal amount of $11,493,600 of Senior Convertible Notes, which is
convertible into 17,682,466 shares of Common Stock (assuming shareholder
approval of an increase in the Company's authorized common stock) and (ii)
23,945 shares of Series A Preferred Stock, which is convertible into 10,116,763
shares of Common Stock.
Based upon the Form 10-K filed by the Company on March 23, 2006, as of
February 28, 2006, there were 62,112,307 shares of Common Stock outstanding.
Therefore, each Reporting Person may be deemed to be the beneficial owner of
securities representing 30.9% of the Common Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Item 6 is hereby amended and restated in its entirety as follows:
As of March 17, 2006, the Noteholders' Committee ceased to
function. As a consequence, the group for purposes of Rule 13d-5(b) that may
have been deemed to have been created thereby ceased to exist.
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 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement dated March 27, 2006.
2. Press release, dated March 20, 2006
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: March 27, 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
10099781.5
EXHIBIT INDEX
1. Joint Filing Agreement dated March 27, 2006.
2. Press release, dated March 20, 2006.
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 March 27, 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