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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Ascendia Brands, Inc.
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(Name of Company)
Common Stock, par value $0.001 per share
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(Title of Class of Securities)
15670X104
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(CUSIP Number of Class of Securities)
Mathew Hoffman, Esq. Eleazer Klein, Esq.
Prentice Capital Management, LP Schulte Roth & Zabel LLP
623 Fifth Avenue, 32nd Floor 919 Third Avenue
New York, NY 10022 New York, NY 10022
(212) 756-8040 (212) 756-2376
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 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
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CUSIP NO. 15670X104 PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Prentice Capital Management, LP
73-1728931
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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*
WC (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
Delaware
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
3,322,482
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
3,322,482
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,322,482
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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)
23.9%
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP NO. 15670X104 PAGE 3 OF 5 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Zimmerman
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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*
WC (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
Delaware
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
3,322,482
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
3,322,482
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,322,482
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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)
23.9%
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14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
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CUSIP NO. 15670X104 PAGE 4 OF 5 PAGES
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AMENDMENT NO. 2 TO SCHEDULE 13D
Reference is made to the Statement on Schedule 13D filed on July 10,
2006, as amended on August 7, 2006 (the "Schedule 13D"), on behalf of Prentice
Capital Management, LP ("Prentice Capital Management") and Michael Zimmerman
("Mr. Zimmerman" and, together with Prentice Capital Management, the "Reporting
Persons"), relating to the Common Stock, par value $0.001 per share, of Ascendia
Brands, Inc., a Delaware corporation (the "Company"). Unless the context
otherwise requires, references herein to the "Shares" are to the Common Stock of
the Company. Capitalized terms used herein and not otherwise defined have the
meanings given to them in the Schedule 13D.
The Reporting Persons are making this single, joint filing because they
may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of
the Act. Each of Prentice Capital Management and Mr. Zimmerman disclaims
beneficial ownership of all of the Shares reported in this Schedule 13D.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended to include the following:
The Reporting Persons have entered into discussions with the Company
about potentially providing or back-stopping the financing in connection with
the Acquisition (as defined in the Notes), and, in connection therewith, the
Reporting Persons are discussing with the Company a potential restructuring of
the terms of the securities, including any Shares, Notes and Warrants of the
Company held by the Reporting Persons.
In addition, the Series B Warrant has been amended to provide that the
Series B Warrant is exercisable on any day on or after the earlier of (x) the
date of the consummation of the Acquisition or (y) November 30, 2006.
SCHEDULE 13D
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CUSIP NO. 15670X104 PAGE 5 OF 5 PAGES
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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: November 17, 2006
PRENTICE CAPITAL MANAGEMENT, LP
By: /s/ MICHAEL WEISS
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Name: Michael Weiss
Title: Chief Financial Officer
MICHAEL ZIMMERMAN
/s/ MICHAEL ZIMMERMAN
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Michael Zimmerman