Sec Form 13D Filing - GOLDENTREE ASSET MANAGEMENT LP filing for California Resources Corp (CRC) - 2022-01-05

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)*

 

CALIFORNIA RESOURCES CORPORATION

(Name of Issuer)

 

Common Shares, $0.01 par value per share

(Title of Class of Securities)

 

13057Q305*

(CUSIP)

 

George Travers

GoldenTree Asset Management LP

300 Park Avenue, 21st Floor

New York, New York 10022

(212) 847-3500

(Name, address and telephone number of person authorized to receive notices and communications)

 

January 3, 2022

(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 that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 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 Rule 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).

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 2 of 10

 

 

1

NAME OF REPORTING PERSON

 

GoldenTree Asset Management LP

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

9,385,089 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

9,385,089

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

9,385,089

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

11.6% (2)

 
14

TYPE OF REPORTING PERSON

 

IA, PN

 

 

(1) Represents (i) 9,196,152 common shares, $0.01 par value per share (“Common Shares”) of the Issuer, and (ii) 188,937 Common Shares that would result from the exercise of 188,937 warrants of the Issuer entitling the holder thereof to purchase one Common Share at an exercise price of $36.00 per share (the “Warrants”).
(2) Calculated using a denominator of 80,581,834, the sum of (i) 80,392,897 Common Shares outstanding as of October 31, 2021, as reported on the Issuer’s Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2021 (the “Form 10-Q”) and (ii) 188,937 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 3 of 10

 

 

1

NAME OF REPORTING PERSON

 

GoldenTree Asset Management LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

9,385,089 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

9,385,089

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

9,385,089

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

11.6% (2)

 
14

TYPE OF REPORTING PERSON

 

HC, OO

 

 

(1) Represents (i) 9,196,152 Common Shares of the Issuer, and (ii) 188,937 Common Shares that would result from the exercise of 188,937 Warrants.
(2) Calculated using a denominator of  80,581,834, the sum of (i) 80,392,897 Common Shares outstanding, as reported on the Form 10-Q and (ii) 188,937 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 4 of 10

 

 

1

NAME OF REPORTING PERSON

 

Steven A. Tananbaum

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

9,385,089 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

9,385,089

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

9,385,089

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

11.6% (2)

 
14

TYPE OF REPORTING PERSON

 

HC, IN

 

 

(1) Represents (i) 9,196,152 Common Shares of the Issuer, and (ii) 188,937 Common Shares that would result from the exercise of 188,937 Warrants.
(2) Calculated using a denominator of 80,581,834, the sum of (i) 80,392,897 Common Shares outstanding, as reported on the Form 10-Q and (ii) 188,937 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 5 of 10

 

 

1

NAME OF REPORTING PERSON

 

GoldenTree Distressed Master Fund III LTD

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

3,698,461 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

3,698,461

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

3,698,461

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

4.6% (2)

 
14

TYPE OF REPORTING PERSON

 

CO

 

 

(1) Represents (i) 3,630,116 Common Shares of the Issuer, and (ii) 68,345 Common Shares that would result from the exercise of  68,345 Warrants.
(2) Calculated using a denominator of 80,581,834, the sum of (i) 80,392,897 Common Shares outstanding, as reported on the Form 10-Q and (ii) 188,937 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 6 of 10

 

 

ITEM 1. Security and Issuer.

 

This Amendment No. 9 to Schedule 13D (as so amended, the “Schedule 13D”) is being filed to amend the Schedule 13D originally filed with the SEC on November 6, 2020, as amended by Amendment No. 1 dated November 10, 2020, Amendment No. 2 dated May 20, 2021, Amendment No. 3 dated May 27, 2021, Amendment No. 4 dated June 11, 2021, Amendment No. 5 dated June 28, 2021, Amendment No. 6 dated August 26, 2021, Amendment No. 7 dated September 8, 2021, and Amendment No. 8, dated September 20, 2021, and relates to the common shares, $0.01 par value per share (the “Common Shares”), of California Resources Corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 27200 Tourney Road, Suite 200, Santa Clarita, California.

 

ITEM 2. Identity and Background.

 

No material change.

 

ITEM 3. Source and Amount of Funds or Other Consideration.

 

No material change.

 

ITEM 4. Purpose of Transaction.

 

No material change.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 7 of 10

 

 

ITEM 5. Interest in Securities of the Issuer.

 

Item 5 is amended and restated as follows:

 

(a) and (b) Items 7 through 11 and 13 of each of the cover pages of this Schedule 13D and Item 3 are incorporated herein by reference. Such information is calculated using a denominator of 80,581,834 the sum of (i) 80,392,897 Common Shares outstanding, as reported on the Form 10-Q and (ii) 188,937 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

(c) The information in Item 3 and Item 4 is incorporated herein by reference. The table below specifies that date, amount and price per Common Share sold by certain Funds and Managed Accounts during the 60-day period prior to January 5, 2022.

 

Trade Date   Amount of Common Shares   Price per Common Share
12/10/2021     26,685     $44.85  
12/10/2021     56,123     $44.89  
12/10/2021     2,600     $44.94  
12/13/2021     9,000     $44.04  
12/13/2021     1,659     $44.52  
12/27/2021     9,602     $43.52  
12/28/2021     6,316     $43.61  
12/30/2021     3,746     $43.57  
1/3/2022     180,354     $43.55  
 1/3/2022     3,800     $44.05  
1/4/2022     146,200     $44.59  

 

The table below specifies that date, amount and price per Common Share acquired by certain Funds and Managed Accounts during the 60-day period prior to January 5, 2022.

 

Trade Date   Amount of Common Shares   Price per Common Share
12/20/2021   6,900     $38.70  

 

Except as set forth in this Schedule 13D, there have been no transactions in the Common Shares of the Issuer effected during the past 60 days by any person named in Item 2 hereof.

 

  

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 8 of 10

 

 

(d) The disclosure in Item 2(c) of this Schedule 13D is incorporated by reference herein.

 

(e) As of January 5, 2021, DMF III is no longer a beneficial owner of more than 5% of the Common Shares of the Issuer.

 

ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

 

No material change.

 

   

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 9 of 10

 

 

ITEM 7.

Material to Be Filed as Exhibits.

 

Exhibit   Description
     
99.1  

Agreement Regarding the Joint Filing of Schedule 13D by and among the Reporting Persons (previously filed).

99.2   Form of Registration Rights Agreement between the Issuer, the Reporting Persons and certain other shareholders identified therein (incorporated by reference to Exhibit 10.1 of the Form 8-A12B)

 

 

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 10 of 10

 

 

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.

 

January 5, 2022

 

  GOLDENTREE ASSET MANAGEMENT LP  
     
  By: GoldenTree Asset Management LLC, its general partner  
     
  /s/ Steven A. Tananbaum  
  By: Steven A. Tananbaum  
  Title: Managing Member  
     
     
  GOLDENTREE ASSET MANAGEMENT LLC  
     
  /s/ Steven A. Tananbaum  
  By: Steven A. Tananbaum  
  Title: Managing Member  
     
     
  STEVEN A. TANANBAUM  
     
  /s/ Steven A. Tananbaum  
  Steven A. Tananbaum  
     
     
  GOLDENTREE DISTRESSED MASTER FUND III LTD  
     
  By: GoldenTree Asset Management LP, its investment advisor  
     
  /s/ Steven A. Tananbaum  
  By: Steven A. Tananbaum  
  Title: Authorized Person