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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
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
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 25, 2007
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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. 15670X104 PAGE 2 OF 6 PAGES
------------------------------ ------------------------------
--------------------------------------------------------------------------------
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]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,512,482
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,512,482
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,512,482
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
9.99%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
------------------------------ ------------------------------
CUSIP NO. 15670X104 PAGE 3 OF 6 PAGES
------------------------------ ------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Zimmerman
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,512,482
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,512,482
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,512,482
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
9.99%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
SCHEDULE 13D
------------------------------ ------------------------------
CUSIP NO. 15670X104 PAGE 4 OF 6 PAGES
------------------------------ ------------------------------
AMENDMENT NO. 5 TO SCHEDULE 13D
Reference is made to the Statement on Schedule 13D filed on July 10, 2006,
as amended on August 7, 2006, November 17, 2006, December 29, 2006, January 5,
2007 and February 13, 2007 (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 had, and anticipate having further, discussions
with the Company's Board of Directors, senior management and advisors regarding
the Reporting Persons' ideas to enhance shareholder value, including potentially
providing proposals for providing significant debt or equity financing or other
similar transaction.
In addition, the Reporting Persons intend to review their investment in
the Company on a continuing basis and may seek to influence or change the
Company's operations or business development plans, business strategy,
management or directors, competitive position, capital structure or capital
management policy, including, without limitation, through potential discussions
with management, directors, other shareholders and lenders, existing or
potential strategic partners or competitors of the Company, industry analysts,
investment and financing professionals and/or other third parties. Such matters
and discussions may materially affect, and result in, the Reporting Persons'
modifying their investment in the Company, exchanging information with any of
such persons pursuant to appropriate confidentiality or similar agreements or
otherwise, working together with any of such persons pursuant to joint
agreements or otherwise, proposing changes in the Company's operations,
governance, capitalization or strategic plans, or in proposing or engaging in
one or more other actions set forth under subsections (a) through (j) of Item 4
of Schedule 13D. Factors that may influence the Reporting Persons' actions
include, but are not limited to, their views regarding the Company's operations,
business strategy, prospects, financial position and/or strategic direction, the
outcome of the discussions and actions referenced herein, price levels of the
Common Stock, availability of funds and subsequent developments affecting the
Company.
SCHEDULE 13D
------------------------------ ------------------------------
CUSIP NO. 15670X104 PAGE 5 OF 6 PAGES
------------------------------ ------------------------------
PURPOSE OF TRANSACTION
Item 5 of the Schedule 13D is amended and restated as follows:
(a) Prentice Capital Management may be deemed to beneficially own, in the
aggregate, 4,512,482 Shares, representing 9.99% of the Company's outstanding
Shares (based upon 41,779,840 Shares outstanding as reported in the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ending May 26, 2007 filed
on July 24, 2007 and the amount of convertible securities beneficially owned by
the Reporting Persons). Mr. Zimmerman may be deemed to beneficially own, in the
aggregate, 4,512,482 Shares representing approximately 9.99% of the Company's
Shares. If the Blocker were not in place, as of the date hereof, each of
Prentice Capital Management and Mr. Zimmerman may be deemed to beneficially own,
in the aggregate, 189,328,221 Shares (representing 300 shares of Series B
Preferred Stock that are initially convertible into 2,000,000 Shares, 30 shares
of Series B1 Preferred Stock that are initially convertible into 200,000 Shares,
warrants to purchase 2,000,000 Shares at an exercise price of $1.35 per share,
warrants to purchase 3,053,358 Shares at an exercise price of $2.10 per share, a
Convertible Note in the initial aggregate principal amount of $76 million which
initial aggregate principal amount is convertible into 180,952,381 Shares
(without taking into account any capitalized interest) and 1,122,482 Shares).
(b) Prentice Capital Management and Michael Zimmerman have shared voting
power with respect to 4,512,482 Shares.
(c) Except as described herein, during the last sixty days there were no
transactions in the Common Stock effected by the Reporting Persons.
(d) The limited partners or shareholders of the private investment funds
and the entities for which Prentice Capital Management and Mr. Zimmerman manages
investments in managed accounts have the right to participate indirectly in the
receipt of dividends from, or proceeds from the sale of, the Shares in
accordance with their respective ownership interests in their respective funds.
SCHEDULE 13D
------------------------------ ------------------------------
CUSIP NO. 15670X104 PAGE 6 OF 6 PAGES
------------------------------ ------------------------------
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: October 25, 2007
PRENTICE CAPITAL MANAGEMENT, LP
By:/s/ Michael Weiss
-------------------------------
Name: Michael Weiss
Title: Chief Financial Officer
MICHAEL ZIMMERMAN
/s/ Michael Zimmerman
-------------------------------
Michael Zimmerman