| FORM 3 | UNITED
STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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1. Name and
Address of Reporting Person*
(Street)
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2. Date of Event
Requiring Statement (Month/Day/Year) 11/14/2007 |
3. Issuer Name and
Ticker or Trading Symbol STERLING CHEMICALS INC [ schi ] | |||||||||||||
| 4. Relationship
of Reporting Person(s) to Issuer (Check all applicable)
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5. If Amendment, Date of Original
Filed (Month/Day/Year) | ||||||||||||||
6. Individual or Joint/Group Filing
(Check Applicable Line)
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| Table I - Non-Derivative Securities Beneficially Owned | |||
|---|---|---|---|
| 1. Title of Security (Instr. 4) | 2. Amount of Securities Beneficially Owned (Instr. 4) | 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) | 4. Nature of Indirect Beneficial Ownership (Instr. 5) |
| Common Stock | 392,952 | I | See Footnotes Nos. 1 and 2. ( 1 ) ( 2 ) |
| Table
II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||
|---|---|---|---|---|---|---|---|
| 1. Title of Derivative Security (Instr. 4) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) | 4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) | 6. Nature of Indirect Beneficial Ownership (Instr. 5) | ||
| Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
| Warrants | 12/31/2002 | 12/19/2008 | Common Stock | 39,118 | 52 | I | See Footnotes Nos. 1 and 2. ( 1 ) ( 2 ) |
| Explanation of Responses: |
| 1. The securities reported in this Form 3 are held directly by Avenue Investments, L.P., a private investment partnership, Avenue Special Situations Fund V, L.P., a private investment partnership, Avenue Special Situations Fund IV, L.P., a private investment partnership, Avenue Special Situations Fund II, L.P., a private investment partnership, Avenue-CDP Global Opportunities Fund, L.P., a private investment partnership, and Avenue International Master, L.P., a private investment partnership (collectively, the "Avenue Entities") - SEE FOOTNOTE NO. 2 FOR CONTINUATION. |
| 2. CONTINUATION OF FOOTNOTE NO. 1 - The Reporting Person is (i) the Managing Member of Avenue Capital Management II GenPar, LLC, which is the General Partner of Avenue Capital Management II, L.P., which is the registered investment adviser to each of the Avenue Entities and (ii) the Managing Member of each of the Managing Members of each of the general partners of the Avenue Entities. The Reporting Person is deemed to be the indirect beneficial owner of the securities reported by reason of his ability to direct the vote and/or disposition of such securities, and his pecuniary interest in such shares (within the meaning of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended) is a fractional interest in such amount. The Reporting Person disclaims beneficial ownership of any and all such amounts in excess of such actual pecuniary interest. |
| /s/Marc Lasry | 11/21/2007 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 5 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||