-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T4DLx6c6uBt5/CeSPTR2ddeRwQBU0l1tU7XK2o01YtM/fS8/WDK/QtEYCbCia0M5 ciC2jhJGBH6oynOo0auyYQ== 0000898432-09-000156.txt : 20090212 0000898432-09-000156.hdr.sgml : 20090212 20090212165613 ACCESSION NUMBER: 0000898432-09-000156 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20090212 DATE AS OF CHANGE: 20090212 GROUP MEMBERS: CHRISTOPHER WILSON GROUP MEMBERS: JOHN MOTULSKY GROUP MEMBERS: JONATHAN SACKS GROUP MEMBERS: PETER SISITSKY GROUP MEMBERS: STONEHILL ADVISERS HOLDINGS LP GROUP MEMBERS: STONEHILL ADVISERS LLC GROUP MEMBERS: STONEHILL CAPITAL MANAGEMENT LLC GROUP MEMBERS: STONEHILL GENERAL PARTNER LLC GROUP MEMBERS: STONEHILL MASTER FUND LTD. GROUP MEMBERS: STONEHILL OFFSHORE HOLDINGS LLC GROUP MEMBERS: STONEHILL OFFSHORE PARTNERS LIMITED GROUP MEMBERS: THOMAS VARKEY GROUP MEMBERS: WAYNE TEETSEL SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ZARLINK SEMICONDUCTOR INC CENTRAL INDEX KEY: 0000352435 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 FISCAL YEAR END: 0326 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-46559 FILM NUMBER: 09595725 BUSINESS ADDRESS: STREET 1: 400 MARCH ROAD STREET 2: OTTAWA CITY: ONTARIO CANADA STATE: A6 ZIP: K2K 3H4 BUSINESS PHONE: 6135920200 MAIL ADDRESS: STREET 1: 400 MARCH ROAD STREET 2: OTTAWA CITY: ONTARIO CANADA STATE: A6 ZIP: K2K 3H4 FORMER COMPANY: FORMER CONFORMED NAME: MITEL CORP DATE OF NAME CHANGE: 19960116 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STONEHILL INSTITUTIONAL PARTNERS LP CENTRAL INDEX KEY: 0001052161 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 110 EAST 59TH STREET CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2123555200 MAIL ADDRESS: STREET 1: 126 EAST 56TH STREET STREET 2: 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G/A 1 sc13g-a.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 13G/A
(Rule 13d-102)
 
(Amendment No. 1)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)


 

Zarlink Semiconductor Inc.

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

989139100

(CUSIP Number)

 

January 1, 2009

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

[  ]

Rule 13d-1(b)

 

[x]

Rule 13d-1(c)

 

[  ]

Rule 13d-1(d)

*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 the 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 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.  989139100

 

13G/A

 

Page 2 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

Stonehill Institutional Partners, L.P.

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

Delaware, USA

 

 

 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

2,392134

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

2,392134

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

2,392134

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

2.0%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

PN

   

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 3 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

Stonehill Offshore Partners Limited

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

Cayman Islands

 

 

 
 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

8,774,563

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

8,774,563

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

8,774,563

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

7.2%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

CO

   
         

 

 

 

 

 

CUSIP No. 989139100

 

13G/A

 

Page 4 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

Stonehill Advisers LLC

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b)  [ ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

Idaho, USA

 

 

    
 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

8,774,563

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

8,774,563

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

8,774,563

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

7.2%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

PN, HC

   
         

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 5 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

Stonehill Capital Management LLC

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

Delaware, USA

 

 

  

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

PN, HC

   
         

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 6 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

Stonehill General Partner, LLC

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a) [x]|

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

Delaware, USA

 

 

  

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

PN

   
         

 

 

 

 

 

CUSIP No. 989139100

 

13G/A

 

Page 7 of 20 Pages

 

 

 

 

 

 

1

 

NAME OF REPORTING PERSON:
 

Stonehill Master Fund Ltd.

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

Cayman Islands

 

 

  

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

8,774,563

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

8,774,563

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

8,774,563

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

7.2%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

CO

   
         

 


 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 8 of 20 Pages

 

 

 

 

 

 

1

 

NAME OF REPORTING PERSON:
 

Stonehill Offshore Holdings LLC

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

Delaware, USA

 

 

  

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

8,774,563

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

8,774,563

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

8,774,563

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

7.2%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

PN

   
       

 


 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 9 of 20 Pages

 

 

 

 

 

 

1

 

NAME OF REPORTING PERSON:
 

Stonehill Advisers Holdings LP

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

Delaware, USA

 

 

  

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

8,774,563

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

8,774,563

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

8,774,563

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

7.2%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

PN

   
         


 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 10 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

John Motulsky

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

USA

 

 

 
 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

IN, HC

   
         

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 11 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

Christopher Wilson

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

USA

 

 

  

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

IN, HC

   
         

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 12 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:
 

Wayne Teetsel

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

USA

 

 

 
 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

IN, HC

   
         

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 13 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:

Thomas Varkey

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

USA

 

 

 
 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

IN, HC

   
         

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 14 of 20 Pages

 

 

 

 

 
 

1

 

NAME OF REPORTING PERSON:

Jonathan Sacks

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a) [x]|

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

USA

 

 

    
 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

IN, HC

   
         

 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 15 of 20 Pages

 

 

 

 

 

 

1

 

NAME OF REPORTING PERSON:

Peter Sisitsky

 

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)  [x]

 

 

 

 

(b) [  ]

 

 

 

 

 

 

3

 

SEC USE ONLY

 

 

 

 

 

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

 

 

USA

 

 

    
 

 

 

5

 

SOLE VOTING POWER

NUMBER OF

 

 

 

0

SHARES

 

 

BENEFICIALLY

 

6

 

SHARED VOTING POWER

OWNED

 

 

 

11,166,697

BY

 

 

EACH

 

7

 

SOLE DISPOSITIVE POWER

REPORTING

 

 

 

0

PERSON

 

 

WITH:

 

8

 

SHARED DISPOSITIVE POWER

 

 

 

 

11,166,697

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

 

 

11,166,697

 

 

 

10

 

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

o

 

 

 

 

 

     

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

 

 

9.1%

 

 

 

12

 

TYPE OF REPORTING PERSON*

 

 

 

 

IN, HC

   
         


 

 

 

 

 

CUSIP No.  989139100

 

13G/A

 

Page 16 of 20 Pages

 

 

 

 

 

ITEM 1(a).      NAME OF ISSUER:

                        
Zarlink Semiconductor Inc.

ITEM 1(b).      ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

                         400 March Road, Ottawa, Canada K2K 3H4

ITEM 2(a).      NAME OF PERSON FILING:

                         This Schedule 13G/A is being filed on behalf of the following persons (the “Reporting Persons”):

 

(i)

 

Stonehill Institutional Partners, L.P. (“Partners”)

 

(ii)

 

Stonehill Offshore Partners Limited (“Offshore”)

 

(iii)

 

Stonehill Advisers LLC (“Advisers”)

 

(iv)

 

Stonehill Capital Management LLC (“Management”)

 

(v)

 

Stonehill General Partner, LLC (“GP”)

 

(vi)

 

Stonehill Master Fund Ltd. (“Master”)

 

(vii)

 

Stonehill Offshore Holdings LLC (“Offshore Holdings”)

 

(viii)

 

Stonehill Advisers Holdings LP (“Advisers Holdings”)

 

(ix)

 

John Motulsky (“Motulsky”)

 

(x)

 

Christopher Wilson (“Wilson”)

 

(xi)

 

Wayne Teetsel (“Teetsel”)

 

(xii)

 

Thomas Varkey (“Varkey”)

 

(xiii)

 

Jonathan Sacks (“Sacks”)

 

(xiv)

 

Peter Sisitsky (“Sisitsky”)


ITEM 2(b).      ADDRESS OF PRINCIPAL BUSINESS OFFICE:

                         c/o Stonehill Capital Management LLC
                         885 Third Avenue
                         30
th Floor
                         New York, NY 10022


 

 

 

 

 

CUSIP No. 989139100

 

13G/A

 

Page 17 of 20 Pages


ITEM 2(c).      CITIZENSHIP:

 

Partners:

Delaware limited partnership

 

 

Offshore:  

Cayman Islands exempted company

 
  Advisers:    

Idaho limited liability company

 
  Management:  

Delaware limited liability company

 
  GP:  

Delaware limited liability company

 
  Master:

Cayman Islands exempted company

 
  Offshore Holdings:

Delaware limited liability company

 
  Advisers Holdings:

Delaware limited partnership

 
  Motulsky:

US Citizen

 
  Wilson:

US Citizen

 
  Teetsel:   

US Citizen

 
  Varkey:

US Citizen

 
  Sacks:      

US Citizen

 
  Sisitsky:     

US Citizen

 

ITEM 2(d).     TITLE OF CLASS OF SECURITIES:

                         Common Stock

ITEM 2(e).      CUSIP Number:

                         9891391

ITEM 3.          IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS:    One of the following

                        Not applicable.

ITEM 4.         OWNERSHIP:

                        The information in items 1 and 5 through 11 on the cover pages (pp. 2 -11) on this Schedule 13G/A is hereby incorporated by reference.

ITEM 5.          OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

                         If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities check the following.     o

ITEM 6.          OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

                         Not applicable.



 

 

 

 

 

CUSIP No. 989139100

 

13G/A

 

Page 18 of 20 Pages


ITEM 7.          IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

                         Advisers is the investment adviser to Offshore. Management is the investment adviser to Master, Partners and Offshore.  Advisers Holdings is the sole member of Advisers. GP is the general partner of Partners. Motulsky, Wilson, Teetsel, Varkey, Sisitsky and Sacks are managing members of Offshore Holdings, GP and Management. Management is the general partner of Advisers Holdings.

ITEM 8.           IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP:

                         Partners, Offshore, Management, GP, Advisers, Master, Offshore Holdings, Advisers Holdings Motulsky, Wilson, Teetsel, Varkey, Sisitsky and Sacks.


ITEM 9.          NOTICE OF DISSOLUTION OF GROUP:

                         Not applicable.
 
 
 


  

 

 

 

 

 

CUSIP No. 989139100

 

13G/A

 

Page 19 of 20 Pages

 

ITEM 10.        CERTIFICATION

                         By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

                        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.

Dated:

 

February 12, 2009

STONEHILL INSTITUTIONAL PARTNERS, L.P.*

  

By:

/s/ John Motulsky

 

a Managing Member of Stonehill General Partner, LLC, its general partner

   

STONEHILL OFFSHORE PARTNERS LIMITED*

  

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, its investment adviser

   

STONEHILL ADVISERS LLC*

  

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, the general partner of Stonehill Advisers Holdings LP, its sole member

   

STONEHILL CAPITAL MANAGEMENT LLC*

  

By:

/s/ John Motulsky

 

a Managing Member

   

STONEHILL GENERAL PARTNER, LLC*

  

By:

/s/ John Motulsky

 

a Managing Member

   

Stonehill Master Fund Ltd. *

  

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, its investment adviser



 


 

 

 

 

 

 

CUSIP No. 989139100

 

13G/A

 

Page 20 of 20 Pages

 

Stonehill Offshore Holdings LLC * 

   

By:

/s/ John Motulsky

 

a Managing Member

Stonehill Advisers Holdings LP *

    

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, its general partner

  

JOHN MOTULSKY*

    

/s/ John Motulsky

  

CHRISTOPHER WILSON*

    

/s/ Christopher Wilson

  

WAYNE TEETSEL*

    

/s/ Wayne Teetsel

  

THOMAS VARKEY*

    

/s/ Thomas Varkey

  

JONATHAN SACKS*

     

/s/ Jonathan Sacks

   

PETER SISITSKY*

     

/s/ Peter Sisitsky


* The Reporting Persons disclaim beneficial ownership in the shares reported herein except to the extent of their pecuniary interest therein.


EXHIBIT 1
AGREEMENT OF JOINT FILING

Stonehill Institutional Partners, L.P., Stonehill Offshore Partners Limited, Stonehill Advisers LLC, Stonehill Capital Management LLC, Stonehill General Partner, LLC, Stonehill Master Fund Ltd., Stonehill Offshore Holdings LLC, Stonehill Advisers Holdings LP, John Motulsky, Christopher Wilson, Wayne Teetsel, Thomas Varkey, Peter Sisitsky and Jonathan Sacks hereby agree that the Statement on Schedule 13G/A to which this agreement is attached as an exhibit as well as all future amendments to such Statement, shall be filed jointly on behalf of each of them. This agreement is intended to satisfy the requirements of Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended.

Dated: February 12, 2009
 

STONEHILL INSTITUTIONAL PARTNERS, L.P.*

              

By:

/s/ John Motulsky

 

a Managing Member of Stonehill General Partner, LLC, its general partner

     

STONEHILL OFFSHORE PARTNERS LIMITED*

     

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, its investment adviser

     

STONEHILL ADVISERS LLC*

     

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, the general partner of Stonehill Advisers Holdings LP, its sole member

     

STONEHILL CAPITAL MANAGEMENT LLC*

     

By:

/s/ John Motulsky

 

a Managing Member

     

STONEHILL GENERAL PARTNER, LLC*

     

By:

/s/ John Motulsky

 

a Managing Member

     

Stonehill Master Fund Ltd. *

     

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, its investment adviser


 

 

 

 

 

CUSIP No. 989139100

 

13G/A

 

Page 20 of 20 Pages


 

Stonehill Offshore Holdings LLC *

   

By:

/s/ John Motulsky

 

a Managing Member

 

Stonehill Advisers Holdings LP *

   

By:

/s/ John Motulsky

 

a Managing Member of Stonehill Capital Management LLC, its general partner

 

JOHN MOTULSKY*

 
 

/s/ John Motulsky

 

CHRISTOPHER WILSON*

 

/s/ Christopher Wilson

 

WAYNE TEETSEL*

 

/s/ Wayne Teetsel

 

THOMAS VARKEY*

 

/s/ Thomas Varkey

 

JONATHAN SACKS*

 

/s/ Jonathan Sacks

 

PETER SISITSKY*

 

/s/ Peter Sisitsky



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