SC 13D/A 1 p08-0688sc13da.txt HEXCEL CORPORATION SCHEDULE 13D/A (AMENDMENT NO. 4) Under the Securities Exchange Act of 1934 Hexcel Corporation ------------------------------------------------------------ (Name of Company) Common Stock ------------------------------------------------------------ (Title of Class of Securities) 428291108 ------------------------------------------------------------ (CUSIP Number of Class of Securities) Oscar S. Schafer O.S.S. Capital Management LP 598 Madison Avenue New York, NY 10022 (212) 756-8700 With a copy to: Marc Weingarten, Esq. and David Rosewater, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, NY 10022 (212) 756-2000 ------------------------------------------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 25, 2008 ------------------------------------------------------------ (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/A, and is filing this schedule because of ss.ss.240.13D -1(e), 240.13D/A-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/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 2 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) O.S.S. Capital Management LP -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------------------------------------------------------------------------------- 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 BENEFICALLY 5,285,900 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,285,900 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 5,285,900 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.5% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 3 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Oscar S. Schafer & Partners I LP -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[X] (b)[ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC -------------------------------------------------------------------------------- 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 BENEFICALLY 205,970 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 205,970 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 205,970 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.2% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 4 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Oscar S. Schafer & Partners II LP -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC -------------------------------------------------------------------------------- 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 BENEFICALLY 2,325,586 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 2,325,586 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 2,325,586 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.4% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 5 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) O.S.S. Overseas Fund Ltd. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 --------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICALLY 2,680,981 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 2,680,981 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 2,680,981 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.8% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 6 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) O.S.S. Advisors LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------------------------------------------------------------------------------- 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 BENEFICALLY 2,531,556 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 2,531,556 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 2,531,556 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.6% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 7 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Schafer Brothers LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------------------------------------------------------------------------------- 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 BENEFICALLY 5,285,900 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,285,900 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 5,285,900 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.5% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 8 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Oscar S. Schafer -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 --------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICALLY 5,285,900 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,285,900 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 5,285,900 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW [ ] (11) EXCLUDES CERTAIN SHARES* -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.5% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 9 OF 12 PAGES ----------------------------------- ------------------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Peter J. Grondin -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[X] (b)[ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 --------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICALLY 0 OWNED BY --------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 800 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 800 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW [ ] (11) EXCLUDES CERTAIN SHARES* -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.0% (see Item 5) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN -------------------------------------------------------------------------------- SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 10 OF 12 PAGES ----------------------------------- ------------------------------- ITEM 1. SECURITY AND ISSUER Pursuant to Rule 13D-2 promulgated under the Act, this Schedule 13D/A ("Amendment No. 4") amends the Schedule 13D filed on April 27, 2007 (the "Original 13D"), as amended by Amendment No. 1 dated July 25, 2007, Amendment No. 2 dated October 22, 2007 and Amendment No. 3 dated November 26, 2007. This Amendment No. 4 is being filed by O.S.S. Capital Management LP ("Investment Manager"), Oscar S. Schafer & Partners I LP, Oscar S. Schafer & Partners II LP, O.S.S. Overseas Fund Ltd., O.S.S. Advisors LLC, Schafer Brothers LLC, Oscar S. Schafer and Peter J. Grondin. Amendment No. 4 relates to the ordinary shares ("Shares") of Hexcel Corporation, a Delaware corporation (the "Company"). ITEM 4. PURPOSE OF TRANSACTION. Item 4 of the Original 13D, as heretofore amended, is being amended to include the following: On February 19, 2008, after considering the issue for more than two months, the Company informed the Investment Manager that it would be willing to nominate only one of the Investment Manager's three nominees to the board of directors of the Company (the "Board"). The Investment Manager immediately advised the Company's Board representative that this would not provide sufficient change in the composition of the Board and, on February 25, 2008, sent a letter to the Company advising that the Investment Manager had no alternative but to take its nominees directly to the Company's shareholders and to proceed with a proxy contest to elect all three of its nominees to the Board. A copy of the letter is attached hereto as Exhibit A and is incorporated by reference. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit A. Letter dated February 25, 2008 SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 11 OF 12 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: February 25, 2008 OSCAR S. SCHAFER By:/s/ Oscar S. Schafer ---------------------------- Oscar S. Schafer, individually O.S.S. CAPITAL MANAGEMENT LP By: Schafer Brothers LLC, as General Partner By:/s/ Oscar S. Schafer ---------------------------- Name: Oscar S. Schafer Title: Senior Managing Member OSCAR S. SCHAFER & PARTNERS I LP By: O.S.S. Advisors LLC, as General Partner By:/s/ Oscar S. Schafer ---------------------------- Name: Oscar S. Schafer Title: Senior Managing Member SCHEDULE 13D/A ----------------------------------- ------------------------------- CUSIP NO. 428291108 PAGE 12 OF 12 PAGES ----------------------------------- ------------------------------- OSCAR S. SCHAFER & PARTNERS II LP By: O.S.S. Advisors LLC, as General Partner By:/S/ Oscar S. Schafer ---------------------------- Name: Oscar S. Schafer Title: Senior Managing Member O.S.S. OVERSEAS FUND LTD. By:/s/ Oscar S. Schafer ---------------------------- Name: Oscar S. Schafer Title: Director O.S.S. ADVISORS LLC By:/s/ Oscar S. Schafer ---------------------------- Name: Oscar S. Schafer Title: Senior Managing Member SCHAFER BROTHERS LLC By:/s/ Oscar S. Schafer ---------------------------- Name: Oscar S. Schafer Title: Senior Managing Member PETER J. GRONDIN By:/s/ Peter J. Grondin ---------------------------- Peter J. Grondin, individually