UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
--------------------------------------------------------------------------------
(Title of Class of Securities)
741929103
---------
(CUSIP Number)
December 31, 2007
-----------------
(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 ("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).
Page 1 of 8
------------------- ------------------
CUSIP No. 741929103 13G Page 2 of 8 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 9,050,812* (see Item 4)
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
9,050,812* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,050,812* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.2%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 8
------------------- ------------------
CUSIP No. 741929103 13G Page 3 of 8 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investments, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 9,050,812* (see Item 4)
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
9,050,812* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,050,812* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.2%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 8
------------------- ------------------
CUSIP No. 741929103 13G Page 4 of 8 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 9,050,812* (see Item 4)
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
9,050,812* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,050,812* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.2%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 8
Item 1(a) Name of Issuer:
--------------
Primus Telecommunications Group, Incorporated
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
7901 Jones Branch Drive, Suite 900, McLean, VA 22102
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) CR Intrinsic Investors, LLC
("CR Intrinsic Investors") with respect to shares of common
stock, par value $0.01 per share ("Shares"), of the Issuer
beneficially owned by CR Intrinsic Investments, LLC ("CR
Intrinsic Investments"); (ii) CR Intrinsic Investments with
respect to Shares beneficially owned by it; and (iii) Steven
A. Cohen with respect to Shares beneficially owned by CR
Intrinsic Investors and CR Intrinsic Investments.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) CR
Intrinsic Investors and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902, and (ii) CR Intrinsic
Investments is Box 174, Mitchell House, The Valley,
Anguilla, BWI.
Item 2(c) Citizenship:
-----------
CR Intrinsic Investors is a Delaware limited liability
company. CR Instrinsic Investments is an Anguillan limited
liability company. Mr. Cohen is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, par value $0.01 per share
Item 2(e) CUSIP Number:
------------
741929103
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of October 31, 2007 as
reported on the
Page 5 of 8
Issuer's quarterly report on Form 10-Q filed with the
Securities and Exchange Commission for the quarterly period
ended September 30, 2007.
As of the close of business on December 31, 2007:
1. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: 9,050,812*
(b) Percent of class: 6.2%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 9,050,812*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
9,050,812*
2. CR Intrinsic Investments, LLC
(a) Amount beneficially owned: 9,050,812*
(b) Percent of class: 6.2%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 9,050,812*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
9,050,812*
3. Steven A. Cohen
(a) Amount beneficially owned: 9,050,812*
(b) Percent of class: 6.2%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 9,050,812*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
9,050,812*
*The number of Shares reported herein includes 2,600,812
Shares issuable upon conversion of $24.25 million aggregate
principal amount of the Issuer's 3 3/4% Convertible Notes
due September 15, 2010 held by CR Intrinsic Investments.
CR Intrinsic Investors and Mr. Cohen do not directly own any
Shares. Pursuant to an investment management agreement, CR
Intrinsic Investors maintains investment and voting power
with respect to the securities held by CR Intrinsic
Investments. Mr. Cohen controls CR Intrinsic Investors. By
reason of the provisions of Rule 13d-3 of the Securities
Exchange Act of 1934, as amended, CR Intrinsic Investors and
Mr. Cohen may be deemed to own beneficially 9,050,812*
Shares (constituting approximately 6.2%* of the Shares
outstanding). Each of CR Intrinsic Investors and Mr. Cohen
disclaim beneficial ownership of any of the securities
covered by this statement.
Page 6 of 8
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 person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
--------------------------------------------
of the Group:
------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his 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.
Page 7 of 8
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.
Dated: February 14, 2008
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTMENTS, LLC
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 8 of 8