UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
ORION ENERGY SYSTEMS, INC.
--------------------------
(Name of Issuer)
Common Stock, $0.01 par value per share
---------------------------------------
(Title of Class of Securities)
686275108
-------------------
(CUSIP Number)
July 16, 2008
-------------------------------
(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 in 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).
Continued on following pages
Page 1 of 12 Pages
Exhibit Index: Page 11
SCHEDULE 13G
CUSIP No.: 686275108 Page 2 of 12 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
ANCHORAGE CAPITAL MASTER OFFSHORE, LTD.
98-0418059
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
.................................................................................
3.
SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Cayman Islands
.................................................................................
Number of 5. Sole Voting Power 1,460,403
Shares ...........................................................
Beneficially 6. Shared Voting Power 0
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 1,460,403
Person With ...........................................................
8. Shared Dispositive Power 0
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,460,403
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.41% based on 27,005,107 shares outstanding.
.................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 686275108 Page 3 of 12 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
ANCHORAGE ADVISORS, L.L.C.
20-0042271
.................................................................................
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
.................................................................................
Number of 5. Sole Voting Power 1,460,403
Shares ...........................................................
Beneficially 6. Shared Voting Power 0
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 1,460,403
Person With ...........................................................
8. Shared Dispositive Power 0
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,460,403
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.41% based on 27,005,107 shares outstanding.
.................................................................................
12. Type of Reporting Person:
OO, IA
SCHEDULE 13G
CUSIP No.: 686275108 Page 4 of 12 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
ANCHORAGE ADVISORS MANAGEMENT, L.L.C.
20-0042478
.................................................................................
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
.................................................................................
Number of 5. Sole Voting Power 1,460,403
Shares ...........................................................
Beneficially 6. Shared Voting Power 0
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 1,460,403
Person With ...........................................................
8. Shared Dispositive Power 0
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,460,403
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.41% based on 27,005,107 shares outstanding.
.................................................................................
12. Type of Reporting Person:
OO, HC
SCHEDULE 13G
CUSIP No.: 686275108 Page 5 of 12 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
ANTHONY L. DAVIS
.................................................................................
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 of America
.................................................................................
Number of 5. Sole Voting Power 1,460,403
Shares ...........................................................
Beneficially 6. Shared Voting Power 0
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 1,460,403
Person With ...........................................................
8. Shared Dispositive Power 0
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,460,403
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.41% based on 27,005,107 shares outstanding.
.................................................................................
12. Type of Reporting Person:
IN, HC
SCHEDULE 13G
CUSIP No.: 686275108 Page 6 of 12 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
KEVIN M. ULRICH
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Canada
.................................................................................
Number of 5. Sole Voting Power 1,460,403
Shares ...........................................................
Beneficially 6. Shared Voting Power 0
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 1,460,403
Person With ...........................................................
8. Shared Dispositive Power 0
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,460,403
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.41% based on 27,005,107 shares outstanding.
.................................................................................
12. Type of Reporting Person:
IN, HC
Page 7 of 12 Pages
Item 1(a). Name of Issuer:
Orion Energy Systems, Inc. (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices:
1204 Pilgrim Road, Plymouth, WI 53073
Item 2(a). Name of Person Filing:
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Anchorage Capital Master Offshore, Ltd. ("Anchorage
Offshore");
ii) Anchorage Advisors, L.L.C. ("Advisors");
iii) Anchorage Advisors Management, L.L.C. ("Management");
iv) Anthony L. Davis ("Mr. Davis"); and
v) Kevin M. Ulrich ("Mr. Ulrich").
This statement relates to Shares (as defined herein) held for
the account of Anchorage Offshore. Advisors is the investment advisor to
Anchorage Offshore. Management is the sole managing member of Advisors. Mr.
Davis is the President of Advisors and a managing member of Management, and Mr.
Ulrich is the Chief Executive Officer of Advisors and the other managing member
of Management.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of the
Reporting Persons is 610 Broadway, 6th Floor, New York, NY 10012.
Item 2(c). Citizenship:
1) Anchorage Offshore is a Cayman Islands exempted company
incorporated with limited liability;
2) Advisors is a Delaware limited liability company;
3) Management is a Delaware limited liability company;
4) Mr. Davis is a citizen of the United States of America; and
5) Mr. Ulrich is a citizen of Canada.
Page 8 of 12 Pages
Item 2(d). Title of Class of Securities:
Common Stock, $0.01 par value per share (the "Shares")
Item 2(e). CUSIP Number:
686275108
Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a). Amount Beneficially Owned:
As of the date hereof, each of the Reporting Persons may be
deemed beneficial owner of 1,460,403 Shares.
Item 4(b). Percent of Class:
The number of Shares of which the Reporting Persons may be
deemed to be the beneficial owner constitutes approximately 5.41% of the total
number of Shares outstanding (based upon information provided by the Issuer in
its most recently-filed annual report on Form 10-K, there were 27,005,107 Shares
outstanding as of June 13, 2008).
Item 4(c). Number of Shares of which such person has:
Anchorage Offshore:
------------------
(i) Sole power to vote or direct the vote: 1,460,403
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 1,460,403
(iv) Shared power to dispose or direct the disposition of: 0
Advisors:
--------
(i) Sole power to vote or direct the vote: 1,460,403
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 1,460,403
(iv) Shared power to dispose or direct the disposition of: 0
Management:
----------
(i) Sole power to vote or direct the vote: 1,460,403
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 1,460,403
(iv) Shared power to dispose or direct the disposition of: 0
Page 9 of 12 Pages
Mr. Davis:
---------
(i) Sole power to vote or direct the vote: 1,460,403
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 1,460,403
(iv) Shared power to dispose or direct the disposition of: 0
Mr. Ulrich:
----------
(i) Sole power to vote or direct the vote: 1,460,403
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 1,460,403
(iv) Shared power to dispose or direct the disposition of: 0
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
This Item 6 is not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company:
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group:
See disclosure in Item 2 hereof.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies that,
to the best of their 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 10 of 12 Pages
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.
ANCHORAGE CAPITAL MASTER OFFSHORE LTD.
Date: July 28, 2008
By: /s/ Kevin M. Ulrich
-------------------
Name: Kevin M. Ulrich
Title: Director
Date: July 28, 2008 ANCHORAGE ADVISORS, L.L.C.
By: Anchorage Advisors Management, L.L.C.,
its Managing Member
By: /s/ Anthony L. Davis
---------------------
Name: Anthony L. Davis
Title: Managing Member
Date: July 28, 2008 ANCHORAGE ADVISORS MANAGEMENT, L.L.C.
By: /s/ Anthony L. Davis
--------------------
Name: Anthony L. Davis
Title: Managing Member
Date: July 28, 2008 ANTHONY L. DAVIS
/s/ Anthony L Davis
-------------------
Date: July 28, 2008 KEVIN M. ULRICH
/s/ Kevin M. Ulrich
-------------------
Page 11 of 12 Pages
EXHIBIT INDEX
Ex. Page No.
--- --------
A Joint Filing Agreement, dated July 28, 2008 by and among
Reporting Persons....................................... 12
Page 12 of 12 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G with
respect to the Common Stock of Orion Energy Systems, Inc., Inc. dated as of July
28, 2008 is, and any amendments thereto (including amendments on Schedule 13D)
signed by each of the undersigned shall be, filed on behalf of each of us
pursuant to and in accordance with the provisions of Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended.
ANCHORAGE CAPITAL MASTER OFFSHORE LTD.
Date: July 28, 2008
By: /s/ Kevin M. Ulrich
-------------------
Name: Kevin M. Ulrich
Title: Director
Date: July 28, 2008 ANCHORAGE ADVISORS, L.L.C.
By: Anchorage Advisors Management, L.L.C.,
its Managing Member
By: /s/ Anthony L. Davis
---------------------
Name: Anthony L. Davis
Title: Managing Member
Date: July 28, 2008 ANCHORAGE ADVISORS MANAGEMENT, L.L.C.
By: /s/ Anthony L. Davis
--------------------
Name: Anthony L. Davis
Title: Managing Member
Date: July 28, 2008 ANTHONY L. DAVIS
/s/ Anthony L Davis
-------------------
Date: July 28, 2008 KEVIN M. ULRICH
/s/ Kevin M. Ulrich
-------------------