TCR_Public/050604.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

           Saturday, June 4, 2005, Vol. 9, No. 131

                          Headlines

ADELPHIA COMMS: Posts $43 Million Net Loss in April 2005
ADELPHIA COMMS: Century/ML's April 2005 Monthly Operating Report
COMMERCE ONE: Posts $67,911 Net Loss in April 2005
COVANTA WTE: Posts $101,133 Net Loss in March 2005
FASTNET CORP: Files Jan. to Mar. 2005 Monthly Operating Reports

FEDERAL-MOGUL: Posts $9.7 Million Net Loss in April 2005
KAISER ALUMINUM: Earns $375 Million of Net Income in April 2005
MIIX GROUP: Posts $367,178 Cumulative Net Loss in April 2005
NEWPOWER HOLDINGS: Files April 2005 Monthly Operating Report
OWENS CORNING: Posts $3.4 Billion Net Loss in March 2005

SOUTHERN INVESTORS: Posts $3.3 Million Net Loss for 23-Day Period
TOWER AUTOMOTIVE: Posts $11 Million Net Loss in April 2005
TRENWICK AMERICA: Reports $280,975 Net Profit in April 2005
UAL CORP: Posts $124 Million Net Loss in April 2005
US AIRWAYS: Posts $30.6 Million Net Loss in April 2005

                          *********

ADELPHIA COMMS: Posts $43 Million Net Loss in April 2005
--------------------------------------------------------

             Adelphia Communications Corporation, et al.
                Unaudited Consolidated Balance Sheet
                        As of April 30, 2005
                       (Dollars in thousands)

                               ASSETS

Cash and cash equivalents                              $327,761
Restricted cash                                          25,333
Accounts receivables - net                              104,146
Other current assets                                    173,054
                                                    -----------
Total current assets                                    630,294

Restricted cash                                           3,092
Investments in equity affiliates                        225,794
Related party receivables                                24,770
Property, plant and equipment - net                   4,256,730
Intangible assets - net                               7,426,403
Other noncurrent assets - net                            90,086
                                                    -----------
Total Assets                                        $12,657,169
                                                    ===========

                LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                       $150,225
Subscriber advance payments and deposits                 31,370
Accrued and other liabilities                           412,955
Deferred revenue                                         28,027
Current portion of parent and subsidiary debt           651,795
                                                    -----------
Total current liabilities                             1,274,372

Other liabilities                                       119,017
Deferred revenue                                         77,501
Deferred income taxes                                   697,626
                                                    -----------
Total noncurrent liabilities                            894,144

Liabilities subject to compromise                    18,354,376
                                                    -----------
Total liabilities                                    20,522,892

Minority interests                                       88,189

Stockholders' equity:
    Series preferred stock                                  397
    Class A and Class B common stock                      2,548
    Additional paid-in capital                        9,567,026
    Accumulated other comprehensive loss                    801
    Accumulated deficit                             (16,721,290)
    Treasury stock, at cost                             (27,937)
                                                    -----------
Total                                                (7,178,455)

Amounts due from Rigas family entities                 (775,457)
                                                    -----------
Total stockholders' equity                           (7,953,912)
                                                    -----------
Total liabilities and stockholders' equity          $12,657,169
                                                    ===========


             Adelphia Communications Corporation, et al.
           Unaudited Consolidated Statements of Operations
                     Month Ended April 30, 2005
                       (Dollars in thousands)

Revenue                                                $347,499
Cost and expenses:
    Direct operating and programming                    206,049
    Selling, general and administrative                  31,376
    Investigation and re-audit fees                       3,800
    Depreciation and amortization                        81,885
    Impairment of long-lived and other assets                 -
    Gains on dispositions of long-lived assets                4
                                                    -----------
Operating income (loss)                                  24,385

Other income (expense):
    Interest expense                                    (58,121)
    Impairment of cost & available for sale investments       -
    Other income (expense) - net                            115
                                                    -----------
       Total other expense - net                        (58,006)
                                                    -----------
Loss from continuing operations before reorganization   (33,621)

Reorganization expenses due to bankruptcy                (9,486)
                                                    -----------
Loss from continuing operations before income taxes     (43,107)
Income tax (expense) benefit                                  -
Share of losses of equity affiliates - net                 (712)
Minority's interest in subsidiary losses - net              727
                                                    -----------
Net loss                                                (43,092)
                                                    ===========


             Adelphia Communications Corporation, et al.
           Unaudited Consolidated Statements of Cash Flows
                     Month Ended April 30, 2005
                       (Dollars in thousands)

Cash flows from operating activities:
    Net loss                                           ($43,092)
    Adjustments to reconcile net loss to net cash
    provided by (used in) operating activities:
       Depreciation and amortization                     81,885
       Gains on dispositions of long-lived assets             4
       Amortization of debt issuance costs               17,219
       Impairment of cost & available for sale investments    -
       Reorganization expenses due to bankruptcy          9,486
       Deferred tax expense (benefit)                         -
       Share in losses of equity affiliates - net           712
       Minority interest in losses of subsidiaries         (727)
       Depreciation, amortization and other non-cash
          items from discontinued operations                  -
       Change in operating assets & liabilities          (8,521)
                                                    -----------
Net cash provided by operating activities before
payment of reorganization expenses                       56,966

Reorganization expenses paid during the period           (8,758)
                                                    -----------
Net cash provided by (used in) operating activities      48,208

Cash flows from investing activities:
    Expenditures for property, plant and equipment      (57,989)
    Changes in restricted cash                            3,318
    Other                                                 3,567
                                                    -----------
Net cash used in investing activities                   (51,104)

Cash flows from financing activities:
    Proceeds from debt                                   17,000
    Repayments of debt                                   (1,631)
    Payment of debt issuance costs                            -
                                                    -----------
Net cash provided by financing activities                15,369

Change in cash and cash equivalents cash                 12,473

Cash, beginning of period                               315,288
                                                    -----------
Cash, end of period                                    $327,761
                                                    ===========

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr & Gallagher
represents the ACOM Debtors.  (Adelphia Bankruptcy News, Issue No.
94; Bankruptcy Creditors' Service, Inc., 215/945-7000)


ADELPHIA COMMS: Century/ML's April 2005 Monthly Operating Report
----------------------------------------------------------------

                      Century-ML Cable Venture
                       (Debtor-In-Possession)
                      Unaudited Balance Sheet
                       As of April 30, 2005
                       (Dollars in thousands)

                                ASSETS

Cash and cash equivalents                               $19,205
Subscriber receivables, net                                 259
Investment in Century-ML Corporation                    140,873
Related-party receivables                                   231
Other current assets                                        299
                                                       --------
Total current assets                                    160,867

Property, plant and equipment, net                        6,019
Intangible assets, net                                    1,528
                                                       --------
     Total assets                                      $168,414
                                                       ========

                LIABILITIES AND STOCKHOLDERS' EQUITY

Subscriber advance payments and deposits                    $95
Accrued expenses and other liabilities                    2,136
Intercompany payables                                     2,938
                                                       --------
Total current liabilities                                 5,169
                                                       --------

Long-term accrued and other liabilities                      16
Deferred revenues                                           134
Deferred income taxes                                        45
                                                       --------
Total non-current liabilities                               195

Liabilities subject to compromise:
     Accrued expenses and other liabilities               1,281
     Intercompany payables                               10,656
                                                       --------
        Total liabilities subject to compromise          11,937
                                                       --------
        Total liabilities                                17,301
                                                       --------
Partners' equity:
     Partners' contributions                             56,800
     Partners' retained earnings                         94,313
                                                       --------
     Total partners' equity                             151,113
                                                       --------
     Total liabilities and partners' equity            $168,414
                                                       ========


                      Century-ML Cable Venture
                       (Debtor-In-Possession)
                 Unaudited Statement of Operations
                 For the Month Ended April 30, 2005
                       (Dollars in thousands)

Revenue                                                    $958

Cost and expenses:
     Direct operating and programming                       535
     Selling, general and administrative                     40
     Management fees                                         41
     Non-recurring professional fees                          -
     Depreciation                                            55
                                                       --------
     Operating income before reorganization
        expenses due to bankruptcy                          287

Reorganization expenses due to bankruptcy                    58
                                                       --------
Operating income                                            229
     Interest income, net                                    24
     Equity in net income of Century-ML Cable
        Corporation, net of taxes                         1,722
                                                       --------
Income before income taxes                                1,975
     Income tax expense                                     (96)
                                                       --------
Net income                                               $1,879
                                                       ========


                      Century-ML Cable Venture
                       (Debtor-In-Possession)
                 Unaudited Statement of Cash Flows
                 For the Month Ended April 30, 2005
                       (Dollars in thousands)

Cash flow from operating activities:
Net income                                               $1,879
     Adjustments to reconcile net income
         to net cash provided by (used in)
         operating activities:
     Depreciation                                            55
     Reorganization expenses due to bankruptcy               58
     Non-recurring professional fees                          -
     Equity in net income of Century-ML Cable
        Corp., net of taxes                              (1,722)
     Change in assets and liabilities:
        Subscriber receivables, net                         (43)
        Prepaid expenses and other assets, net               (9)
        Accounts payable                                    (20)
        Subscriber advance payments and deposits             10
        Accrued expenses and other liabilities               43
        Intercompany receivables and payables - net         148
                                                       --------
Net cash provided by operating activities                   399
                                                       --------
Cash flows from investing activities:
     Expenditures from property, plant and equipment        (71)
                                                       --------
Net cash used in investing activities                       (71)
                                                       --------
Change in cash and cash equivalents                         328
Cash and cash equivalents, beginning of period           18,877
                                                       --------
Cash and cash equivalents, end of period                $19,205
                                                       ========

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr & Gallagher
represents the ACOM Debtors.  (Adelphia Bankruptcy News, Issue No.
94; Bankruptcy Creditors' Service, Inc., 215/945-7000)


COMMERCE ONE: Posts $67,911 Net Loss in April 2005  
--------------------------------------------------
On May 27, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed its monthly operating report for the month ending April 30,
2005, with the United States Bankruptcy Court for the Northern
District of California.

The Company posted a $67,911 net loss on $0 sales for April 2005.

At April 30, 2005, Commerce One's balance sheet showed:

      Current Assets                $14,583,971
      Total Assets                   14,583,971
      Current Liabilities               493,152
      Total Liabilities              7,329,176
      Total Stockholder's Deficit  ($7,254,795)

A full-text copy of Commerce One's April 2005 Monthly Operating
Report is available at no charge at http://tinyurl.com/cneqd

Headquartered in San Francisco, California, Commerce One, Inc.
(n/k/a CO Liquidation, Inc.) -- http://www.commerceone.com/--  
provides software services that enable businesses to conduct
commerce over the Internet.  Commerce One, Inc., and its wholly
owned subsidiary, Commerce One Operations, Inc., filed for chapter
11 protection on Oct. 6, 2004 (Bankr. N.D. Calif. Case Nos. 04-
32820 and 04-32821).  Doris A. Kaelin, Esq., and Lovee Sarenas,
Esq., at Murray and Murray, represent the Debtors in their
restructuring efforts.  When the Debtors filed for bankruptcy,
they listed $14,531,000 in total assets and $12,442,000 in total
debts.  As of December 2, 2004, Commerce One estimates that its
liabilities owed to creditors total approximately $9.7 million,
including approximately $5.1 million owed to ComVest.  The Company
expects that total liabilities will continue to increase over
time.


COVANTA WTE: Posts $101,133 Net Loss in March 2005
--------------------------------------------------
The Remaining WTE Debtors are:

      -- Covanta Warren Energy Resource Co., L.P.,
      -- Covanta Warren Holdings I, Inc., and
      -- Covanta Warren Holdings II, Inc.

                           WTE Debtors
                    Consolidated Balance Sheet
                       As of March 31, 2005

                              ASSETS

Cash                                                    $26,633
Inventory                                                     -
Accounts receivable                                  13,930,451
Land                                                          -
Machinery, fixtures and equipment                    46,829,795
Restricted funds                                        736,324
Other current assets                                    147,089
Other assets                                            109,081
                                                   ------------
Total assets                                        $61,779,373
                                                   ============

               LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Postpetition Liabilities:
Subject to postpetition collateral
   or financing order                                         -
Advances from parent and affiliates                  $7,257,837
Accounts payable and other liabilities                2,994,237
                                                   ------------
Total postpetition liabilities                       10,252,074

Prepetition Liabilities:
Project Debt                                         19,108,221
Advances from parent and affiliates                  26,235,087
Liabilities Subject to Compromise                     1,825,969
Taxes/Others                                                  -
                                                   ------------
Total Prepetition Liabilities                        47,169,277
                                                   ------------

Equity:
Capital stock                                                 -
Capital surplus                                               -
Retained earnings - prepetition                       8,343,700
Retained earnings - postpetition                     (3,985,678)
                                                   ------------
Total Equity                                          4,358,022
                                                   ------------
Total Liabilities and Equity                        $61,779,373
                                                   ============


                           WTE Debtors
              Consolidated Statements of Operations
                  From March 1 to March 31, 2005

INCOME:
Service, electric and construction revenue             $741,086
Waste-to-Energy project debt revenue                    400,562
                                                   ------------
   Total Income                                       1,141,648

EXPENSES:
Operating and construction costs                        869,790
Waste-to-Energy project debt expense                    103,241
Depreciation and amortization expense                   189,750
Other - Net                                                   -
Cost allocations from parent & affiliates                80,000
Gain on sale of businesses                                    -
                                                   ------------
   Total Expenses                                     1,242,781
                                                   ------------
NET OPERATING PROFIT/(LOSS)                            (101,133)

Non-Operating Income/(Expense)
Reorganization costs                                          -
                                                   ------------
Total Non-Operating Income (Expense)                          -
Income Taxes                                                  -
Income before cumulative effect of accounting,
     Change                                            (101,133)
                                                   ------------
NET INCOME                                            ($101,133)
                                                   ============


                           WTE Debtors
                Consolidated Cash Flow Statements
                  From March 1 to March 31, 2005

Net income                                            ($101,133)
Depreciation and amortization                           189,750
Receivables                                            (189,472)
Other assets                                             21,054
Payables and accrued expenses                           286,905
Other liabilities                                             -
Property, plant and equipment expenditures             (106,568)
Restricted funds, net                                  (502,259)
(Repayments) issuance of debt, net                            -
Advances from parents & affiliates                     (125,116)
                                                   ------------
                                                       (526,839)

Cash, beginning balance                                 553,472
                                                   ------------
Cash, ending balance                                    $26,633
                                                   ============

Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding   
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad.  The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities.  On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation.  Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 79;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


FASTNET CORP: Files Jan. to Mar. 2005 Monthly Operating Reports
---------------------------------------------------------------
On May 27, 2005, Fastnet Corporation (n/k/a FN Estate Inc.) and
its debtor-affiliates filed their monthly operating reports for
January, February, and March 2005, with the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania.

At the end of each month, the Debtors' Monthly Balance Sheets
showed:

                   Jan. 31, 2005    Feb. 28, 2005   Mar. 31, 2005
                   -------------    -------------   -------------
  Assets              $4,443,604       $4,192,408      $4,170,475
  
  Post-petition
  Liabilities          2,540,871        2,481,994       2,589,847
  
  Pre-petition
  Liabilities         16,393,360       16,306,910      16,315,111
  
  Stockholders'
  Deficit            $26,576,865      $26,682,734     $26,820,721
  

Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:

January 2005 Monthly Operating Report:

      http://tinyurl.com/e3fl3

February 2005 Monthly Operating Report:

      http://tinyurl.com/bovwm

March 2005 Monthly Operating Report:

      http://tinyurl.com/7mxm5

Fastnet Corporation (n/k/a FN Estate, Inc.) provides Internet
access and enhanced products and services to businesses and
residential customers.  The services include high-speed data and
Internet services, data center services, including web hosting and
managed and unmanaged colocation services, small office-home
office Internet access, wholesale ISP services and various
professional services including eSolutions, web design and
development.  On June 10, 2003, Fastnet Corporation and on June
13, 2003, each of its subsidiaries (excluding the Company's
wholly-owned subsidiary "DASLIC", a Delaware Holding Company)
filed voluntary chapter 11 petitions (Bankr. E.D. Pa. Jointly
Administered Case No. 03-23143).


FEDERAL-MOGUL: Posts $9.7 Million Net Loss in April 2005
--------------------------------------------------------

                Federal-Mogul Global, Inc., et al.
                      Unaudited Balance Sheet
                       As of April 30, 2005
                           (In millions)

                              Assets

Cash and equivalents                                     $416.1
Accounts receivable                                       628.7
Inventories                                               488.5
Deferred taxes                                            182.5
Prepaid expenses and other current assets                 100.3
                                                      ---------
Total current assets                                    1,816.0

Summary of Unpaid Postpetition Debits                     (12.0)
Intercompany Loans Receivable (Payable)                 2,611.4
                                                      ---------
Intercompany Balances                                   2,599.4

Property, plant and equipment                           1,006.2
Goodwill                                                1,123.7
Other intangible assets                                   440.4
Insurance recoverable                                     847.4
Other non-current assets                                1,075.7
                                                      ---------
Total Assets                                           $8,908.7
                                                      =========

                Liabilities and Shareholders' Equity

Short-term debt                                          $350.0
Accounts payable                                          219.4
Accrued compensation                                       69.4
Restructuring and rationalization reserves                 10.2
Current portion of asbestos liability                         -
Interest payable                                            3.0
Other accrued liabilities                                 284.2
                                                      ---------
Total current liabilities                                 936.3

Long-term debt                                                -
Post-employment benefits                                2,021.7
Other accrued liabilities                                 981.5
Liabilities subject to compromise                       6,014.7

Shareholders' equity:
    Preferred stock                                     1,050.6
    Common stock                                          565.8
    Additional paid-in capital                          8,021.8
    Accumulated deficit                                (9,633.0)
    Accumulated other comprehensive income             (1,050.6)
    Other                                                     -
                                                     ----------
Total Shareholders' Equity                             (1,045.4)
                                                     ----------
Total Liabilities and Shareholders' Equity             $8,908.7
                                                     ==========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
               For the month ended April 30, 2005
                           (In millions)

Net sales                                                $297.9
Cost of products sold                                     251.6
                                                     ----------
Gross margin                                               46.3

Selling, general & administrative expenses                (51.9)
Amortization                                               (1.2)
Reorganization items                                       (6.3)
Interest income (expense), net                            (10.9)
Other income (expense), net                                14.6
                                                     ----------
Earnings before Income Taxes                               (9.4)

Income Tax (Expense) Benefit                               (0.4)
                                                     ----------
Earnings before effect of change in acctg principle        (9.7)
Cumulative effect of change in acctg principle                -
                                                     ----------
Net Earnings (loss)                                       ($9.7)
                                                     ==========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
                For the month ended April 30, 2005
                           (In millions)

Cash Provided From (Used By) Operating Activities:
    Net earnings (loss)                                   ($9.7)

Adjustments to reconcile net earnings (loss):
    Depreciation and amortization                          14.0
    Adjustments of assets held for sale to fair value         -
    Asbestos Charge                                           -
    Summary of unpaid postpetition debits                     -
    Cumulative effect of change in acctg principle            -
    Change in post-employment benefits                     (0.4)
    Decrease/(increase) in accounts receivable              6.8
    Decrease/(increase) in inventories                      4.2
    Increase/(decrease) in accounts payable                 0.9
    Change in other assets and other liabilities          (13.2)
    Change in restructuring charge                         (0.6)
    Refunds (payments) against asbestos liability             -
                                                     ----------
Net Cash Provided From Operating Activities                 1.9

Cash Provided From (Used By) Investing Activities:
    Expenditures for property, plant & equipment           (5.0)
    Proceeds from sale of property, plant & equipment         -
    Proceeds from sale of businesses                        0.4
    Business acquisitions, net of cash acquired               -
    Other                                                     -
                                                     ----------
Net Cash Provided From (Used By) Investing Activities      (4.6)

Cash Provided From (Used By) Financing Activities:
    Increase (decrease) in debt                            (1.4)
    Sale of accounts receivable under securitization          -
    Dividends                                                 -
    Other                                                  (5.9)
                                                     ----------
Net Cash Provided From Financing Activities                 4.5

Increase (Decrease) in Cash and Equivalents                 1.9

Cash and equivalents at beginning of period               414.2
                                                     ----------
Cash and equivalents at end of period                    $416.1
                                                     ==========

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of some
$6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they listed US$10.15
billion in assets and $8.86 billion in liabilities.  At Dec. 31,
2004, Federal-Mogul's balance sheet showed a $1.925 billion
stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a $2.048 billion stockholders' deficit, compared to a
$1.926 billion deficit at Dec. 31, 2004.  (Federal-Mogul
Bankruptcy News, Issue No. 80; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


KAISER ALUMINUM: Earns $375 Million of Net Income in April 2005
---------------------------------------------------------------

              Kaiser Aluminum Corporation -- All Debtors
                     Unaudited Balance Sheets
                     As of April 30, 2005
                          (In Thousands)

                              ASSETS

Cash                                                     $65,843

Receivables:
    Trade                                                 90,301
    Other                                                  8,552
                                                       ---------
Total Receivables                                         98,853

Inventories                                              114,497
Prepaid expenses and other current assets                 15,637
                                                       ---------
Total current assets                                     294,830

Investments in and advances to subsidiaries               20,865
Intercompany receivables/payables, net                    (4,530)
Property, plant, and equipment - net                     213,064
Deferred income taxes                                          -
Restricted proceeds from sale of commodity interests     673,113
Other assets                                           1,012,479
                                                       ---------
Total Assets                                          $2,209,821
                                                       =========

                LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:
    Accounts Payable                                     $51,694
    Accrued interest                                         838
    Accrued salaries, wages and related expenses          51,175
    Accrued post retirement benefit - current                  -
    Other accrued liabilities                             80,661
    Payable to affiliates                                 10,041
    Long term debt - current portion                       1,197
                                                       ---------
Total current liabilities                                195,606

Long-term liabilities                                     34,703
Accrued postretirement benefit obligation                      -
Long-term debt                                             2,812
Liabilities subject to compromise                      3,979,454
Minority interests                                           655

Stockholders' equity:
    Preference stock                                           -
    Common stock                                             789
    Additional capital                                   538,009

Accumulated deficit - As of filing date                (946,930)
Accumulated deficit - Post filing date               (1,586,930)
Accumulated other comprehensive income (loss)            (8,347)
Note receivable from parent                                   -
                                                      ---------
Total Liabilities & Stockholders' Equity             $2,209,821
                                                      =========


            Kaiser Aluminum Corporation -- All Debtors
                Unaudited Statements of Operations
               For the Month Ending April 30, 2005
                          (In Thousands)

Net Sales                                              $84,426

Costs and expenses:
    Cost of products sold                               72,976
    Depreciation & amortization                          1,653
    Selling, administrative, R&D and general             5,859
    Other operating charges (benefits), net           (374,166)
                                                     ---------
Total costs and expenses                              (293,678)
                                                     ---------
Operating income (loss)                                378,104

Other income (expense):
    Interest expenses, net                                (355)
    Reorganization items                                (2,388)
    Other-net                                              (75)
                                                     ---------
Income (loss) before
    income taxes and minority interest                 375,286

(Provision) benefit for income taxes                       239
Minority interests                                           -
Equity in income (loss) of subsidiaries                    (63)
                                                     ---------
Net income (loss)                                     $375,462
                                                     =========

            Kaiser Aluminum Corporation -- All Debtors
     Schedule of Consolidated Cash Receipts and Disbursements
               For the Month Ending April 30, 2005
                         (In Thousands)

Receipts:
    Trade Receivables
       KACC Receivables                               $83,840
       KAII Receivables                                39,588
                                                    ---------
    Total Trade Receivables                           123,428

    Release of Collateral from Prior Asset Sale         1,750
    Reimbursement for Asset Disposition Cost
       Previously Paid                                  7,680
    COBRA receipts                                        557
    Proceeds from Hedging Settlement                      215
    Cash Collateral Returned by
       Previous DIP Lender                             10,126
                                                    ---------
Total Receipts                                        143,756

Disbursements:
    Inventory/Raw Materials                            40,994
    Capital Expenditures                                1,335
    Maintenance, Materials, etc.                        4,912
    Freight                                             3,962
    Utilities/Energy                                    4,163
    Hourly Payroll                                      6,763
    Salaried Payroll                                    3,841
    VEBA Advances                                       1,900
    Medical - Current Employees                         2,707
    Workmen's Compensation                                649
    Corporate General and Administrative                3,054
    JV Fundings - Alumina                                   -
    JV Fundings - Primary, Net of Minority Interest    13,521
    Other Disbursements                                 8,913
                                                    ---------
Total Operating and G&A Disbursements                  96,714

Reorganization Items                                    2,203
                                                    ---------
Total Disbursements                                    98,917
                                                    ---------
Net Cash Flow                                          44,839

Beginning Bank Cash Balances                           23,784
                                                    ---------
Ending Bank Cash Balances                              68,623

Reconciling Items                                      (2,780)
                                                    ---------
Ending Book Cash Balances                             $65,843
                                                    =========

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading  
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 70; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


MIIX GROUP: Posts $367,178 Cumulative Net Loss in April 2005
------------------------------------------------------------
On May 26, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from April 1, 2005, to April 30,
2005, with the U.S. Bankruptcy Court for the District of Delaware.

MIIX Group reports a cumulative net loss of $367,178 on $8,293 of
total revenue for the period from Dec. 21, 2004 thru April 30,
2005.  New Jersey State Medical Underwriters, Inc., reports a
cumulative net income of $138,581 on $2,788,919 of total revenue
for the period from Dec. 21, 2004, thru April 30, 2005.

At April 30, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:

                                                     New Jersey
                                                  State Medical
                             The MIIX Group   Underwriters, Inc.
                             --------------   ------------------
   Total Assets                  $9,210,948          $14,672,627
   Total Liabilities              8,937,488            6,231,194
   Stockholders' Equity            $273,460           $8,441,433

A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
April 1, 2005 to April 30, 2005, is available at no charge at
http://tinyurl.com/a7bws

Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. -
- http://www.miix.com/-- provides management services to medical  
malpractice insurance companies.  The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588).  Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and
$50 million and debts between $10 million and $50 million.


NEWPOWER HOLDINGS: Files April 2005 Monthly Operating Report
------------------------------------------------------------
On May 25, 2005, NewPower Holdings, Inc., filed its April 2005
Monthly Operating Report for the period from March 31, 2005, to
April 30, 2005, with the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division.  The company reports an
opening cash balance of $52,620,000 and a closing cash balance of
$52,604,000.

A full-text copy of NewPower Holdings, Inc.'s April 2005 Monthly
Operating Report is available at no charge at
http://tinyurl.com/ccxwx

NewPower Holdings, Inc., and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors.  When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.

On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company.  On February 28, 2003, the Bankruptcy Court previously
confirmed the Plan, and the Plan has been effective as of March
11, 2003, with respect to The New Power Company, a wholly owned
subsidiary of the Company.  The Plan became effective on Oct. 9,
2003, with respect to the Company and TNPC.


OWENS CORNING: Posts $3.4 Billion Net Loss in March 2005
--------------------------------------------------------

                   Owens Corning and Subsidiaries
                     Consolidated Balance Sheets
                         As of March 31, 2005
                           (In Thousands)

Current Assets:
    Cash and cash equivalents                          $586,727
    Receivables                                         396,868
    Receivables-Inter-company                           981,317
    Inventories                                         224,218
    Insurance for Asbestos Litigation Claims                  0
    Deferred Income Taxes                                   484
    Income Tax Receivable                                 3,325
    Other Current Assets                                 17,424
                                                    -----------
Total Current Assets                                 $2,210,363

Other Assets:
    Insurance for Asbestos Litigation Claims              4,220
    Restricted Cash                                     187,807
    Restricted cash and securities                            0
    Deferred Income Taxes                             1,011,282
    Goodwill                                             48,568
    Investment in Affiliates                             31,599
    Investment in Subsidiaries                        2,022,050
    Notes Receivable - Intercompany                       5,270
    Other Non-current Assets                            482,241
                                                    -----------
Total Other Assets                                    3,793,037

Plant & Equipment:
    Land                                                 35,489
    Buildings & Leasehold Improvements                  552,640
    Machinery & Equipment                             2,166,712
    Construction in Progress                            103,022
    Less: Accumulated Depreciation                    1,576,861
                                                    -----------
Net Plant and Equipment                               1,281,002
                                                    -----------
TOTAL ASSETS                                         $7,284,402
                                                    ===========

Liabilities not Subject to Compromise:
    Accounts Payable & Accrued Liabilities              486,749
    Inter-company Liabilities                           922,470
    Short-term debt                                           0
    Long-term debt - current portion                      1,367
                                                    -----------
Total Current Liabilities                             1,410,586

Long-Term Debt                                            9,812
Other Employee Benefits Liability                       214,624
Pension Plan Liability                                  617,596
Other Liability                                         152,555
                                                    -----------
Total Non-Current Liabilities                           984,775
                                                    -----------
Total Postpetition Liabilities                        2,405,173

Prepetition Liabilities:
    Accounts Payable and Accrued Liabilities            262,338
    Other Employee Benefits Liability                   201,971
    Pension Plan Liability                                    0
    Debt-US Bank Credit Facility                      1,450,986
    Debt-Bonds & Other                                1,503,993
    Asbestos-Related Liability                        6,166,734
    Inter-company                                     2,452,666
    Other                                                     0
                                                    -----------
Total Prepetition Liabilities                        12,038,688
Total Liabilities                                    14,443,861
Minority Interest                                             0

Stockholder's Equity:
    Common Stock                                        697,298
    Retained Earnings (Deficit)                      (7,505,805)
    Accumulated Comprehensive Income (Loss)              (5,344)
    Other                                              (345,608)
                                                    -----------
Net Stockholder's Equity                             (7,159,459)
                                                    -----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY             $7,284,402
                                                    ===========


                   Owens Corning and Subsidiaries
                Consolidated Statements of Operations
                  For the Month Ended March 31, 2005
                           (In Thousands)

Net sales                                              $355,230
Cost of Sales                                           297,466
                                                    -----------
Gross Margin                                             57,764

Operating Expenses:
    Marketing and Administrative Expenses                31,309
    Science and Technology Expenses                       2,525
    Provision for Asbestos Litigation Claims                  0
    Insider Compensation                                    805
    Restructure Costs                                         0
    Other Expenses                                    3,447,384
                                                    -----------
Income (Loss) from Operations                        (3,424,259)

Other Expenses:
    Cost of Borrowed Funds                                   49
    Other                                                     0
                                                    -----------
Income (Loss) Before Reorganization Items            (3,424,308)

Reorganization Items:
    Professional Fees                                     6,121
    U.S. Trustee Quarterly Fees                               7
    Interest Earned on Accumulated Cash from Chapter 11    (676)
    (Gain) Loss from sale of equipment                        0
    (Gain) Loss from Settlement of Liabilities                0
    Other Reorganization Expenses                         2,094
                                                    -----------
Total Reorganization Expenses                             7,546
                                                    -----------
Income (Loss) Before Income Taxes                    (3,431,854)

Provision (credit) for Income Tax                       (64,723)
                                                    -----------
Income (Loss) Before Minority Interest and
    Equity in Net Income (Loss) of Affiliates        (3,367,131)
Minority interest                                             0
Equity in net income (loss) of affiliates                   620
                                                    -----------
Net Income (Loss)                                   ($3,366,511)
                                                    ===========


                   Owens Corning and Subsidiaries
      Consolidated Statements of Cash Receipts & Disbursements
                 For the Month Ended March 31, 2005
                           (In Thousands)


Cash, Beginning of Month                               $676,574

Receipts:
    Customer Receipts                                   308,462
    Inter-company Sales                                   3,054
    Loans and Advances                                        0
    Sale of Assets                                            0
    Other Receipts                                        4,007
    Inter-company Transfers                              94,799
    Transfers from DIP                                  285,232
                                                    -----------
Total Receipts                                         $695,554

Disbursements:
    Net Payroll                                          77,136
    Payroll Taxes                                             0
    Sales Use & Other Taxes                               7,342
    Inventory Purchases                                 134,249
    Insurance                                             2,279
    Administrative & Selling                             87,084
    Other                                               104,309
    Inter-company Transfers                              82,012
    Transfers to DIP                                    285,232
    Professional Fees                                     5,758
    U.S. Trustee Quarterly Fees                               0
    Court costs                                               0
    Adjustment                                                0
                                                    -----------
Total Disbursements                                    $785,400

Net Cash Flow                                           (89,847)
                                                    -----------
Cash -- End of Month                                   $586,727
                                                    ===========

Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass  
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts.  The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts.  At Sept.
30, 2004, the Company's balance sheet shows $7.5 billion in assets
and a $4.2 billion stockholders' deficit.  The company reported
$132 million of net income in the nine-month period ending
Sept. 30, 2004.  (Owens Corning Bankruptcy News, Issue No. 109;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


SOUTHERN INVESTORS: Posts $3.3 Million Net Loss for 23-Day Period
-----------------------------------------------------------------
On May 20, 2005, Southern Investors Service Company, Inc., filed
its monthly operating report for the period from April 8, 2005,
thru April 30, 2005, with the U.S. Bankruptcy Court for Southern
District of Texas.

Southern Investors reports a net loss of $3,286.83 on $0 revenues
for the period from April 8, 2005 thru April 30, 2005.

At April 30, 2005, Southern Investors' balance sheet reflects:

        Current Assets                     $2,726,488
        Total Assets                        2,726,488
        Post-Petition Liabilities                 733
        Pre-Petition Liabilities            8,636,056
        Total Liabilities                   8,636,789   
        Total Owner's Equity Deficit       $5,910,301

A full-text copy of Southern Investors' monthly operating report
for the period from April 8, 2005 to April 30, 2005, is available
at no charge at http://tinyurl.com/brnvs

Headquartered in Houston, Texas, Southern Investors Service
Company, Inc., manages residential developments and office
buildings that are owned by others.  The Company filed for
chapter 11 protection on April 8, 2005. (Bankr. S.D. Tx. Case No.
05-35538). Basil A. Umari, Esq. of Andrews & Kurth LLP, represents
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they reported assets of
$2,377,000 and Debts totaling $8,607,000.


TOWER AUTOMOTIVE: Posts $11 Million Net Loss in April 2005
----------------------------------------------------------

              Tower Automotive, Inc. and Subsidiaries
               Unaudited Consolidated Balance Sheets
                       As of April 30, 2005
                          (In Thousands)

CURRENT ASSETS:
   Cash and cash equivalents                               $569
   Accounts receivable, net                             285,987
   Inventories                                           87,887
   Prepaid tooling and other                             41,180
                                                     ----------
      TOTAL CURRENT ASSETS                              415,623
                                                     ----------

   Property, plant and equipment, net                   638,436
   Investment in joint ventures                               3
   Investment in subsidiaries                           346,782
   Inter-company receivables                            411,686
   Goodwill                                             326,309
   Other assets, net                                    107,482
                                                     ----------
      TOTAL ASSETS                                   $2,246,321
                                                     ==========

CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
   Current maturities of long-term debt & capital        $3,127
      lease obligations
   Accounts payable                                     116,308
   Accrued liabilities                                  215,568
                                                     ----------
      TOTAL CURENT LIABILITIES                          335,003
                                                     ----------

   Liabilities subject to comprise                    1,127,243
   Non-Current Liabilities Not Subject to Compromise:
      Long-term debt, net of current maturities          57,124
      DIP borrowings, net of current maturities         512,286
      Other non-current liabilities                     183,287
                                                     ----------
      TOTAL LIABILITIES                               2,214,943
      STOCKHOLDERS' EQUITY                               31,378
                                                     ----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT          $2,246,321
                                                     ==========


              Tower Automotive, Inc. and Subsidiaries
                 Unaudited Statement of Operations
                        April 1 to 30, 2005
                          (In Thousands)

Revenues                                               $191,617
Cost of sales                                           180,225
                                                     ----------
Gross profit                                             11,392
Selling, general and administrative expenses              8,702
Restructuring and asset impairment charges, net             105
                                                     ----------
Operating income (loss)                                   2,585
Interest expense                                          7,100
Interest income                                          (1,945)
Other expense, net                                            -
Chapter 11 and related reorganization items               6,200
                                                     ----------
Income (loss) before provision for income taxes,
   equity in earnings of joint ventures and
   minority interest                                     (8,770)
Provision (benefit) for income taxes                      2,337
Income (loss) before equity in earnings of joint
   Ventures and minority interest                       (11,107)
Equity in earnings of joint ventures, net of tax            (27)
                                                     ----------
NET LOSS                                               ($11,134)
                                                     ==========


              Tower Automotive, Inc. and Subsidiaries
                 Unaudited Statement of Cash Flows
                       April 1 to 30, 2005
                          (In Thousands)

OPERATING ACTIVITIES:
   Net loss                                            ($11,134)
   Adjustments required to reconcile net loss to net
      cash provided by (used in) operating activities:
      Chapter 11 & related reorganization expenses        6,200
      Payments of Chapter 11 and related reorganization
         expenses                                        (2,547)
      Restructuring and asset impairment charge, net          -
      Depreciation                                        9,403
      Deferred compensation                                  78
      Equity in earnings of joint ventures, net             (27)
      Change in working capital and other operating
         items                                           (1,808)
                                                     ----------
      Net cash provided by operating activities             165
                                                     ----------
INVESTING ACTIVITIES:
   Capital expenditures                                  (1,644)
   Proceeds from sale of fixed assets                         -
   Other                                                      -
                                                     ----------
      Net cash used in investing activities              (1,644)
                                                     ----------

FINANCING ACTIVITIES:
   Proceeds from prepetition borrowings                       -
   Repayments of prepetition borrowings                  (2,204)
   Borrowings from DIP credit facility                   69,047
   Repayments of borrowings from DIP credit facility    (67,500)
   Net proceeds from issuance of common stock                 -
                                                     ----------
      Net cash provided by financing activities            (657)
                                                     ----------
Net Change in cash and cash equivalents                  (2,136)
                                                     ----------
Cash and Cash Equivalents, beginning of period            2,705

Cash and Cash Equivalents, end of period                   $569
                                                     ==========

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. --  
http://www.towerautomotive.com/-- is a global designer and  
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo.  Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components.  The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-
10601).  James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup
Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq.,
at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts.  (Tower Automotive Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000)


TRENWICK AMERICA: Reports $280,975 Net Profit in April 2005
-----------------------------------------------------------
On May 20, 2005, Trenwick America Corporation filed its monthly
operating report for the month ended April 30, 2005, and the
period from Aug. 20, 2003, to April 30, 2005, with the United
States Bankruptcy Court for the District of Delaware.

Trenwick posts a $586,743 net loss in April 2005, and a cumulative
$120,807,151 loss for the period from Aug. 20, 2003, to April 30,
2005.

At April 30, 2005, Trenwick America's balance sheet showed:

      Total Current Assets         $55,455,170
      Total Assets                 185,582,528          
      Total Prepetition Debts      288,386,386          
      Total Liabilities            292,291,899
      Net Owner Equity Deficit   ($106,709,371)

A full-text copy of Trenwick America's April 2005 Monthly
Operating Report is available at no charge at
http://tinyurl.com/abnby

Headquartered in Stamford, Connecticut, Trenwick America
Corporation is a holding company for operating insurance companies
in the United States.  The Company filed for chapter 11 protection
on August 20, 2003 (Bankr. Del. Case No. 03-12635).  Christopher
S. Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby &
Geddes, and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D.
Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in
their restructuring efforts.  As of June 30, 2003, the Debtor
listed approximate assets of $400,000,000 and debts of
$293,000,000.

On August 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings
Limited also filed insolvency proceedings in the Supreme Court of
Bermuda.  On August 22, 2003, the Bermuda Court granted an order
appointing Michael Morrison and John Wardrop, partners of KPMG in
Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint
Provisional Liquidators in respect of TGL and LaSalle.

The Bermuda Court granted the JPLs the power to oversee the
continuation and reorganization of these companies' businesses
under the control of their boards of directors and under the
supervision of the U.S. Bankruptcy Court and the Bermuda Court.


UAL CORP: Posts $124 Million Net Loss in April 2005
---------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, filed its April Monthly
Operating Report with the United States Bankruptcy Court.

The company reported an operating loss of $47 million for April
2005.  This marks a $28 million year-over-year improvement despite
a $91 million higher fuel expense than April 2004 on 4% lower
capacity.  The company reported a net loss of $124 million,
including $28 million of reorganization expenses.  Mainline unit
costs (CASM) in April increased 7% over the same month last year
on the 4% lower capacity.  Excluding fuel, mainline unit costs in
April decreased 2% year-over-year.  Mainline passenger unit
revenue in April increased 7% over the same period a year ago.

UAL ended April with a cash balance of $2.4 billion, which
included $866 million in restricted cash (filing entities only).  
The cash balance increased $102 million during the month of April,
driven by strong receipts and effective cost controls.  UAL met
the requirements of its debtor-in-possession (DIP) financing.

"Given the challenge of high fuel prices, our success lowering
non-fuel unit expenses, increasing unit revenue, and building our
cash balance is encouraging," said Jake Brace, executive vice
president and chief financial officer.  "This week marked a
significant milestone for United, as we now have in place
consensual cost-savings agreements with all of our six union
groups after a great deal of hard work.  These agreements
represent the strong commitment from the employees of United
Airlines to ensure that we are a viable and sustainable
enterprise, offering our customers the best service and value
they expect from a global network carrier."

A full-text copy of UAL Corporation's April 2005 Operating Report
is available for free at the Securities and Exchange Commission at
http://tinyurl.com/dy8r7


             UAL Corporation and Subsidiary Companies
         Condensed Consolidating Statement of Operations
                For The Month Ended April 30, 2005
                         (In Thousands)

Total operating revenues                             $1,568,716

Total operating expenses                              1,615,347

Earnings (loss) from operations                         (46,631)

Non-operating income (expenses):
   Net interest expense                                 (35,322)
   Other income (expenses), net:                        (14,303)
                                                     ----------
Total non-operating income (expenses):                  (49,625)

Net Earnings (loss) before Reorganization items         (96,256)

Reorganization items                                    (27,748)
                                                     ----------
Net earnings (loss)                                   ($124,004)
                                                     ==========

Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the  
holding company for United Airlines -- the world's second largest
air carrier.  The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191).  James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 88; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


US AIRWAYS: Posts $30.6 Million Net Loss in April 2005
------------------------------------------------------

                      US Airways Group, Inc.
                    Consolidated Balance Sheet
                         At April 30, 2005
                          (in thousands)

Current Assets:
   Cash and cash equivalents                           $535,675
   Restricted cash                                      117,946
   Receivables, net                                     332,697
   Materials and supplies, net                          171,988
   Prepaid expenses and other                           188,513
                                                   ------------
      Total Current Assets                            1,346,819

Property and Equipment:
   Flight equipment                                   3,297,255
   Ground property and equipment                        365,561
   Less accumulated depreciation and amortization      (370,748)
                                                   ------------
                                                      3,292,068
   Purchase deposits for flight equipment                73,550
                                                   ------------
      Total Property and Equipment                    3,365,618

Other Assets:
   Goodwill                                           2,489,638
   Other intangibles, net                               522,052
   Restricted cash                                      615,045
   Other assets, net                                     81,779
                                                   ------------
      Total Other Assets                              3,708,514
                                                   ------------
Total Assets                                         $8,420,951
                                                   ============

Current Liabilities:
   Current maturities of long-term debt
   and capital lease obligations                       $842,490
   Accounts payable                                     448,794
   Traffic balances payable and unused tickets        1,015,364
   Accrued aircraft rent                                 36,079
   Accrued salaries, wages and vacation                 191,569
   Other accrued expenses                               322,702
                                                   ------------
      Total Current Liabilities                       2,856,998

Noncurrent Liabilities and Deferred Credits:
   Long-term debt and capital lease
   obligations, net of current maturities                77,257
   Deferred gains and credits, net                       41,716
   Postretirement benefits other than pensions            1,906
   Employee benefit liabilities and other               270,686
                                                   ------------
Total Noncurrent Liabilities and Deferred Credits       391,565

Liabilities Subject to Compromise                     5,801,399

Commitments and Contingencies

Stockholders' Equity:
   Class A Common Stock                                  50,616
   Class B Common Stock                                   5,000
   Paid-in capital                                      409,730
   Accumulated deficit                               (1,097,399)
   Common stock held in treasury, at cost                (2,815)
   Deferred compensation                                 (8,716)
   Accumulated other comprehensive income                14,364
                                                   ------------
Total Stockholders' Deficit                            (629,011)
                                                   ------------
Total Liabilities & Stockholders' Equity             $8,420,951
                                                   ============


                     US Airways Group, Inc.
               Consolidated Statement of Operations
                    Month ended April 30, 2005
                         (in thousands)

Operating Revenues:
   Passenger transportation                            $579,035
   Cargo and freight                                      8,499
   Other                                                 54,389
                                                   ------------
Total Operating Revenues                                641,923

Operating Expenses:
   Personnel costs                                      135,492
   Aviation fuel                                        147,216
   US Airways Express capacity purchases                 77,190
   Aircraft rent                                         38,309
   Other rent and landing fees                           44,068
   Selling expenses                                      34,607
   Aircraft maintenance                                  37,587
   Depreciation and amortization                         17,221
   Other                                                103,233
                                                   ------------
Total Operating Expenses                                634,923

Operating Income                                          7,000

Other Income (Expense):
   Interest income                                        1,419
   Interest expense, net                                (26,793)
   Reorganization items, net                            (10,306)
   Other, net                                            (1,948)
                                                   ------------
      Other Income (Expense), Net                       (37,628)

Income Before Income Taxes                              (30,628)
   Income Tax Benefit                                         0
                                                   ------------
Net Income                                             ($30,628)
                                                   ============


                      US Airways Group, Inc.
               Consolidated Statement of Cash Flows
                    Month ended April 30, 2005
                         (in thousands)

Net cash from operating activities
   before reorganization items                         ($27,462)
Reorganization items, net                                (3,184)
                                                   ------------
      Net cash provided by operating activities         (30,646)

Cash flows from investing activities:
   Capital expenditures and purchase deposits
   for flight equipment, net                             (1,572)
   Proceeds from dispositions of property                 2,410
   Decrease in restricted cash                           32,603
                                                   ------------
      Net cash provided by investing activities          33,441

Cash flows from financing activities:
   Proceeds from issuance of long-term debt                   0
   Proceeds from DIP Financing                           25,000
   Principal payments on long-term debt
   and capital lease obligations                         (4,635)
                                                   ------------
      Net cash provided by financing activities          20,365

Net increase in Cash and cash equivalents                23,160
                                                   ------------
Cash and cash equivalents at beginning of period        512,515
                                                   ------------
Cash and cash equivalents at end of period             $535,675
                                                   ============

US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts.  In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts.  (US Airways Bankruptcy News, Issue
No. 94; Bankruptcy Creditors' Service, Inc., 215/945-7000)

                          *********

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