TCR_Public/050611.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 11, 2005, Vol. 9, No. 137

                          Headlines

ACCEPTANCE INSURANCE: Posts $607,286 Net Loss in April 2005
ACCEPTANCE INSURANCE: Posts $29,614 Net Loss in May 2005
ATA HOLDINGS: Posts $12.6 Million Net Loss in April 2005
CATHOLIC CHURCH: Portland's April 2005 Monthly Operating Report
CATHOLIC CHURCH: Spokane's April 2005 Monthly Operating Report

FRIEDMAN'S INC: Files April 2005 Monthly Operating Report
HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005
INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
SOLUTIA INC: Earns $4 Million of Net Income in April 2005
THAXTON GROUP: Posts $67.3 Mil. Cumulative Net Loss in April 2005

TRINITY ENERGY: Posts $133,962 Net Income in April 2005
WESTPOINT STEVENS: Posts $26 Million Net Loss in April 2005
WESTPOINT STEVENS: JP Stevens' April 2005 Monthly Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' April Operating Report
WESTPOINT STEVENS: WP Stevens Stores' April 2005 Operating Report

WESTPOINT STEVENS: WP Stevens I Earns $1MM of Net Income in April

                          *********

ACCEPTANCE INSURANCE: Posts $607,286 Net Loss in April 2005
-----------------------------------------------------------
On May 12, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for April 2005, with the U.S. Bankruptcy
Court for the District of Nebraska.

The Debtor reports a $607,286 net loss for April 2005.

At Apr. 30, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:

      Total Current Assets                   $2,825,929  
      Total Assets                           32,278,929
      Total Liabilities                     138,209,466
      Total Shareholders' Equity Deficit  ($105,930,537)

A full-text copy of Acceptance Insurance Companies Inc.'s April
2005 Monthly Operating Report is available at no charge at:

            http://researcharchives.com/t/s?12

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly  
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.  The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059).  The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005.  John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.


ACCEPTANCE INSURANCE: Posts $29,614 Net Loss in May 2005
--------------------------------------------------------
On June 3, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for May 2005, with the U.S. Bankruptcy
Court for the District of Nebraska.

The Debtor reports a $29,614 net loss for May 2005.

At May 31, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:

      Total Current Assets                   $2,776,112
      Total Assets                           32,229,112
      Total Liabilities                     138,189,263
      Total Shareholders' Equity Deficit  ($105,960,151)

A full-text copy of Acceptance Insurance Companies Inc.'s May 2005
Monthly Operating Report is available at no charge at:

               http://researcharchives.com/t/s?11

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly  
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.  The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059).  The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005.  John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.


ATA HOLDINGS: Posts $12.6 Million Net Loss in April 2005
--------------------------------------------------------  
  
               ATA Holdings Corp. and Subsidiaries   
                     Unaudited Balance Sheet   
                      As of April 30, 2005  
  
ASSETS

Current assets:
   Cash and cash equivalents                        $88,692,000
   Receivables,  
     net of allowance for doubtful accounts         113,219,000
   Inventories, net                                  36,013,000
   Assets held for sale                               3,250,000
   Prepaid expenses and other current assets         40,056,000
                                                 --------------   
      TOTAL CURRENT ASSETS                          281,230,000

Property and equipment:
   Flight equipment                                 174,227,000
   Facilities and ground equipment                  141,724,000
   Accumulated depreciation                        (166,748,000)
                                                 --------------
      TOTAL PROPERTY, PLANT AND EQUIPMENT           149,203,000

   Restricted cash                                   30,690,000
   Goodwill                                           6,987,000
   Prepaid aircraft rent                                204,000
   Investment in BATA                                 6,255,000
   Deposits and other assets                         25,212,000
                                                 --------------
      TOTAL ASSETS                                 $499,781,000
                                                 ==============

Liabilities And Shareholders' Deficit

Current liabilities:
   Short-term debt                                  $41,000,000
   Accounts payable                                   6,486,000
   Air traffic liabilities                           75,404,000
   Accrued expenses                                 123,532,000
                                                 --------------
      TOTAL CURRENT LIABILITIES                     246,422,000

   Deferred items                                    33,934,000
                                                 --------------

   Liabilities subject to compromise              1,485,301,000

   Commitments and contingencies

   Convertible redeemable preferred stock            30,000,000

Shareholders' deficit:
   Preferred stock, authorized 9,999,200 shares               -
   Common stock, without par value                   66,013,000
   Treasury stock                                   (24,778,000)
   Additional paid-in capital                        18,166,000
   Accumulated deficit                           (1,355,277,000)
                                                 --------------
      TOTAL SHAREHOLDERS' DEFICIT                (1,295,876,000)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT        $499,781,000
                                                 ==============


               ATA Holdings Corp. and Subsidiaries   
                    Unaudited Income Statement   
               For the Month Ended April 30, 2005  

Operating revenues:
   Scheduled service                                $47,099,000
   Charter                                           34,896,000
   Ground package                                     1,553,000
   Other                                              3,566,000
                                                 --------------
      TOTAL OPERATING REVENUES                       87,114,000

Operating expenses:
   Fuel and oil                                      25,595,000
   Salaries, wages and benefits                      23,010,000
   Aircraft rentals                                  12,088,000
   Handling, landing and navigation fees              8,078,000
   Aircraft maintenance, materials and repairs        4,562,000
   Depreciation and amortization                      3,860,000
   Passenger service                                  3,265,000
   Crew and other employee travel                     3,236,000
   Other selling expenses                             2,354,000
   Commissions                                        2,265,000
   Facilities and other rentals                       2,076,000
   Insurance                                          1,638,000
   Ground package cost                                1,344,000
   Advertising                                        1,112,000
   Aircraft impairments and retirements                       0
   Other                                              3,703,000
                                                 --------------
      TOTAL OPERATING EXPENSES                       98,186,000
                                                 --------------
Operating loss                                      (11,072,000)

Other income (expense):
   Interest income                                      167,000
   Interest expense                                    (496,000)
   Reorganization expenses                           (1,186,000)
   Other                                                (52,000)
                                                 --------------
   TOTAL OTHER EXPENSE                               (1,567,000)
                                                 --------------
Loss before income taxes                            (12,639,000)
   Income taxes                                               -
                                                 --------------
NET LOSS                                           ($12,639,000)
                                                 ==============


               ATA Holdings Corp. and Subsidiaries
                         Cash Flow Report
               For the Month Ended April 30, 2005

Cash Flows from Operating Activities:
Net loss before reorganization expenses            ($11,453,000)

Adjustments to reconcile net loss:
   Depreciation and amortization                      3,860,000
   Other non-cash items                                 (62,000)

Changes in operating assets and liabilities:
   Receivables                                        4,889,000
   Inventories                                       (1,234,000)
   Prepaid expenses                                     192,000
   Accounts payable                                   1,397,000
   Air traffic liabilities                           (5,343,000)
   Liabilities subject to compromise                    575,000
   Accrued expenses                                  (5,383,000)
                                                 --------------
NET CASH (USED IN) OPERATING ACTIVITIES             (12,562,000)

Cash Flows from Reorganization Activities:
   Reorganization items, net                         (1,186,000)
   Prepaid expenses                                     196,000
   Accrued expenses                                     461,000
   Other non-cash items                                (426,000)
                                                 --------------
NET CASH (USED IN) REORGANIZATION ACTIVITIES           (955,000)

Cash Flows from Investing Activities:
   Capital expenditures                                (784,000)
   Noncurrent prepaid aircraft rent                      17,000
   (Additions) reductions to other asset               (274,000)
   Proceeds from sales of property and equipment        229,000
                                                 --------------
NET CASH (USED IN) INVESTING ACTIVITIES                (812,000)

Cash Flows from Financing Activities:
   Increase in restricted cash                        1,508,000
                                                 --------------
NET CASH PROVIDED BY FINANCING ACTIVITIES             1,508,000
                                                 --------------
Decrease in cash and cash equivalents               (12,821,000)

Cash and cash equivalents, beginning of period          101,513
                                                 --------------
Cash and cash equivalents, end of period            $88,692,000
                                                 ==============

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th  
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers.  ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft.  The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations.  Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange.  The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874).  Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.  
(ATA Airlines Bankruptcy News, Issue No. 25; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


CATHOLIC CHURCH: Portland's April 2005 Monthly Operating Report
---------------------------------------------------------------

                         Pastoral Center
                Archdiocese of Portland in Oregon
                 Statement of Financial Position
                      As of April 30, 2005

ASSETS

Cash and cash equivalents                           $14,797,687
Accounts receivable, net                              1,494,448
Notes, estates and other receivables                 11,523,662
Loans receivable from Archdiocesan entities, net     10,951,913
Loans receivable from Archdiocesan housing entities     517,725
Interest receivable and other assets                    194,430
Inventories                                           1,472,196
Real Property                                           226,688
Deposits and prepaid expenses                           398,169
Investments                                          87,505,393
Advances to Archdiocesan housing entities             1,640,000
Land, buildings, and equipment, net                   8,233,229
                                                 --------------
Total Assets                                       $138,955,540
                                                 ==============

LIABILITIES AND NET ASSETS

Liabilities:
   Prepetition
      Accounts payable                                 $777,185
      Accrued liabilities                             2,241,312
      Funds held for others
         Second Collections                               9,025
         Short-term investments payable              18,689,726
         Long-term pool investments payable          19,827,084
      Reserve for insurance claims                    2,343,946
      Notes payable                                  11,196,319
      Pre-need liability and reserve                    456,268
      Accrued port-retirement liability               7,607,264
                                                 --------------
   Total Prepetition Liabilities                     63,148,129
                                                 --------------
   Postpetition
      Accounts payable                                  330,516
      Accrued liabilities                             4,198,161
      Funds held for others
         Second Collections                             281,516
         Short-term investments payable               1,723,070
         Long-term pool investments                   1,685,454
      Reserve for insurance claims                            -
      Notes payable                                           -
      Pre-need liability and reserve                     13,751
      Accrued port-retirement liability                       -
                                                 --------------
   Total Postpetition Liabilities                     8,232,467
                                                 --------------
     Total Liabilities                               71,380,596
                                                 --------------

Net Assets:
   Prepetition Net Assets:
      Charitable Trust Assets                        69,695,606
      Other Assets                                   (3,263,381)
                                                 --------------
   Total Prepetition Net Assets                      66,432,225
                                                 --------------

   Postpetition Net Assets:
      Charitable Trust Assets                        (1,032,107)
      Other Assets                                    2,174,826
                                                 --------------
   Total Postpetition Net Assets                      1,142,719
                                                 --------------
      Total Net Assets                               67,574,944
                                                 --------------
Total liabilities & net assets                     $138,955,540
                                                 ==============


                         Pastoral Center
                Archdiocese of Portland in Oregon
                     Statement of Activities
               For the month ending April 30, 2005

Revenues, gains and other support
   Annual Catholic Appeal income                         $3,978
   Gross profit on cemetery sales                        85,953
   Contributions, gifts, annuities and bequests          10,698
   Operating support - Oregon Catholic Press                  -
   Investment income and realized gains (losses),
      net of expenses                                   393,678
   Change in unrealized losses                       (1,270,958)
   Insurance premiums, net                                    -
   Interest income from loans                            38,127
   Parish assessments                                   241,023
   Other income                                          72,108
   Departmental revenues                                 23,929
   Net assets released from restrictions                      -
                                                 --------------
   Total revenues, gains, and other support            (401,464)
                                                 --------------

Expenses and program support:
   Program Services:
      Annual Catholic Appeal program support,
         grants and parish subsidies                    110,010
      Clergy Services                                    71,573
      Catholic Schools                                   22,964
      Pastoral Services                                  52,254
      Evangelization Services                            49,146
      Public Services                                     9,699
      Tribunal Services                                  20,694
      Deposit and loan interest                            (257)
      Insurance program                                 132,709
      Cemetery operating expenses                        66,848
      High School grants/charitable annuities            11,025
      Other program expenses                             75,023
                                                 --------------
         Total program services                         621,688
                                                 --------------
   Supporting Services:
      Archbishop, Vicar General
         and Chancellor Services                         57,877
      Finance & Administration:
         Resource Development                            47,390
         Business Affairs                                 9,434
         Financial Services                              73,670
      Human Resources                                    26,278
      Shared Services                                    22,943
      Occupancy and physical plant expenses              11,182
      Designated funds expense                            9,308
      Bankruptcy expense                                286,239
      Depreciation expense                                    -
                                                 --------------
         Total supporting services                      544,321
                                                 --------------
         Total expenses and program support           1,166,009
                                                 --------------
Increase (decrease) in net assets before
   transfers and designations of net assets          (1,567,473)

Fund transfers - in (out)                                     -

Designation of net assets                                     -
                                                 --------------
Increase (decrease) in net assets                    (1,567,473)

Net assets at beginning of year                      69,142,417
                                                 --------------
Net assets at end of year                           $67,574,944
                                                 ==============

                Archdiocese of Portland in Oregon
           Statement of Cash Receipts and Disbursements
              For the month ending April 30, 2005

Beginning Cash Balance:                             $13,805,925
Add:
   Transfers in                                         348,030
   Receipts Deposited                                 2,832,311
   Other (Return of Direct Deposits)                          -
   Other (Interest Income)                               27,090
                                                 --------------
   Total Cash Receipts                                3,207,431

Subtract:
   Transfers out                                       (348,030)
   Disbursements by check or debit                   (1,863,994)
   Cash withdrawn                                             -
   Other (Service Charges)                               (2,807)
   Other (NSF Checks)                                      (835)
   Other (Clear Interfund Rec/Pay)                            -
                                                 --------------
   Total Cash Disbursements                          (2,215,666)
                                                 --------------
Ending Cash Balance                                 $14,797,689
                                                 ==============

The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.  
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts.  In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities.  (Catholic
Church Bankruptcy News, Issue No. 29; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


CATHOLIC CHURCH: Spokane's April 2005 Monthly Operating Report
--------------------------------------------------------------
The Diocese of Spokane filed an incomplete balance sheet with the
U.S. Bankruptcy Court for the Eastern District of Washington.

A full-text copy of the Diocese's April 2005 monthly operating
report is available for free at:

            http://bankrupt.com/misc/MOR_April.pdf

                   Catholic Diocese of Spokane
                  Income and Expense Statement
              For the month ending April 30, 2005

Total Income                                           $224,903
Total Expenses                                          384,631
                                                 --------------
Net Excess or Deficit                                  $159,728
                                                 ==============

                     Catholic Diocese of Spokane
           Statement of Cash Receipts and Disbursements
                  April 1, 2005 to April 30, 2005

Total Cash Receipts                                    $464,620
Total Cash Disbursements                              ($515,440)


The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000)


FRIEDMAN'S INC: Files April 2005 Monthly Operating Report
---------------------------------------------------------
On May 27, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period
April 2, 2005, through April 30, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.

At April 30, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports shows:

      Beginning Cash Balance                  $4,455,913  
      Total Cash Receipts                     43,223,467
      Total Cash Disbursements                37,567,676
      Ending Cash Balance                    $10,111,704

A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended April 30, 2005, is
available at no charge at http://researcharchives.com/t/s?10

Headquartered in Savannah, Georgia, Friedman's Inc. --
http://www.friedmans.com/-- is the parent company of a group of  
companies that operate fine jewelry stores located in strip
centers and regional malls in the southeastern United States.  The
Company and its affiliates filed for chapter 11 protection on Jan.
14, 2005 (Bankr. S.D. Ga. Case No. 05-40129). John W. Butler, Jr.,
Esq., George N. Panagakis, Esq., Timothy P. Olson, Esq., and Alexa
N. Paliwal, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$395,897,000 in total assets and $215,751,000 in total debts.


HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005
-------------------------------------------------------------
On May 24, 2005 Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its April 2005 Monthly Operating
Report with the United States Bankruptcy Court for the District of
Hawaii. The carrier reports earning $415,000 on $63,833,000 of
revenues.

For the month ending April 30, 2005, Hawaiian Airlines' balance
sheet showed:

      Total Current Assets        $251,795,000
      Total Assets                 372,970,000
      Total Current Liabilities    238,544,000
      Total Liabilities            443,258,000
      Liabilities Subject
         to Compromise             214,548,000
      Shareholder's Deficit       $284,836,000

A full-text copy of Hawaiian Airlines' April 2005 Monthly
Operating Report is available at no charge at:

              http://researcharchives.com/t/s?14

Hawaiian Airlines, Inc. -- http://www.HawaiianAir.com/-- is a   
subsidiary of Hawaiian Holdings, Inc. (AMEX and PCX: HA).  Since
the appointment of a bankruptcy trustee in May 2003, Hawaiian
Holdings has had no responsibility for the management of Hawaiian
Airlines and has had limited access to information concerning the
airline.

On March 21, 2003, Hawaiian Airlines, Inc., filed a voluntary
petition for reorganization under Chapter 11 of the United States
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Hawaii (Case No. 03-00827).  Joshua Gotbaum serves as the chapter
11 trustee for Hawaiian Airlines, Inc.  Mr. Gotbaum is represented
by Tom E. Roesser, Esq., and Katherine G. Leonard, Esq., at
Carlsmith Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson,
Esq., Joshua D. Morse, Esq., and John L. Jones, II, Esq., at
Hennigan, Bennett & Dorman LLP.  The Bankruptcy Court confirmed
the Chapter 11 Trustee's Plan of Reorganization on March 10, 2005.  
The Plan took effect on June 2, 2005.


INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
-------------------------------------------------------------
Interstate Bakeries Corporation filed its second amendment to
Schedule F -- Creditors Holding General Unsecured Claims -- of its
Schedules of Assets and Liabilities.  According to Ronald B.
Hutchison, Chief Financial Officer of Interstate Bakeries, the
Debtor amended Schedule F to reflect $269,146,946 in estimated
Non-priority Unsecured Liabilities.  The Debtor removed five trade
creditors from the list.

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R).  The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.

The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-
45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts.  (Interstate Bakeries
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


SOLUTIA INC: Earns $4 Million of Net Income in April 2005
---------------------------------------------------------

                    Solutia Chapter 11 Debtors
      Unaudited Statement of Consolidated Financial Position
                       As of April 30, 2005

                             ASSETS

Current Assets:
   Cash                                              $9,000,000
   Trade Receivables, net                           173,000,000
   Account Receivables-Unconsolidated Subsidiaries   50,000,000
   Inventories                                      157,000,000
   Other Current Assets                              56,000,000
                                                 --------------
Total Current Assets                                445,000,000

Property, Plant and Equipment, net                  685,000,000
Investments in Subsidiaries and Affiliates          515,000,000
Intangible Assets, net                              101,000,000
Other Assets                                         88,000,000
                                                 --------------
TOTAL ASSETS                                     $1,834,000,000
                                                 ==============

              LIABILITIES AND SHAREHOLDERS' DEFICIT

Current Liabilities:
   Accounts Payable                                $152,000,000
   Short Term Debt                                  300,000,000
   Other Current Liabilities                        152,000,000
                                                 --------------
Total Current Liabilities                           604,000,000

Other Long-Term Liabilities                         208,000,000
                                                 --------------
Total Liabilities not Subject to Compromise         812,000,000
Liabilities Subject to Compromise                 2,282,000,000
Shareholders' Deficit                            (1,260,000,000)
                                                 --------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT        $1,834,000,000
                                                 ==============


                    Solutia Chapter 11 Debtors
         Unaudited Consolidated Statement of Operations
                For the Month Ended April 30, 2005

Total Net Sales                                    $204,000,000
Total Cost Of Goods Sold                            187,000,000
                                                 --------------
Gross Profit                                         17,000,000
Total MAT Expense                                    18,000,000
                                                 --------------
Operating Income                                     (1,000,000)

Equity Earnings from Affiliates                      11,000,000
Interest Expense, net                                (5,000,000)
Other Income, net                                     3,000,000

Reorganization Items:
   Professional fees                                 (4,000,000)
                                                 --------------
Income Before Taxes                                   4,000,000
Income Taxes                                                  -
                                                 --------------
Net Income                                           $4,000,000
                                                 ==============

Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a  
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications.  The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. (Solutia Bankruptcy
News, Issue No. 40; Bankruptcy Creditors' Service, Inc., 215/945-
7000)


THAXTON GROUP: Posts $67.3 Mil. Cumulative Net Loss in April 2005    
-----------------------------------------------------------------
On May 24, 2005, The Thaxton Group filed its monthly operating
report for April 2005 with the U.S. Bankruptcy Court for the
District of Delaware.

The company reported a cumulative net loss of $67,287,819 on
$4,413,310 revenue for the period from Oct. 17, 2003, thru
April 30, 2005.

At April 30, 2005, the Company's balance sheet reflects:

      Total Assets                      $126,859,261
      Total Liabilities                  192,901,722
      Stockholders' Deficit             ($66,042,460)

A full-text copy of Thaxton Group's April 2005 Monthly Operating
Report is available at no charge at:

             http://researcharchives.com/t/s?15

Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.  The
Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183).  The Debtors are represented by
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.


TRINITY ENERGY: Posts $133,962 Net Income in April 2005  
-------------------------------------------------------
On May 23, 2005, Trinity Energy Resources, Inc., filed its monthly
operating report for the month ended April 2005 with the United
States Bankruptcy Court for the Southern District of Texas,
Houston Division.

Trinity Energy reported a $133,962 net income on zero revenues for
the month from April 1, 2005, to April 30, 2005.

At April 30, 2005, Trinity Energy's balance sheet showed:

      Total Current Assets                   $551,334
      Total Assets                          1,377,656
      Total Liabilities                     1,783,225
      Total Owner's Equity Deficit          ($405,569)

A full-text copy of Trinity Energy's April 2005 monthly operating
report is available at no charge at:

             http://researcharchives.com/t/s?13

Headquartered in Houston, Texas, Trinity Energy Resources, Inc.,
develops and operates proven oil and gas reserves in the Rocky
Mountains, Texas, and Louisiana, with international interests in
the African Republic of Chad.  The Company filed for chapter 11
protection on Jan. 31, 2003 (Bankr. S.D. Tex. Case No. 03-31453).
John William Mahoney, Esq., at Williams Birnberg & Andersen
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$1,009,626 in total assets and $1,619,031 in total debts as of
Sept. 30, 2002.  On April 23, 2003, the Bankruptcy Court appointed
Elizabeth M. Guffy as the Debtor's Chapter 11 Trustee.


WESTPOINT STEVENS: Posts $26 Million Net Loss in April 2005
-----------------------------------------------------------

                      WESTPOINT STEVENS, INC.
                          Balance Sheet
                        At April 30, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                               $955
   Short-term investments                                     -
   Accounts receivable, net                             166,664
   Total inventories                                    273,556
   Prepaid & other current assets                        19,395
                                                     ----------
Total current assets                                    460,570

Total investments & other assets                         92,883
Goodwill                                                      -
Property, plant and equipment, net                      464,796
                                                     ----------
TOTAL ASSETS                                         $1,018,249
                                                     ==========

          Liabilities and Shareholders' Equity (Deficit)

Liabilities Not Subject to Compromise:
   Senior Credit Facility                               438,208
   DIP Credit Agreement                                  54,389
   Second Lien Facility                                 165,000
   Accrued interest payable                               2,234
   Accounts payable - trade                              43,908
   Accounts payable - intercompany                      171,169
   Other payables and accrued liabilities               112,847
   Deferred income taxes                                      -
   Pension and other liabilities                        147,622
                                                     ----------
Total liabilities not subject to compromise           1,135,377

Liabilities Subject to Compromise:
   Senior Notes                                       1,000,000
   Deferred financing fees                               (3,808)
   Accrued interest payable on Senior Notes              36,313
   Accounts payable                                      27,558
   Other payables and accrued liabilities                 8,232
   Pension and other liabilities                         15,474
                                                     ----------
Total liabilities subject to compromise               1,083,769
                                                     ----------
Total Liabilities                                     2,219,146

Shareholders' Equity (Deficit)
   Equity of subsidiaries                              (123,757)
   Common stock                                             711
   Capital Surplus/Treasury Stock                        41,122
   Retained earnings (deficit)                       (1,010,699)
   Minimum pension liability adjustment                (109,403)
   Other adjustments                                      1,129
   Unearned compensation                                      -
                                                     ----------
Total Shareholders' Equity (Deficit)                 (1,200,897)
                                                     ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $1,018,249
                                                     ==========


                      WESTPOINT STEVENS, INC.
                      Statement of Operations
                    Month Ended April 30, 2005
                          (in thousands)

Total sales                                            $106,091
Cost of sales                                           103,737
                                                     ----------
   Gross profit                                           2,354

Selling and administrative expenses
   Selling expense                                        4,350
   Warehousing and shipping                               5,701
   Advertising                                              482
   Division administrative expense                        1,128
   MIS expense                                            1,636
   Corporate administrative expense                       1,414
                                                     ----------
Total selling and administrative expense                 14,711

Restructuring and impairment charge                         350
Fixed asset impairment charge                                 -
Profit/(loss) from operations                           (12,707)
Interest expense
   Interest expense - outside                             8,409
   Capitalized interest expense                               -
   Interest expense - intercompany                          668
   Interest income                                            5
   Interest income - intercompany                             -
                                                     ----------
Net interest expense                                      9,072

Other expense
   Miscellaneous                                            326
   Royalties - intercompany                               1,807
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                       2,133

Other income
   Royalties - intercompany                                   -
   Dividends                                                  -
   Sale of assets                                           329
   Miscellaneous                                             44
                                                     ----------
   Total other income                                       373
                                                     ----------
Net other expense                                         1,760
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit)
   and extraordinary item                               (23,539)

Chapter 11 reorganization expenses                        3,062

Income taxes (benefit)                                     (887)
                                                     ----------
Income (loss) before extraordinary item                 (25,714)

Extraordinary item - net of taxes                             -
                                                     ----------
Net income (loss)                                      ($25,714)
                                                     ==========


                      WESTPOINT STEVENS, INC.
                      Statement of Cash Flows
                    Month Ended April 30, 2005
                          (in thousands)

Cash Flows from Operations:
Net income (loss)                                      ($25,714)
   Equity adjustments                                       722
Non-cash items
   Depreciation and amortization expense                  8,156
   Gain/(Loss) on sale of assets                           (329)
Changes in Assets and Liabilities
   Decrease/(increase) -- accounts receivable            23,100
   Decrease/(increase) -- inventories                     1,945
   Decrease/(increase) -- other current assets              376
   Decrease/(increase) -- other noncurrent assets
      and liabilities                                       334
   Increase/(decrease) -- accounts payable (trade)        4,266
   Increase/(decrease) -- a/p (intercompany)               (828)
   Increase/(decrease) -- accrued liabilities            (6,760)
   Increase/(decrease) -- accrued interest payable        1,431
   Increase/(decrease) -- pension & other liabilities       989
   Increase/(decrease) -- deferred income tax            (1,275)
                                                     ----------
Total Cash Flows from Operations                          6,413

Cash Flows from Investing
   Decrease/(increase) -- short term investments              -
   Capital expenditures                                  (1,446)
   Net proceeds from sale of assets                         343
                                                     ----------
Total Cash Flows from Investing                          (1,102)

Cash Flows from Financing
   Increase/(decrease) -- DIP credit agreement           (6,196)
                                                     ----------
Total Cash Flows from Financing                          (6,196)

Beginning Cash Balance                                    1,840
Change in Cash                                             (885)
                                                     ----------
Ending Cash Balance                                        $955
                                                     ==========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed  
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.  
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores.  Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens.  The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)


WESTPOINT STEVENS: JP Stevens' April 2005 Monthly Operating Report
------------------------------------------------------------------

                     J.P. STEVENS & CO., INC.
                          Balance Sheet
                        At April 30, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                                  -
   Short-term investments                                     -
   Accounts receivable - customers                            -
   Accounts receivable - intercompany                  $110,749
   Total inventories                                          -
   Prepaid & other current assets                             -
                                                     ----------
Total Current assets                                    110,749

Total investments & other assets                          2,697
Goodwill                                                      -
Property, plant and equipment, net                            -
                                                     ----------
TOTAL ASSETS                                           $113,446
                                                     ==========

          Liabilities and Shareholders' Equity (Deficit)

Liabilities Not Subject to Compromise:   
   Senior Credit Facility                                     -
   DIP Credit Agreement                                       -
   Long-term debt classified as current                       -
   Accounts receivable - intercompany                         -
   Accrued interest payable                                   -
   Accounts payable - trade                                   -
   Accounts payable - intercompany                            -
   Other payables and accrued liabilities                     -
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total liabilities not subject to compromise                   -

Liabilities Subject to Compromise:
   Senior Notes                                               -
   Deferred financing fees                                    -
   Accrued interest payable on Senior Notes                   -
   Accounts payable                                           -
   Other payables and accrued liabilities                     -
   Pension and other liabilities                              -
                                                     ----------
Total liabilities subject to compromise                       -
                                                     ----------
Total Liabilities                                             -

SHAREHOLDERS' EQUITY (DEFICIT)
   Equity of subsidiaries                               $10,503
   Common stock                                               -
   Capital Surplus/Treasury Stock                             -
   Retained earnings (deficit)                          102,943
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                      ---------
Total Shareholders' Equity (Deficit)                    113,446
                                                      ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)   $113,446
                                                      =========

J.P. Stevens & Co., Inc., reports no income and cash flow for
April 2005.

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed   
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.  
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores.  Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens.  The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)


WESTPOINT STEVENS: JP Stevens Enterprises' April Operating Report
-----------------------------------------------------------------

                   J.P. STEVENS ENTERPRISES, INC.
                           Balance Sheet
                        At April 30, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                                $22
   Short-term investments                                     -
   Accounts receivable - customers, net                       -
   Accounts receivable - intercompany                    17,853
   Prepaid expenses and other current assets                  -
                                                     ----------
Total current assets                                     17,875

Total investments & other assets                              -
Goodwill                                                      -
                                                     ----------
TOTAL ASSETS                                            $17,875
                                                     ==========

            Liabilities and Stockholders' Equity (Deficit)

Liabilities Not Subject to Compromise:
   Accounts payable - intercompany                            -
   Other payables and accrued liabilities                  $198
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total Liabilities Not Subject to Compromise                 198

Liabilities Subject to Compromise                             -
                                                     ----------
Total Liabilities                                           198

Shareholders' Equity (Deficit)
   Equity of subsidiaries                                     -
   Common stock                                               2
   Capital surplus/Treasury Stock                             -
   Retained earnings (deficit)                           17,675
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                           17,677
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)      $17,875
                                                     ==========


                   J.P. STEVENS ENTERPRISES, INC.
                      Statement of Operations
                    Month Ended April 30, 2005
                          (in thousands)

Total sales                                                   -
Cost of goods sold                                            -
                                                     ----------
   Gross earnings                                             -

Selling and administrative expenses
   Selling expenses                                          $3
   Warehousing and shipping                                   -
   Advertising                                                -
   Division administrative expense                            -
   MIS expense                                                -
   Corporate administrative expense                           -
                                                     ----------
Total selling and administrative expense                      3

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Profit/(loss) from operations                             (3)

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                            -
   Interest income                                            -
   Interest income - intercompany                           106
                                                     ----------
Net interest expense                                       (106)

Other expense
   Miscellaneous                                              -
   Royalties - intercompany                                   -
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                           -

Other income
   Royalties - intercompany                                 190
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                          190
                                                     ----------
Net other expense                                          (190)
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit) and
   extraordinary items                                      293

Chapter 11 reorganization expenses                            -

Income tax expense (benefit)                                103

Extraordinary item - net of taxes                             -
                                                     ----------
Net Income (loss)                                          $190
                                                     ==========


                   J.P. STEVENS ENTERPRISES, INC.
                      Statement of Cash Flows
                    Month Ended April 30, 2005
                           (in thousands)

Cash flows from operations:
Net income (loss)                                          $190
Non-cash items
   Depreciation and amortization                              -
Working Capital Changes
   Decrease/(increase) - a/r (intercompany)                 (87)
   Decrease/(increase) - inventories                          -
   Decrease/(increase) - other current assets                 -
   Decrease/(increase) - other non-current assets             -
   Increase/(decrease) - accounts payable (trade)             -
   Increase/(decrease) - a/p (intercompany)                   -
   Increase/(decrease) - accrued liabilities                (93)
   Increase/(decrease) - accrued interest payable             -
   Increase/(decrease) - pension & other liabilities          -
   Increase/(decrease) - deferred federal income tax          -
                                                     ----------
Total cash flows from operations                             10

Cash flows from investing activities
   Capital expenditures                                       -
   Net proceeds from sale of assets                           -
                                                     ----------
Total cash flows from investing                               -

Cash flows from financing activities
   Increase/(decrease)- DIP Credit Agreement                  -
                                                     ----------
Total cash flows from financing                               -

Beginning cash balance                                       12
Change in cash                                               10
                                                     ----------
Ending cash balance                                         $22
                                                     ==========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed  
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.  
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores.  Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens.  The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)


WESTPOINT STEVENS: WP Stevens Stores' April 2005 Operating Report
-----------------------------------------------------------------

                   WESTPOINT STEVENS STORES, INC.
                           Balance Sheet
                        At April 30, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                             $1,146
   Short-term investments                                     -
   Accounts receivable - customers                          108
   Accounts receivable - intercompany                     2,029
   Total Inventories                                     20,586
   Prepaid expenses and other current assets                807
                                                     ----------
Total current assets                                     24,676

Total investments & other assets                              -
Goodwill                                                      -
Property, plant and equipment, net                        2,293
                                                     ----------
TOTAL ASSETS                                            $26,969
                                                     ==========

            Liabilities and Stockholders' Equity (Deficit)

Liabilities Not Subject to Compromise
   Accounts payable - trade                                $515
   Accounts payable -intercompany                             -
   Other payables and accrued liabilities                 2,623
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total Liabilities Not Subject to Compromise               3,138
                                                      ----------
Liabilities Subject to Compromise
   Accounts payable                                       1,677
                                                     ----------
Total Liabilities                                         4,815

Shareholders' Equity (Deficit)
   Equity of subsidiaries                                     -
   Common stock                                               1
   Capital surplus/Treasury Stock                        15,955
   Retained earnings (deficit)                            6,198
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                           22,154
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)      $26,969
                                                     ==========


                   WESTPOINT STEVENS STORES, INC.
                      Statement of Operations
                    Month Ended April 30, 2005
                          (in thousands)

Total sales                                              $6,796
Cost of goods sold                                        4,150
                                                     ----------
   Gross earnings                                         2,646

Selling and administrative expenses
   Selling expenses                                       2,186
   Warehousing and shipping                                 246
   Advertising                                              234
   Division administrative expense                          316
   MIS expense                                               68
   Corporate administrative expense                         106
                                                     ----------
Total selling and administrative expense                  3,156
Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Profit/(loss) from operations                           (510)

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                          193
   Interest income                                            -
   Interest income - intercompany                             -
                                                     ----------
Net interest expense                                        193

Other expense
   Miscellaneous                                              -
   Royalties - intercompany                                   -
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                           -

Other income
   Royalties Intercompany                                     -
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                            -
                                                     ----------
Net other expense                                             -
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit) and
   extraordinary items                                     (703)

Chapter 11 reorganization expenses                            -
Income tax expense (benefit)                               (246)

Extraordinary item - net of taxes                             -
                                                     ----------
Net Income (loss)                                         ($457)
                                                     ==========


                   WESTPOINT STEVENS STORES, INC.
                      Statement of Cash Flows
                    Month Ended April 30, 2005
                          (in thousands)

Cash flows from operations:
Net income (loss)                                         ($457)
Non-cash items
   Depreciation and amortization                             58
Working Capital Changes
   Decrease/(increase) - a/r (customers)                     32
   Decrease/(increase) - a/r (intercompany)                 239
   Decrease/(increase) - inventories                     (1,154)
   Decrease/(increase) - other current assets                (5)
   Decrease/(increase) - other non-current assets             -
   Increase/(decrease) - accounts payable (trade)           119
   Increase/(decrease) - a/p (intercompany)                   -
   Increase/(decrease) - accrued liabilities                689
   Increase/(decrease) - accrued interest payable             -
   Increase/(decrease) - pension & other liabilities          -
   Increase/(decrease) - deferred federal income tax          -
                                                     ----------
Total cash flows from operations                           (479)

Cash flows from investing activities
   Capital expenditures                                      (6)
   Transfers                                                  -
   Net proceeds from sale of assets                           -
                                                     ----------
Total cash flows from investing                              (6)

Cash flows from financing activities
    Increase/(decrease)- DIP Credit Agreement                 -
                                                     ----------
Total cash flows from financing                               -

Beginning cash balance                                    1,631
Change in cash                                             (485)
                                                     ----------
Ending cash balance                                      $1,146
                                                     ==========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed   
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.  
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores.  Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens.  The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)


WESTPOINT STEVENS: WP Stevens I Earns $1MM of Net Income in April
-----------------------------------------------------------------

                    WESTPOINT STEVENS, INC., I
                          Balance Sheet
                        At April 30, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                               $174
   Short-term investments                                     -
   Accounts receivable - customers                            -
   Accounts receivable - intercompany                    28,218
   Total inventories                                          -
   Prepaid & other current assets                             -
                                                     ----------
Total current assets                                     35,653

Total investments & other assets                          9,447
Goodwill                                                      -
Property, plant and equipment, net                       11,590
                                                     ----------
TOTAL ASSETS                                            $56,690
                                                     ==========

          Liabilities and Shareholders' Equity (Deficit)

Liabilities Not Subject to Compromise:
   Senior Credit Facility                                     -
   DIP Credit Agreement                                       -
   Long-term debt classified as current                       -
   Accrued interest payable                                   -
   Accounts payable - trade                                $379
   Accounts payable - intercompany                            -
   Other payables and accrued liabilities                 6,994
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total liabilities not subject to compromise               7,373

Liabilities Subject to Compromise:
   Senior Notes                                               -
   Deferred financing fees                                    -
   Accrued interest payable on Senior Notes                   -
   Accounts payable                                       1,438
   Other payables and accrued liabilities                     -
   Pension and other liabilities                          3,445
                                                     ----------
Total liabilities subject to compromise                   4,883
                                                     ----------
Total Liabilities                                        12,256

SHAREHOLDERS' EQUITY (DEFICIT)
   Equity of subsidiaries                                     -
   Common stock                                               1
   Capital Surplus/Treasury Stock                        70,559
   Retained earnings (deficit)                          (26,126)
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Total Shareholders' Equity (Deficit)                     44,434
                                                     ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)    $56,690
                                                     ==========


                    WESTPOINT STEVENS, INC., I
                     Statement of Operations
                    Month Ended April 30, 2005
                           (in thousands)

Total sales                                              $2,550
Cost of sales                                             2,689
                                                     ----------
   Gross profit                                            (139)

Selling and administrative expenses
   Selling expense                                            3
   Warehousing and shipping                                 164
   Advertising                                                -
   Division administrative expense                            -
   MIS expense                                                -
   Corporate administrative expense                         410
                                                     ----------
   Total selling and administrative expense                 577

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
Profit/(loss) from operations                              (716)

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                            -
   Interest income - intercompany                           755
                                                     ----------
Net interest expense                                       (756)

Other expense
   Miscellaneous                                              -
   Royalties - intercompany                                 190
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                         190

Other income
   Royalties - intercompany                               1,934
   Affiliate Income                                           -
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                        1,934
                                                     ----------
Net other expense                                        (1,744)
                                                     ----------
Income (loss) before reorganization
   expenses and income taxes (benefit)
   and extraordinary item                                 1,784

Reorganization expenses                                       -
Income taxes (benefit)                                      625
                                                     ----------
Income (loss) before extraordinary item                   1,159

Extraordinary item - net of taxes                             -
                                                     ----------
Net income (loss)                                        $1,159
                                                     ==========


                    WESTPOINT STEVENS, INC., I
                     Statement of Cash Flows
                    Month Ended April 30, 2005
                          (in thousands)

Cash Flows from Operations:
Net income (loss)                                        $1,159
Non-cash items
   Depreciation and amortization expense                    140
Changes in Assets and Liabilities
   Decrease/(increase) -- a/r (customers)                     -
   Decrease/(increase) -- a/r (intercompany)              1,898
   Decrease/(increase) -- inventories                      (622)
   Decrease/(increase) -- other current assets                -
   Decrease/(increase) -- other noncurrent assets             -
   Increase/(decrease) -- accounts payable (trade)         (217)
   Increase/(decrease) -- a/p (intercompany)                  -
   Increase/(decrease) -- accrued liabilities            (2,359)
   Increase/(decrease) -- accrued interest payable            -
   Increase/(decrease) -- pension and other liabilities       -
   Increase/(decrease) -- deferred federal income tax         -
                                                     ----------
Total Cash Flows from Operations                             (1)

Cash Flows from Investing
   Decrease/(increase) -- short term investments              -
   Capital expenditures                                       -
   Net proceeds from sale of assets                           -
                                                     ----------
Total Cash Flows from Investing                              (1)

Cash Flows from Financing
   Increase/(decrease) -- DIP credit agreement                -
   Increase/(decrease) -- Senior Notes                        -
                                                     ----------
Total Cash Flows from Financing                               -

Beginning Cash Balance                                      176
Change in Cash                                               (2)
                                                     ----------
Ending Cash Balance                                        $174
                                                     ==========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed   
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.  
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores.  Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens.  The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)

                          *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                          *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published by  
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,  
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.  
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili and Peter A. Chapman, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                    *** End of Transmission ***