TCR_Public/050625.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 25, 2005, Vol. 9, No. 149

                          Headlines

AMERICAN BUSINESS: ABC Files Amended Schedules of Assets & Debts
AMERICAN BUSINESS: HACI Files Amended Schedule of Assets & Debts
COVANTA WTE: Posts $80,443 Net Loss in April 2005
INTERMET CORP: Posts $5.8 Million Net Loss in May 2005
KEYSTONE CONSOLIDATED: Posts $5 Million Net Loss in May 2005

MIRANT CORP: Earns $53.7 Million of Net Income in April 2005
MIRANT CORP: MAGi Earns $266 Million of Net Income in April 2005
RELIANCE GROUP: Earns $2.8 Million of Net Income in May 2005
SPIEGEL INC: Posts $631,000 Net Loss in April 2005
UNIVERSAL ACCESS: Files May 2005 Monthly Operating Report

VARIG S.A.: Files Consolidated Balance Sheet as of March 31
WINN-DIXIE: Posts $34 Mil. Net Loss For The Period Ended June 1


                          *********

AMERICAN BUSINESS: ABC Files Amended Schedules of Assets & Debts
----------------------------------------------------------------
On June 14, 2005, American Business Credit, Inc., delivered to the
Court an amended schedule of assets and liabilities, specifically
reflecting these changes:

D.     Secured Claims
          Fortress Investment Group, Inc.                    $0
          JP Morgan Chase Bank NA                        56,323
                                                         53,917
          The Patriot Group, LLC                              0
          Escrow and collections accounts             5,700,000
          Credit Tech and Ameer Saleem                        0
  
E.     Unsecured Priority Claims                      1,463,019

F.     Unsecured Non-Priority Claims                600,891,397

       TOTAL SCHEDULED LIABILITIES                 $608,164,656
       ========================================================

Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California.  The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries.  The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).  
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts.  When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts.  (American
Business Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


AMERICAN BUSINESS: HACI Files Amended Schedule of Assets & Debts
----------------------------------------------------------------
Home American Credit, Inc., amends its Schedules of Assets and
Liabilities to reflect an additional unsecured non-priority claim
for $5,000 filed by St. Paul Traveler.

Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California.  The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries.  The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).  
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts.  When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts.  (American
Business Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


COVANTA WTE: Posts $80,443 Net Loss in April 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 April 30, 2005

                              ASSETS

Cash                                                   $473,116
Inventory                                                     -
Accounts receivable                                  13,591,954
Land                                                          -
Machinery, fixtures and equipment                    46,743,245
Restricted funds                                        219,104
Other current assets                                    126,033
Other assets                                            109,082
                                                   ------------
Total assets                                        $61,262,534
                                                   ============

               LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Postpetition Liabilities:
Subject to postpetition collateral
   or financing order                                         -
Advances from parent and affiliates                  $7,259,833
Accounts payable and other liabilities                2,441,290
                                                   ------------
Total postpetition liabilities                        9,701,123

Prepetition Liabilities:
Project Debt                                         19,222,776
Advances from parent and affiliates                  26,235,087
Liabilities Subject to Compromise                     1,825,969
Taxes/Others                                                  -
                                                   ------------
Total Prepetition Liabilities                        47,283,832
                                                   ------------

Equity:
Capital stock                                                 -
Capital surplus                                               -
Retained earnings - prepetition                       8,343,700
Retained earnings - postpetition                     (4,066,121)
                                                   ------------
Total Equity                                          4,277,579
                                                   ------------
Total Liabilities and Equity                        $61,262,534
                                                   ============


                           WTE Debtors
              Consolidated Statements of Operations
                  From April 1 to April 30, 2005

INCOME:
Service, electric and construction revenue             $745,051
Waste-to-Energy project debt revenue                    400,562
                                                   ------------
   Total Income                                       1,145,613

EXPENSES:
Operating and construction costs                        853,088
Waste-to-Energy project debt expense                    103,218
Depreciation and amortization expense                   189,750
Other - Net                                                   -
Cost allocations from parent & affiliates                80,000
Gain on sale of businesses                                    -
                                                   ------------
   Total Expenses                                     1,226,056
                                                   ------------
NET OPERATING PROFIT/(LOSS)                             (80,443)

Non-Operating Income/(Expense)
Reorganization costs                                          -
                                                   ------------
Total Non-Operating Income (Expense)                          -
Income Taxes                                                  -
Income before cumulative effect of accounting,
     Change                                             (80,443)
                                                   ------------
NET INCOME/(LOSS)                                      ($80,443)
                                                   ============


                           WTE Debtors
                Consolidated Cash Flow Statements
                  From April 1 to April 30, 2005

Net income                                             ($80,443)
Depreciation and amortization                           189,750
Receivables                                             338,497
Other assets                                             21,055
Payables and accrued expenses                          (438,392)
Other liabilities                                             -
Property, plant and equipment expenditures             (103,200)
Restricted funds, net                                   517,220
(Repayments) issuance of debt, net                            -
Advances from parents & affiliates                        1,996
                                                   ------------
                                                        446,483

Cash, beginning balance                                  26,633
                                                   ------------
Cash, ending balance                                   $473,116
                                                   ============

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. 80;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


INTERMET CORP: Posts $5.8 Million Net Loss in May 2005
------------------------------------------------------
On June 20, 2005, Intermet Corporation and its debtor-affiliates
delivered its May 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.

For the month ending May 31, 2005, Intermet Corporation reported a
net loss of $5,800,000 against $51,827,000 of net sales.

At May 31, 2005, Intermet's balance sheet showed:

      Current Assets                          $140,781,000
      Total Assets                             431,888,000
      Postpetition Debts                        24,193,000
      Total Liabilities                        575,234,000
      Total Stockholders' Equity Deficit     ($143,346,000)

A full-text copy of Intermet Corporation's May 2005 Monthly
Operating Report is available at no charge at:

             http://researcharchives.com/t/s?33

Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/-- provides machining and tooling  
services for the automotive and industrial markets specializing in
the design and manufacture of highly engineered, cast automotive
components for the global light truck, passenger car, light
vehicle and heavy-duty vehicle markets.  Intermet, along with its
debtor-affiliates, filed for chapter 11 protection on Sept. 29,
2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614).  
Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represents
the Debtors.  When the Debtors filed for protection from their
creditors, they listed $735,821,000 in total assets and
$592,816,000 in total debts.


KEYSTONE CONSOLIDATED: Posts $5 Million Net Loss in May 2005
------------------------------------------------------------
On June 13, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating report for the
month of May 2005 with the U.S. Bankruptcy Court for the Eastern
District of Wisconsin.

Keystone Consolidated reported a $5,114,910 net loss on
$23,336,680 of net sales.

At May 31, 2005, Keystone Consolidated's balance sheet shows:

      Current Assets                    $76,006,904
      Total Assets                      309,636,189
      Current Liabilities               159,863,805
      Total Liabilities                 340,264,488
      Stockholders' Deficit            $(32,740,299)

A full-text copy of Keystone Consolidated Industries' May 2005
Monthly Operating Report is available at no charge at:
   
                http://researcharchives.com/t/s?35

Headquartered in Dallas, Texas, Keystone Consolidated Industries,
Inc., makes carbon steel rod, fabricated wire products, including
fencing, barbed wire, welded wire and woven wire mesh for the
agricultural, construction and do-it-yourself markets.  The
Company filed for chapter 11 protection on February 26, 2004,
(Bankr. E.D. Wisc. Case No. 04-22422).  Daryl L. Diesing, Esq., at
Whyte Hirschboeck Dudek S.C., and David L. Eaton, Esq., at
Kirkland & Ellis LLP, represent the Debtors in their restructuring
efforts.  When the Company filed for protection from their
creditors, it listed $196,953,000 in total assets and $365,312,000
in total debts.


MIRANT CORP: Earns $53.7 Million of Net Income in April 2005
------------------------------------------------------------   

                   Mirant Corporation and Subsidiaries
                       Consolidated Balance Sheet
                         As of April 30, 2005

ASSETS

Cash and cash equivalents                        $1,642,725,766
Accounts receivable - net                           713,020,521
Assets from risk management activities              263,645,848
Derivative hedging instruments                                -
Inventories                                         377,738,774
Other                                               708,789,752
                                                ---------------
        Total Current Assets                      3,705,920,661

Property, plant and equipment                     5,207,171,669
Less: accumulated depreciation/depletion            879,366,885
Leasehold interests - net                         1,472,008,153
Construction work in progress                       145,600,890
Investment in suspended construction                249,754,262
                                                ---------------
        Total net property, plant and equipment   6,195,168,089

Investments                                         255,943,338
Long-term accounts receivable - net                  33,541,490
Notes receivable - net                                        -
Assets from risk management activities              111,977,801
Goodwill - net                                        5,767,352
Other intangibles - net                             267,161,370
Derivative hedging instruments                                -
Restricted cash, non-current                        205,163,972
Other long-term assets                                        1
Miscellaneous deferred charges                      427,580,405
                                                ---------------
        Total Non-current Assets                  1,307,135,729
                                                ---------------
        TOTAL ASSETS                            $11,208,224,479
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
     Debt                                        $1,296,351,127
     Accounts Payable                               523,525,035
     Liabilities from risk management activities    362,119,366
     Obligations under energy deliveries              8,447,320
     Derivative hedging instruments                           -
     Other                                          198,131,672
     Miscellaneous deferred credits                 708,355,201
                                                ---------------
        Total postpetition liabilities            3,096,929,721

Prepetition Liabilities                           9,187,185,878
                                                ---------------
        TOTAL LIABILITIES                        12,284,115,599

EQUITY:
Minority interest in subsidiaries                   167,378,094
Mandatory redeemable securities                               -
Common stock                                          4,056,621
Additional paid-in capital                        4,917,964,708
Retained earnings                                (6,089,857,060)
Treasury stock, at cost                              (2,260,000)
Accumulated other comprehensive income              (73,173,483)
                                                ---------------
        Total Equity                             (1,075,891,120)
                                                ---------------
        TOTAL LIABILITIES AND OWNERS' EQUITY    $11,208,224,479
                                                ===============


                   Mirant Corporation and Subsidiaries
                    Consolidated Statements of Income
                   For the month ending April 30, 2005

REVENUES:
     Generation                                    $278,879,212
     Net trading revenue                              3,350,093
     Distribution                                    58,147,071
     Other                                              586,555
                                                ---------------
        Net Revenue                                 340,962,931

OPERATING EXPENSES:
     Energy cost                                    163,086,662
     Operations and maintenance                      84,168,147
     Depreciation and amortization                   25,621,925
     Gain on sale of property and investment              4,399
     Impairment loss                                     54,459
     Restructuring costs                                243,046
                                                ---------------
        Total Operating Expenses                    273,178,638
                                                ---------------
        Income before non-operating income
        and expense                                  67,784,293

OTHER INCOME AND EXPENSES:
     Interest income                                  1,956,130
     Interest expense                               (10,289,685)
     Equity in income of affiliates                   2,562,391
     Other                                           (1,149,744)
     Reorganization items                             2,836,448
     Minority interest                               (2,097,474)
     Net income from discontinued operations             11,095
     Gain on sale assets, minority owned                      -
                                                ---------------
         Total Other Income                          (6,170,839)

Provision for income tax                             (7,870,032)
                                                ---------------
        NET PROFIT (LOSS)                           $53,743,422
                                                ===============


                           Mirant Corporation
             Unconsolidated Cash Receipts and Disbursements
                  For the month ending April 30, 2005

Cash, beginning of month                           $234,903,286

Non-Operating Receipts:
     Loans & Advances                                (9,163,859)
     Sale of Assets                                           -
                                                ---------------
     Total non-operating receipts                    (9,163,859)
                                                ---------------
        Total receipts                               (9,163,859)
                                                ---------------
        Total Cash Available                        225,739,427

Operating Disbursements                                       0

Reorganization Expenses                                  11,991
                                                 --------------
        Total disbursements                              11,991
                                                 --------------
Net Cash Flow                                        (9,175,850)
                                                 --------------
Cash, end of month                                 $225,727,437
                                                 ==============

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that     
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.  
(Mirant Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


MIRANT CORP: MAGi Earns $266 Million of Net Income in April 2005
----------------------------------------------------------------

           Mirant Americas Generation, LLC, and Subsidiaries
                       Consolidated Balance Sheet
                          As of April 30, 2005

ASSETS

Cash and cash equivalents                          $518,711,842
Accounts receivable - net                           495,308,219
Assets from risk management activities               54,001,827
Derivative hedging instruments                                -
Inventories                                         181,137,199
Other                                               121,519,636
                                                ---------------
         Total Current Assets                     1,370,678,723

Property, plant and equipment                     2,206,171,730
Less: accumulated depreciation/depletion            359,429,987
Leasehold interests - net                                     -
Construction work in progress                        88,815,017
Investment in suspended construction                174,287,989
                                                ---------------
         Total net property, plant and equipment  2,109,844,749

Investments                                              25,000
Long-term accounts receivable - net                  92,161,395
Notes receivable - net                              223,275,000
Assets from risk management activities                5,994,767
Other intangibles - net                             204,446,175
Derivative hedging instruments                                -
Restricted cash, non-current                          5,079,283
Other long-term assets                                        -
Miscellaneous deferred charges                      214,343,034
                                                ---------------
        Total Non-current Assets                    745,324,654
                                                ---------------
        TOTAL ASSETS                             $4,225,848,126
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
     Debt                                                    $0
     Accounts Payable                               257,918,685
     Liabilities from risk management activities     97,064,817
     Obligations under energy deliveries                      -
     Derivative hedging instruments                           -
     Other                                          151,582,386
     Miscellaneous deferred credits                  49,178,591
                                                ---------------
        Total postpetition liabilities              555,744,479

Prepetition Liabilities                           3,236,301,970
                                                ---------------
        TOTAL LIABILITIES                         3,792,046,449

EQUITY:
Minority interest in subsidiaries                        35,002
Mandatory redeemable securities                               -
Common stock                                              1,000
Additional paid-in capital                        3,853,859,362
Retained earnings                                (3,420,093,687)
Treasury stock, at cost                                       -
Accumulated other comprehensive income                        -
                                                ---------------
        Total Equity                                433,801,677
                                                ---------------
        TOTAL LIABILITIES AND OWNERS' EQUITY     $4,225,848,126
                                                ===============


           Mirant Americas Generation, LLC, and Subsidiaries
                   Consolidated Statements of Income
                  For the month ending April 30, 2005

REVENUES:
     Generation                                    $192,741,191
     Net trading revenue                                 24,444
     Distribution                                             -
     Other                                               28,269
                                                ---------------
        Net Revenue                                 192,793,904

OPERATING EXPENSES:
     Energy cost                                     88,292,466
     Operations and maintenance                      53,238,700
     Depreciation and amortization                    7,543,852
     Gain on sale of property and investment                  -
     Impairment loss                                     54,459
     Restructuring costs                                130,669
                                                ---------------
        Total Operating Expenses                    149,260,146
                                                ---------------
        Income before non-operating income
        and expense                                  43,533,758

OTHER INCOME AND EXPENSES:
     Interest income                                          -
     Interest expense                                  (919,915)
     Equity in income of affiliates                           -
     Other                                               97,308
     Reorganization items                           222,445,955
     Minority interest                                        -
     Net income from discontinued operations                  -
                                                ---------------
        Total Other Income                          221,623,348

Provision for income tax                                937,140
                                                ---------------
        NET PROFIT (LOSS)                          $266,094,246
                                                ===============


            Mirant Americas Generation, LLC, and Subsidiaries
             Unconsolidated Cash Receipts and Disbursements
                   For the month ending April 30, 2005

Cash, beginning of month                          $194,692,337

Non-Operating Receipts:
     Loans & Advances                                8,707,566
     Sale of Assets                                          -
                                               ---------------
     Total non-operating receipts                    8,707,566
                                               ---------------
        Total receipts                               8,707,566
                                               ---------------
        Total Cash Available                       203,399,903

Operating Disbursements                                      0

Reorganization Expenses                                      0
                                               ---------------
        Total disbursements                                  0
                                               ---------------
Net Cash Flow                                       $8,707,566
                                               ---------------
Cash, end of month                                $203,399,903
                                               ===============

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that     
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.  
(Mirant Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


RELIANCE GROUP: Earns $2.8 Million of Net Income in May 2005
------------------------------------------------------------

RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession                 31-May-2005
_____________________________________         ___________

ASSETS

Cash                                          $48,388,000
Accounts and Notes Receivable                  13,090,000
Prepaid expenses and deposits                     353,000
Due from Reliance Development Group,
    less allowance of $59,334,000                       0
Note Receivable from Reorganized
    RFS Corporation                             2,537,000
Plant, property & equipment                             -
                                         ----------------
       Total Assets                           $64,368,000
                                         ================

LIABILITIES & SHAREHOLDERS' DEFICIT

Liabilities not subject to compromise
    Postpetition accounts payable              $1,193,000
    Professional fee holdback payable           2,417,000
    PBGC administrative claim                           0
Liabilities subject to compromise             848,241,000
                                         ----------------
       Total liabilities                      851,851,000
                                         ----------------

Shareholders' deficit:
    Common stock                               11,616,000
    Additional paid in capital                558,541,000
    Accumulated deficit                    (1,357,630,000)
                                         ----------------
       Total shareholders' deficit           (787,630,000)
                                         ----------------
       Total liabilities & deficit            $64,368,000
                                         ================


RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of            1-May-2005
Operations, excluding subsidiaries                 to
which are not Debtors-in-Possession           31-May-2005
_____________________________________         ___________

Revenues                                               $0
                                         ----------------
Costs and expenses:
    Operating and administrative                   43,000
    Pension Plan Actuarial
      Adjustments and Expenses                          0
    Depreciation                                        0
                                         ----------------
    Total costs and expenses                       43,000
                                         ----------------
Loss before reorganization items                  (43,000)
                                         ----------------
Reorganization items:
    Professional fees                             301,000
    Interest earned on accumulated
       cash resulting from
       Chapter 11 proceeding                     (116,000)
                                         ----------------
    Total reorganization items                    185,000
                                         ----------------
Income tax benefits                            (3,053,000)
                                         ----------------
Net Income (loss)                              $2,825,000
                                         ================


RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of            1-May-2005
Cash Flows, excluding subsidiaries                 to
which are not Debtors-in-Possession           31-May-2005
_____________________________________         ___________

Cash flows from operating activities:
    Loss from operations before
       reorganization items                      ($43,000)
    Adjustments to reconcile loss to
       net cash provided by
       operating activities:
          Income Tax Recovery                           0
          Depreciation                                  0
    Changes in:
       Prepaid expenses                                 0
       Postpetition payables                      (20,000)
       Increase in Liabilities
         subject to compromise                          0
                                          ---------------
    Net cash (used) provided by
        operating activities before
        reorganization items                      (63,000)
                                          ---------------
    Operating cash flows from
       reorganization items:
          Interest earned                         116,000
          Application of retainer
            towards reorganization
            professional fees                           0
          Payment of
            reorganization items                 (684,000)
                                          ---------------
    Net cash used by
       reorganization items                      (568,000)
                                          ---------------
    Net cash used by
       operating activities                      (631,000)
                                          ---------------
Cash flows from investing activities:
    Receipt from Reliance
      Development Group                                 0
                                          ---------------
       Net cash provided by
          investing activities                          0
                                          ---------------
Cash flow from financing activities:
    Proceeds of split dollar policies                   0
                                          ---------------
       Net cash provided by
          financing activities                          0
                                          ---------------
Net decrease in cash                             (631,000)
Cash at beginning of period                    49,019,000
                                          ---------------
Cash at end of period                         $48,388,000
                                          ===============

Headquartered in New York, New York, Reliance Group Holdings, Inc.
-- http://www.rgh.com/-- is a holding company that owns 100% of  
Reliance Financial Services Corporation. Reliance Financial, in
turn, owns 100% of Reliance Insurance Company.  The holding and
intermediate finance companies filed for chapter 11 protection on
June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing
$12,598,054,000 in assets and $12,877,472,000 in debts.  The
insurance unit is being liquidated by the Insurance Commissioner
of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News,
Issue No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000)


SPIEGEL INC: Posts $631,000 Net Loss in April 2005
--------------------------------------------------

                Spiegel, Inc., and Subsidiaries
                     Debtors-in-Possession
              Unaudited Consolidated Balance Sheet
                      As of April 30, 2005

                             ASSETS

Current assets:
Cash and cash equivalents                          $321,989,000
Receivables, net                                     29,546,000
Inventories                                         131,179,000
Prepaid expenses                                     29,242,000
Assets of discontinued operations                    68,801,000
                                                 --------------
Total current assets                                580,757,000
                                                 --------------

Property and equipment, net                         113,128,000
Intangible assets, net                              135,608,000
Other assets                                         16,479,000
                                                 --------------
Total assets                                       $845,972,000
                                                 ==============

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities           $154,401,000
Current portion of long-term debt                    48,000,000
Liabilities of discontinued operations               94,852,000
                                                 --------------
Total current liabilities                           297,253,000
                                                 --------------
Deferred lease obligation                            14,968,000

Liabilities subject to compromise                 1,384,906,000
                                                 --------------
Total liabilities                                 1,697,127,000
                                                 --------------

Stockholders' deficit:
Class A non-voting common stock,
   $1.00 par value; authorized 16,000,000
   shares; 14,945,144 shares issued
   and outstanding                                   14,945,000

Class B voting common stock, $1.00
   par value; authorized 121,500,000 shares;
   117,009,869 shares issued & outstanding          117,010,000
Additional paid-in capital                          329,489,000
Accumulated other comprehensive loss                (22,841,000)
Accumulated deficit                              (1,289,758,000)
                                                 --------------
Total stockholders' deficit                        (851,155,000)
                                                 --------------
Total liabilities & stockholders' deficit          $845,972,000
                                                 ==============
  
  
                Spiegel, Inc., and Subsidiaries
                     Debtors-in-Possession  
         Unaudited Consolidated Statement of Operations
                Four Weeks Ended April 30, 2005
  
Net sales and other revenues:
Net sales                                           $66,947,000
Other revenue                                         3,448,000
                                                 --------------
                                                     70,395,000

Cost of sales and operating expenses:
Cost of sales, including buying
   and occupancy expenses                            37,656,000
Selling, general & administrative expenses           27,571,000
                                                 --------------
                                                     67,227,000

Estimated loss of non-debtors                          (251,000)

Operating Income                                      4,917,000

Interest expense                                         17,000
                                                 --------------
Income from operations before reorganization
   items                                              4,900,000
                                                 --------------
Reorganization items, net                             5,844,000

Income Tax                                             (287,000)
                                                 --------------
Income from operations                                 (657,000)
                                                 --------------
Discontinued operations:
Loss from discontinued operations                        26,000
                                                 --------------
Net Income                                            ($631,000)
                                                 ==============


                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
         Unaudited Consolidated Statement of Cash Flows
                 Four Weeks Ended April 30, 2005

Cash flows from operating activities:
Net Income                                            ($631,000)
Adjustments to reconcile net loss to net cash
   used in operating activities:
   Reorganization items, net                          5,844,000
   Depreciation and amortization                      1,990,000
   Change in assets and liabilities:
      (Increase) decrease in receivables, net         5,727,000
      (Increase) decrease in investments/advances       274,000
      (Increase) decrease in inventories                425,000
      (Increase) decrease in prepaid expenses          (645,000)
      Increase (decrease) in accounts payable
         and other accrued liabilities               (4,841,000)
      Increase (decrease) in net liabilities of
         discontinued operations                      2,563,000
      (Increase) decrease in income taxes              (884,000)
                                                 --------------
Net cash used for operating activities                9,822,000
                                                 --------------
Net cash used for reorganization items               (2,322,000)

Cash flows from investing activities:
   Net (additions) reductions to property and
      equipment                                      (1,953,000)
   Net (additions) reductions to other assets           (37,000)
                                                 --------------
Net cash used in investing activities                (1,990,000)
                                                 --------------
Net cash provided by financing activities                     -
                                                 --------------
Effect of exchange rate changes on cash                (326,000)
                                                 --------------
Net change in cash and cash equivalents               5,184,000
Cash & cash equivalents, beginning of period        316,805,000
                                                 --------------
Cash & cash equivalents, end of period             $321,989,000
                                                 ==============

Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general  
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores.  The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540).  James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts.  When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts.  The Court confirmed the Debtors'
Modified First Amended Joint Plan of Reorganization on May 23,
2005.  Impaired creditors overwhelmingly voted to accept the Plan.  
(Spiegel Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


UNIVERSAL ACCESS: Files May 2005 Monthly Operating Report
---------------------------------------------------------
On June 15, 2005, Universal Access Global Holdings, Inc., and its
debtor-affiliates delivered its May 2005 monthly operating report
with the United States Bankruptcy Court for the Northern District
of Illinois, Eastern Division.  The Debtors' summary of cash
receipts and disbursements shows:

         Beginning Cash Balance    $8,055,143
         Total Receipts             3,941,026
         Total Disbursements        4,435,874
         Ending Cash Balance       $7,560,296

A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' May 2005 Monthly Operating Report is
available at no charge at:

               http://researcharchives.com/t/s?34

Headquartered in Chicago, Illinois, Universal Access Global
Holdings, Inc. -- http://www.universalaccess.com/-- provides  
network infrastructure services and facilitates the buying and
selling of capacity on communications networks.  The company, and
its debtor-affiliates, filed for a chapter 11 protection on August
4, 2004 (Bankr. N.D. Ill. Case No. 04-28747).  John Collen, Esq.,
and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent the
Company.  David W. Wirt, Esq., and David Neier, Esq., at Winston &
Strawn, represent an Official Committee of Unsecured Creditors.
When the Debtor filed for protection from its creditors, it listed
$22,047,000 in total assets and $24,054,000 in total debts.


VARIG S.A.: Files Consolidated Balance Sheet as of March 31
-----------------------------------------------------------
The Consolidated Balance Sheet present balances of the accounts of
VARIG, S.A. (Viacao Aerea Rio-Grandense), VARIG Logistica S.A. and
VARIG Engenharia e Manutencao S.A.

                    Consolidated Balance Sheet
                       As of March 31, 2005
                      (in thousands of reais)


ASSETS

Current Assets
   Cash and cash equivalents                          BRL68,808
   Accounts receivable                                  779,900
   Related companies                                     51,623
   Special deposits                                     120,600
   Recoverable taxes                                     17,926
   Inventories                                          265,532
   Prepaid expenses                                     211,826
   Other credits                                         67,557
                                                   ------------
Total of current assets                               1,583,772
                                                   ------------

Non-current Assets
   Related companies                                    458,434
   Special deposits                                     177,601
   Recoverable taxes                                    116,987
   Other credits                                         92,541
                                                   ------------
Total of non-current assets                             845,563
                                                   ------------

Permanent Assets
   Investments                                           17,148
   Property, plant and equipment                        532,826
                                                   ------------
Total of permanent assets                               549,974
                                                   ------------

Unsecured Liabilities                                 6,495,621
                                                   ------------
Total of Assets and Unsecured Liabilities          BRL9,474,930
                                                   ============

LIABILITIES

Current liabilities
   Trade Payables                                    BRL527,710
   Loans, financing and debentures                      363,981
   Refinancing of tax obligations                       286,673
   Duties, taxes and contributions                      235,802
   Payroll and social charges                           203,170
   Leasing payable                                      256,970
   Related companies                                     91,259
   Accounts payable                                     159,334
   Transport to be provided                             419,765
   Sundry provisions                                    336,502
                                                   ------------
Total of current liabilities                          2,881,166
                                                   ------------

Long-term liabilities
   Loans, financing and debentures                    1,697,569
   Refinancing of tax obligations                     3,103,199
   Related companies                                     51,067
   Leasing payable                                      109,128
   Provision for actuarial liabilities                  501,828
   Sundry provisions                                      9,266
   Provisions for contingencies                       1,121,675
                                                   ------------
Total of long-term liabilities                        6,593,732
                                                   ------------
Minority Interests                                           32
                                                   ------------
Total Liabilities                                  BRL9,474,930
                                                   ============

A full-text copy of VARIG's latest quarterly report is available
for free at:

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

Vicente Cervo, the foreign representative appointed in Varig,
S.A., and its debtor-affiliates' Brazilian bankruptcy proceedings,
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at Pillsbury
Winthrop Shaw Pittman LLP represents Mr. Cervo in the United
States and Sergio Bermudes, Esq., in Brazil.  As of March 31,
2005, the Debtors reported BRL2,979,309,000 in total assets and
BRL9,474,930,000 in total debts. (Varig Bankruptcy News, Issue No.
02; Bankruptcy Creditors' Service, Inc., 215/945-7000)


WINN-DIXIE: Posts $34 Mil. Net Loss For The Period Ended June 1
---------------------------------------------------------------

                  Winn-Dixie Stores, Inc., et al.
               Unaudited Consolidated Balance Sheet
                          At June 1, 2005
                           (In thousands)

                               ASSETS

Current assets:
   Cash and cash equivalents                            $45,965
   Marketable securities                                 19,634
   Trade and other receivables, net                     190,981
   Insurance claims receivable                            7,029
   Income tax receivable                                 33,671
   Merchandise inventories, less LIFO reserve           820,452
   Prepaid expenses and other current assets            102,992
                                                   ------------
   Total current assets                               1,220,724

Property, plant and equipment, net                      797,539
Other assets, net                                       117,759
                                                   ------------
TOTAL ASSETS                                         $2,136,022
                                                   ============

                LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
   Current portion of long-term debt                       $270
   Current obligations under capital leases               2,850
   Accounts payable                                     110,902
   Reserve for workers' compensation insurance
      claims and self- insurance                         85,509
   Accrued wages and salaries                            86,371
   Accrued rent                                           6,342
   Accrued expenses                                     108,263
                                                   ------------
   Total current liabilities                            400,507

Reserve for workers' compensation insurance
   claims and self-insurance                            136,590
Long-term debt                                              337
Long-term borrowings under DIP Credit Facility          227,010
Obligations under capital leases                          7,552
Other liabilities                                        18,813
                                                   ------------
Total liabilities not subject to compromise             790,809
Liabilities subject to compromise                     1,080,144
                                                   ------------
Total liabilities                                     1,870,953

Shareholders' equity:
   Common stock                                         141,917
   Additional paid-in-capital                            32,192
   Retained earnings                                    110,281
   Accumulated other comprehensive loss                 (19,321)
                                                   ------------
Total shareholders' equity                              265,069
                                                   ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY           $2,136,022
                                                   ============


                  Winn-Dixie Stores, Inc., et al.
          Unaudited Consolidated Statement of Operations
                  Four weeks ended June 1, 2005
                           (In thousands)

Net sales                                              $755,390
Cost of sales                                           581,228
                                                   ------------
Gross profit on sales                                   174,162

Other operating and administrative expenses             218,102
Restructuring charges                                         2
                                                   ------------
Operating loss                                          (43,942)
Interest expense, net                                     1,494
                                                   ------------
Loss before reorganization items and income taxes       (45,436)

Reorganization items, net                               (12,812)
Income tax expense                                            -
                                                   ------------
Net loss from continuing operations                     (32,624)

Discontinued operations:
   Loss from discontinued operations                     (1,311)
   Loss on disposal of discontinued operations              (40)
   Income tax expense                                         -
                                                   ------------
Net loss from discontinued operations                    (1,351)
                                                   ------------
NET LOSS                                               ($33,975)
                                                   ============


                  Winn-Dixie Stores, Inc., et al.
          Unaudited Consolidated Statement of Cash Flows
                  Four weeks ended June 1, 2005
                           (In thousands)

Cash flows from operating activities:
Net loss                                               ($33,975)
Adjustments to reconcile net loss to net cash
used in operating activities:
   Gain on sale of facilities                                (4)
   Reorganization items, net                            (12,812)
   Depreciation and amortization                         11,059
   Stock compensation plans                                 255
   Change in operating assets and liabilities:
      Trade and other receivables                          (802)
      Merchandise inventories                             4,285
      Prepaid expenses and other current assets           7,796
      Accounts payable                                    2,753
      Reserve for insurance claims and self-insurance     2,962
      Lease liability on closed facilities               (1,307)
      Income taxes receivable                               340
      Defined benefit plan                                 (405)
      Other accrued expenses                            (13,406)
   Net cash used in operating activities before
    reorganization items                                (33,261)
   Cash effect of reorganization items                   (2,358)
                                                   ------------
Net cash used in operating activities                   (35,619)

Cash flows from investing activities:
   Purchases of property, plant and equipment            (2,104)
   Increase in investments and other assets                (244)
   Marketable securities, net                               (64)
                                                   ------------
Net cash used in investing activities                    (2,412)

Cash flows from financing activities:
   Gross borrowings on DIP Credit Facility              198,172
   Gross repayments on DIP Credit Facility             (167,947)
   Principal payments on long-term debt                     (33)
   Principal payments on capital lease obligations         (157)
  Other                                                     285
                                                   ------------
Net cash provided by financing activities                30,320
                                                   ------------
Decrease in cash and cash equivalents                    (7,711)
Cash and cash equivalents at beginning of period         53,676
                                                   ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD              $45,965
                                                   ============

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.  
-- http://www.winn-dixie.com/-- is one of the nation's largest     
food retailers.  The Company operates stores across the  
Southeastern United States and in the Bahamas and employs  
approximately 90,000 people.  The Company, along with 23 of its  
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,  
2005 (Bankr. S.D.N.Y. Case No. 05-11063).  The Honorable Judge  
Robert D. Drain ordered the transfer of Winn-Dixie's chapter 11  
cases from Manhattan to Jacksonville.  On April 14, 2005, Winn-  
Dixie and its debtor-affiliates filed for chapter 11 protection in  
M.D. Florida (Case No. 05-03817 to 05-03840).  D.J. Baker, Esq.,  
at Skadden Arps Slate Meagher & Flom LLP, and Sarah Robinson  
Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,  
represent the Debtors in their restructuring efforts.  When the  
Debtors filed for protection from their creditors, they listed  
$2,235,557,000 in total assets and $1,870,785,000 in total debts.
(Winn-Dixie Bankruptcy News, Issue No. 16; 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
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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
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For copies of court documents filed in the District of Delaware,
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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.  
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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.

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