TCR_Public/050709.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, July 9, 2005, Vol. 9, No. 161

                           Headlines

CATHOLIC CHURCH: Spokane's May 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson's May 2005 Monthly Operating Report
FRIEDMAN'S INC: Files May 2005 Monthly Operating Report
KAISER ALUMINUM: Posts $3.4 Million Net Loss in May 2005
OWENS CORNING: Posts $2.9 Million Net Loss in April 2005

PARMALAT: Releases Monthly Operating Report Ended May 31, 2005
PILLOWTEX CORP: May 2005 Cash Receipts & Disbursements Report
SAINT VINCENTS: Files Consolidated Balance Sheet as of Apr. 30
SOLUTIA INC: Earns $2 Million of Net Income in May 2005
THAXTON GROUP: Posts $69.9 Million Net Loss in May 2005

TOWER AUTOMOTIVE: Posts $17.7 Million Net Loss in May 2005
US AIRWAYS: Posts $39.7 Million Net Loss in May 2005
USG CORP: Earns $31.9 Million of Net Income in May 2005
WESTPOINT STEVENS: Posts $22 Million Net Loss in May 2005
WESTPOINT STEVENS: WP Stevens I Earns $3MM of Net Income in May

WESTPOINT STEVENS: WP Stevens Stores' May 2005 Operating Report
WESTPOINT STEVENS: JP Stevens's May 2005 Monthly Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' May Operating Report

                          *********

CATHOLIC CHURCH: Spokane's May 2005 Monthly Operating Report
------------------------------------------------------------

                   Catholic Diocese of Spokane
                          Balance Sheet
                       As of May 31, 2005

ASSETS
   Total Cash Accounts                               $3,612,009
   Total Investments                                  3,909,814
   Total Property                                       495,004
   Total Loans Receivable                             3,064,160
   Total Interfund Loan Receivable                      396,887
   Total Accounts Receivable                            108,997
   Total Land and Buildings & Equip                   2,272,137
   Total Prepaid Expenses                                19,863
                                                 --------------
Total Assets                                        $13,878,872
                                                 ==============

LIABILITIES AND NET ASSETS

Liabilities
   Total Deposits Payable                             5,378,797
   Total Interest Payable                                     0
   Total Accounts Payable                               (39,385)

Net Assets
   Total Unrestricted - Fund Balance                 (4,098,054)
   Total Unrestricted Net Assets                     (4,098,054)
   T.R. - Guse Grant Funds                              221,122
   T.R. - Bishop's School Grants Funds                  (88,898)
   Total Replacement Fund                             9,702,553
   Total Diocesan D&L Funding                         2,176,115
   Total Guatemala Funds                                612,341
   Temporarily Restricted                               146,504
                                                 --------------
Total liabilities & net assets                      $13,878,872
                                                 ==============

                   Catholic Diocese of Spokane
                  Income and Expense Statement
               For the month ending May 31, 2005

Total Income                                           $238,021
Total Expenses                                          522,680
                                                 --------------
Net Excess or Deficit                                  $284,658
                                                 ==============

                     Catholic Diocese of Spokane
           Statement of Cash Receipts and Disbursements
                    May 1, 2005 to May 31, 2005

Total Cash Receipts                                    $411,992
Total Cash Disbursements                              ($617,316)


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

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

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


CATHOLIC CHURCH: Tucson's May 2005 Monthly Operating Report
-----------------------------------------------------------

        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
           (Unaudited) Statement of Financial Condition
                      As of May 31, 2005

ASSETS                                    Total   Diocese-Owned
                                          -----   -------------
Cash on hand                             $1,600          $1,500
Cash in Banks                           572,808         448,748
Cash Equivalents                      3,448,976       2,723,629
Accounts receivable, net              1,441,148       1,441,148
Allowance for doubtful accounts      (1,206,572)     (1,206,572)
Grants receivable                       251,500         251,500
Pledges receivable                        6,000           6,000
A/R held in trust for others             63,220               0
Due from administered funds              70,119          70,119
Prepaid expenses & other assets         430,311         430,311
Investments in businesses             5,364,160       4,714,110
Corp. & Gov't. bond investments         808,588         533,588
Investment in BPIC                       80,850          80,850
Notes receivable, net                 2,070,932         299,305
Allowance for doubtful
   notes receivable                    (329,289)         (5,411)
Assets securing 2002 settlement       3,000,000       3,000,000
Construction in progress                 48,867          48,867
Land, buildings, and equipment          516,438         516,438
Assets held for sale                     60,226          60,226
Land held for future parish sites       817,460         817,460
                                 --------------  --------------
                                    $17,517,242     $14,231,816
                                 ==============  ==============

LIABILITIES AND NET ASSETS

Liabilities:
   Accounts payable - post              974,273         974,273
   Accounts payable - pre                43,255          43,255
   Accrued expenses - post               68,838          68,838
   Accrued expenses - pre               157,682         157,682
   Interfunds payable                    70,119               0
   Accrued insurance claims             283,674         283,674
   Unsecured long-term debt - pre     2,061,455       2,061,455
   Unsecured long-term debt - post      100,000         100,000
   Unrestricted parish deposits       6,963,926       6,962,867
   Restricted parish deposits         2,712,542               0
   Secured long-term debt             2,660,793       2,660,793
   Custodial funds                      501,706               0
                                 --------------  --------------
      Total Liabilities              16,598,263      13,312,837
                                 --------------  --------------

Net Assets:
   Unrestricted/temporarily
     restricted                        (989,909)       (989,909)
   Permanently restricted             1,908,888       1,908,888
                                 --------------  --------------
Total liabilities & net assets      $17,517,242     $14,231,816
                                 ==============  ==============

        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
        Statement of Operations and Charges in Net Assets
                May 1, 2005 through May 31, 2005

Revenues
   Contributions, grants and bequests                   $53,628
   Chancery assessment                                  110,245
   Priests salary subsidy                                17,747
   Fees for services                                     15,467
   Advertising revenue                                    8,001
   Retreat fees                                           1,478
   Rental Income                                          4,397
   Insurance                                             60,221
   Investment Income                                     43,969
   Miscellaneous                                          1,213
                                                 --------------
   Total Support & Revenue                              316,366

Expense
   Program Services:
      Archives                                            1,984
      Catholic Commitments & Social Services                656
      Evangelization & Hispanic Ministry                  7,605
      Catechesis Office                                   7,010
      Formation Office                                    6,239
      Department of Catholic Schools                     16,369
      Clergy, religious & seminarian advancement         15,759
      Parish Assistance                                  22,135
      Catholic Social Mission                             3,886

   Supporting Services:
      Office of Bishop Emeritus                           1,827
      Offices of the Bishop, et al.                      33,615
      Office of Women Religious                           1,260
      General & Administrative                            1,545
      Fiscal & Employee Services                         42,330
      Office of Child, Adolescent, et al. Protection     11,315
      Communications & Community Relations               26,538
      Property Management                                32,396
      Insurance Administration                           14,288
      Reorganization                                    450,545

Imputed interest on settlement                           14,095
Provision for doubtful accounts                           5,833
Depreciation                                              3,692
                                                 --------------
   Total Expenses                                       720,922
                                                 --------------
Excess (deficiency) of revenues over expenses         ($404,556)
                                                 ==============

        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
            Current Month's Receipts and Disbursements
                 May 1, 2005 through May 31, 2005

Cash and Bank Balance:
   Beginning of Month                                  $479,850

Receipts
   Cash Sales                                            66,108
   Accounts Receivable -- Prepetition                    68,293
   Accounts Receivable -- Postpetition                  375,107
   Loans and Advances                                         0
   Sale of Assets                                             0
   Transfers in from other accounts                     123,804
   Other -- Custodial Funds                               1,327
   Other -- Payroll Reimbursements                            0
   Credit Adjustments                                       833
                                                 --------------
   Total Receipts                                       635,472

Disbursements:
   Business -- Ordinary Operations                      468,675
   Capital Improvements                                       0
   Prepetition Debt                                           0
   Transfers to other DIP Accounts                      123,804
   Other -- Custodial Funds                                   0
   Other -- TRF to Wells Fargo Investment                     0
   Other -- Payroll Reimbursement                         3,839

Reorganization Expenses:
   Attorney Fees                                         65,013
   Accountant Fees                                        5,242
   Other Professional Fees                                    0
   Other (Advertising)                                        0
   U.S. Trustee Quarterly Fee                                 0
   Court Costs                                                0
                                                 --------------
   Total Disbursements                                  666,574
                                                 --------------
Cash & Bank Balance -- End of Month                    $448,748
                                                 ==============

The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day.  Susan G. Boswell, Esq., Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese.  (Catholic Church Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


FRIEDMAN'S INC: Files May 2005 Monthly Operating Report
-------------------------------------------------------
On June 27, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period
May 1, 2005, through May 28, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.

At May 28, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports shows:

      Beginning Cash Balance                 $10,111,704  
      Total Cash Receipts                     60,943,411
      Total Cash Disbursements                66,984,646
      Ending Cash Balance                     $4,070,869

A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended May 28, 2005, is
available at no charge at http://ResearchArchives.com/t/s?57

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.


KAISER ALUMINUM: Posts $3.4 Million Net Loss in May 2005
--------------------------------------------------------

           Kaiser Aluminum Corporation -- All Debtors
                    Unaudited Balance Sheets
                       As of May 31, 2005
                         (In Thousands)

                             ASSETS

Cash                                                    $63,769

Receivables:
    Trade                                                93,052
    Other                                                13,561
                                                      ---------
Total Receivables                                       106,613

Inventories                                             115,046
Prepaid expenses and other current assets                13,281
                                                      ---------
Total current assets                                    298,709

Investments in and advances to subsidiaries              18,773
Intercompany receivables/payables, net                   (4,455)
Property, plant, and equipment - net                    213,161
Deferred income taxes                                         -
Restricted proceeds from sale of commodity interests    673,972
Other assets                                          1,013,869
                                                      ---------
Total Assets                                         $2,214,029
                                                      =========

                LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:
    Accounts Payable                                    $56,012
    Accrued interest                                        856
    Accrued salaries, wages and related expenses         51,979
    Accrued post retirement benefit - current                 -
    Other accrued liabilities                            78,565
    Payable to affiliates                                13,614
    Long term debt - current portion                      1,192
                                                      ---------
Total current liabilities                               202,218

Long-term liabilities                                    35,416
Accrued postretirement benefit obligation                     -
Long-term debt                                            2,812
Liabilities subject to compromise                     3,979,578
Minority interests                                          655

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

Accumulated deficit - As of filing date                (946,931)
Accumulated deficit - Post filing date               (1,590,363)
Accumulated other comprehensive income (loss)            (8,154)
Note receivable from parent                                   -
                                                      ---------
Total Liabilities & Stockholders' Equity             $2,214,029
                                                      =========


            Kaiser Aluminum Corporation -- All Debtors
                Unaudited Statements of Operations
                For the Month Ending May 31, 2005
                          (In Thousands)

Net Sales                                               $88,587

Costs and expenses:
    Cost of products sold                                76,188
    Depreciation & amortization                           1,798
    Selling, administrative, R&D and general              4,976
    Other operating charges (benefits), net                   -
                                                      ---------
Total costs and expenses                                 82,962
                                                      ---------
Operating income (loss)                                   5,625

Other income (expense):
    Interest expenses, net                                 (356)
    Reorganization items                                 (3,755)
    Other-net                                              (338)
                                                      ---------
Income (loss) before
    income taxes and minority interest                    1,176
(Provision) benefit for income taxes                     (4,586)
Minority interests                                            -
Equity in income (loss) of subsidiaries                     (23)
                                                      ---------
Net income (loss)                                       ($3,433)
                                                      =========

            Kaiser Aluminum Corporation -- All Debtors
     Schedule of Consolidated Cash Receipts and Disbursements
                For the Month Ending May 31, 2005
                         (In Thousands)

Receipts:
    Trade Receivables
       KACC Receivables                                 $67,304
       KAII Receivables                                  15,901
                                                      ---------
    Total Trade Receivables                              83,205

    Proceeds from Asset Sales                             1,467
    COBRA receipts                                          420
    Proceeds from Hedging Settlement                         37
                                                      ---------
Total Receipts                                           85,129

Disbursements:
    Inventory/Raw Materials                              39,754
    Capital Expenditures                                  1,896
    Maintenance, Materials, etc.                          3,238
    Freight                                               4,817
    Utilities/Energy                                      3,690
    Hourly Payroll                                        6,313
    Salaried Payroll                                      3,755
    VEBA Advances                                            70
    Medical - Current Employees                           1,900
    Workmen's Compensation                                2,389
    Corporate General and Administrative                    466
    JV Fundings - Alumina                                 3,801
    JV Fundings - Primary, Net of Minority Interest       7,109
    Other Disbursements                                   2,638
                                                      ---------
Total Operating and G&A Disbursements                    81,836

Reorganization Items                                      7,857
                                                      ---------
Total Disbursements                                      89,693
                                                      ---------
Net Cash Flow                                           ($4,564)

Beginning Bank Cash Balances                             65,843
                                                      ---------
Ending Bank Cash Balances                                61,279

Reconciling Items                                         2,490
                                                      ---------
Ending Book Cash Balances                               $63,769
                                                      =========

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading  
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


OWENS CORNING: Posts $2.9 Million Net Loss in April 2005
--------------------------------------------------------

                   Owens Corning and Subsidiaries
                     Consolidated Balance Sheets
                         As of April 30, 2005
                           (In Thousands)

Current Assets:
    Cash and cash equivalents                          $584,594
    Receivables                                         427,002
    Receivables-Inter-company                           980,631
    Inventories                                         227,527
    Insurance for Asbestos Litigation Claims                  0
    Deferred Income Taxes                                   484
    Income Tax Receivable                                 3,325
    Other Current Assets                                 20,849
                                                    -----------
Total Current Assets                                 $2,244,412

Other Assets:
    Insurance for Asbestos Litigation Claims              4,220
    Restricted Cash                                     188,149
    Restricted cash and securities                            0
    Deferred Income Taxes                               991,117
    Goodwill                                             48,568
    Investment in Affiliates                             30,569
    Investment in Subsidiaries                        2,022,050
    Notes Receivable - Intercompany                       5,270
    Other Non-current Assets                            480,966
                                                    -----------
Total Other Assets                                    3,770,909

Plant & Equipment:
    Land                                                 35,164
    Buildings & Leasehold Improvements                  550,341
    Machinery & Equipment                             2,165,700
    Construction in Progress                            113,674
    Less: Accumulated Depreciation                    1,583,692
                                                    -----------
Net Plant and Equipment                               1,281,187
                                                    -----------
TOTAL ASSETS                                         $7,296,508
                                                    ===========

Liabilities not Subject to Compromise:
    Accounts Payable & Accrued Liabilities              486,002
    Inter-company Liabilities                           937,013
    Short-term debt                                           0
    Long-term debt - current portion                      1,367
                                                    -----------
Total Current Liabilities                             1,424,382

Long-Term Debt                                            9,776
Other Employee Benefits Liability                       215,265
Pension Plan Liability                                  617,698
Other Liability                                         152,629
                                                    -----------
Total Non-Current Liabilities                           985,592
                                                    -----------
Total Postpetition Liabilities                        2,419,750

Prepetition Liabilities:
    Accounts Payable and Accrued Liabilities            262,177
    Other Employee Benefits Liability                   201,971
    Pension Plan Liability                                    0
    Debt-US Bank Credit Facility                      1,450,986
    Debt-Bonds & Other                                1,503,880
    Asbestos-Related Liability                        6,166,734
    Inter-company                                     2,452,666
    Other                                                     0
                                                    -----------
Total Prepetition Liabilities                        12,038,414
Total Liabilities                                    14,458,164
Minority Interest                                             0

Stockholder's Equity:
    Common Stock                                        697,298
    Retained Earnings (Deficit)                      (7,508,711)
    Accumulated Comprehensive Income (Loss)              (4,643)
    Other                                              (345,600)
                                                    -----------
Net Stockholder's Equity                             (7,161,656)
                                                    -----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY             $7,296,508
                                                    ===========

                   Owens Corning and Subsidiaries
                Consolidated Statements of Operations
                  For the Month Ended April 30, 2005
                           (In Thousands)

Net sales                                              $353,592
Cost of Sales                                           281,271
                                                    -----------
Gross Margin                                             72,321

Operating Expenses:
    Marketing and Administrative Expenses                35,205
    Science and Technology Expenses                       2,409
    Provision for Asbestos Litigation Claims                  0
    Insider Compensation                                    805
    Restructure Costs                                         0
    Other Expenses                                       10,518
                                                    -----------
Income (Loss) from Operations                            23,384

Other Expenses:
    Cost of Borrowed Funds                                  322
    Other                                                     0
                                                    -----------
Income (Loss) Before Reorganization Items                23,062

Reorganization Items:
    Professional Fees                                     3,567
    U.S. Trustee Quarterly Fees                              52
    Interest Earned on Accumulated Cash from Chapter 11  (1,077)
    (Gain) Loss from sale of equipment                        0
    (Gain) Loss from Settlement of Liabilities                0
    Other Reorganization Expenses                         3,230
                                                    -----------
Total Reorganization Expenses                             5,772
                                                    -----------
Income (Loss) Before Income Taxes                        17,290

Provision (credit) for Income Tax                        20,178
                                                    -----------
Income (Loss) Before Minority Interest and
    Equity in Net Income (Loss) of Affiliates            (2,888)
Minority interest                                             0
Equity in net income (loss) of affiliates                   (18)
                                                    -----------
Net Income (Loss)                                       ($2,906)
                                                    ===========

                   Owens Corning and Subsidiaries
      Consolidated Statements of Cash Receipts & Disbursements
                 For the Month Ended April 30, 2005
                           (In Thousands)

Cash, Beginning of Month                               $586,727

Receipts:
    Customer Receipts                                   321,689
    Inter-company Sales                                   5,577
    Loans and Advances                                        0
    Sale of Assets                                            0
    Other Receipts                                        5,474
    Inter-company Transfers                              93,795
    Transfers from DIP                                  158,691
                                                    -----------
Total Receipts                                         $585,227

Disbursements:
    Net Payroll                                          31,456
    Payroll Taxes                                           279
    Sales Use & Other Taxes                               9,875
    Inventory Purchases                                 128,509
    Insurance                                             2,551
    Administrative & Selling                             60,134
    Other                                               104,381
    Inter-company Transfers                              83,979
    Transfers to DIP                                    158,691
    Professional Fees                                     7,439
    U.S. Trustee Quarterly Fees                              65
    Court costs                                               0
    Adjustment                                                0
                                                    -----------
Total Disbursements                                    $587,360

Net Cash Flow                                            (2,133)
                                                    -----------
Cash -- End of Month                                   $584,594
                                                    ===========

Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass  
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts.  The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts.  At Sept.
30, 2004, the Company's balance sheet shows $7.5 billion in assets
and a $4.2 billion stockholders' deficit.  The company reported
$132 million of net income in the nine-month period ending
Sept. 30, 2004.  (Owens Corning Bankruptcy News, Issue No. 111;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PARMALAT: Releases Monthly Operating Report Ended May 31, 2005
--------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
reports the operating and financial results of the Parmalat Group
at May 31, 2005.

                     Scope of Consolidation

The scope of consolidation has been defined using principles
that are consistent with those adopted in preparing the statement
of income and balance sheet at December 31, 2004.  Companies that
are subject to restrictions on their management as a result of
local bankruptcy proceedings that have placed them outside the
control of Parmalat Finanziaria S.p.A. in Extraordinary
Administration, and companies in voluntary liquidation, are no
longer consolidated on a line-by-line basis.

The current scope of consolidation no longer includes companies in
which the Group held equity investments that were sold after
January 1, 2005.  The corresponding 2004 data have been restated
accordingly on a pro forma basis.  The operations divested in 2005
include the companies that comprised the USA Bakery Division
(Mother's Cake & Cookies, Archway Cookies and three production
units in Canada), which were sold in January 2005, and Parmalat
Uruguay, which was sold in February 2005.  Margherita Yogurt,
which was placed in liquidation in February 2005, has also been
removed from the scope of consolidation.

                       Financial Highlights

                     Cumulative Through April
                        (in EUR millions)

                                           Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities            1,484.4        1,484.4  1,530.8
     Non Core Activities          124.4          112.4    107.5
                               --------  -------------  -------
     Total                      1,608.7        1,596.8  1,638.4
                               ========  =============  =======

                                             EBITDA
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities              101.3          101.3    115.6
     Non Core Activities           (1.2)          (0.9)     9.6
                               --------  -------------  -------
     Subtotal                     100.1          100.4    125.1
     Proceedings costs            (24.3)         (24.3)   (24.5)
                               --------  -------------  -------
     Total                         75.8           76.1    100.6
                               ========  =============  =======

                                         % of Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities              6.8          6.8       7.5
     Non Core Activities         (1.0)        (0.8)      8.9
                               --------  -------------  -------
     Subtotal                     6.2          6.3       7.6
     Total                        4.7          4.8       6.1
                               ========  =============  =======

      * The Core Businesses include beverages (milk and fruit
        juices) and functional dairy products, which are sold
        under approximately 30 brands primarily in high-potential
        countries in which there is sustained demand for healthy
        products, consumers are willing to pay a premium price
        for Parmalat brands and there is access to leading-edge
        technologies.

     ** The Non-core Businesses are those that are located in
        countries or engaged in activities that are not
        strategically significant and have been earmarked for
        divestiture.

                         Core Businesses

In the five months ended May 31, 2005, the Group's Core
Businesses had revenues of EUR1,530.8 million, a gain of 3.1%
over the EUR1,484.4 million reported at the end of May 2004.
EBITDA also improved, growing from EUR101.3 million (6.8% of
revenues) at May 31, 2004 to EUR115.6 million (7.5% of revenues)
this year.

These data do not reflect the impact of the nonrecurring charges
related to the extraordinary administration proceedings, which
amounted to about EUR24.5 million(EUR24.3 million in 2004).

Monthly revenues (difference between the cumulative figures at
May 31 and April 30) totaled EUR315.4 million, about the same
as in the corresponding period last year (EUR319.9 million), but
EBITDA decreases slightly, falling from EUR26.8 million (8.4% of
revenues) in May 2004 to EUR25.9 million (8.2% of revenues) in
the same months this year.

[Parmalat provides an] analysis of the Group's results in the
main geographic regions in which it operates.

     -- Italy

        A small reduction (-1.7%) in net revenues for the first
        five months of the year (EUR564.7 million compared with
        EUR574.2 million in 2004) produced a relatively large
        decrease in EBITDA, which fell to EUR38.7 million, or
        3.2% less than the EUR40.0 million earned in the same
        period last year.  However, the ratio of EBITDA to net
        revenues was virtually unchanged.

        May revenues and EBITDA totaled EUR119.2 million and
        EUR8.0 million, respectively (EUR117.7 million and
        EUR8.2 million, respectively, in 2004).

        If the data for the affiliate Boschi S.p.A. in
        Extraordinary Administration are excluded, overall
        revenues and EBITDA show a modest improvement.  The Group
        has launched a program that will restore forward momentum
        to its Italian operations by focusing on the fresh-milk
        segment of the market, implementing a more aggressive and
        competitive marketing strategy, and introducing the
        Jeunesse line of functional products.

        In the main business segments in which the Group
        operates, market shares have been improving steadily,
        rebounding to the levels attained prior to the start of
        the Extraordinary Administration proceedings.

     -- Spain

        Cumulative results through May 31, 2005 show that the
        Spanish operations were able to improve their
        profitability significantly compared with 2004, even
        though revenues decreased to EUR87.9 million
        (EUR91.0 million at May 31, 2004).  EBITDA were up both
        in absolute terms (EUR6.5 million, compared with
        EUR5.9 million) and as a percentage of revenues (7.4%,
        compared with 6.4%).

        In May 2005, net revenues and EBITDA improved, compared
        with the previous four months of the year, totaling
        EUR19.8 million and EUR1.8 million, respectively.

        The gain in monthly revenues reflects the start of
        promotional and advertising campaigns for products that
        are traditionally affected by seasonal factors (e.g.,
        flavored milk beverages) and products that are being
        launched or repositioned (e.g., Santal Top fruit juices
        and Active Soja).

        At the EBITDA level, the negative impact of higher
        promotional and advertising costs were quickly offset by
        a rise in unit sales and a reduction in variable
        production costs.

        Nevertheless, the Group's companies in Spain are still
        faced with the challenges discussed in previous press
        releases, which include an overall decrease in consumer
        demand and an extremely competitive market environment
        (especially in the yogurt and dessert businesses).

     -- South Africa

        In the first five months of 2005, the South African
        operations booked revenues of EUR113.2 million, for a
        gain 21.6% compared with the EUR93.1 million reported for
        the same period last year.

        EBITDA were also up, rising from EUR8.1 million (8.8% of
        revenues) to EUR11.4 million (10.0% of revenues).

        Data for May 2005 show revenues of EUR23.6 million and
        EBITDA of EUR2.8 million (11.9% of revenues).  Both
        figures represent a slight improvement over the previous
        months of the year.  Higher unit sales of all products
        (except pasteurized milk), coupled with a reduction in
        general expenses and other overhead, are the main reasons
        for this improvement.  A 4.4% rise in the value of the
        South African rand versus the euro (based on the average
        exchange rate for the January-May 2005 period) was also a
        factor.

     -- Venezuela

        The Venezuelan operations reported cumulative revenues of
        EUR59.0 million, or 5.9% less than the EUR62.7 million
        booked in the first five months of 2004.  Nevertheless,
        EBITDA were up sharply, rising from EUR1.7 million (2.7%
        of revenues) to EUR5.5 million (9.2% of revenues).

        In May 2005, revenues totaled EUR11.9 million, slightly
        more than in any of the preceding months of the year, and
        EBITDA amounted to EUR1.0 million (8.4% of revenues).

        The improvements achieved in Venezuela were large enough
        to offset the negative impact of a slide in the value of
        the bolivar (-18.8% compared with the average exchange
        rate for the period) and are measurable even when the
        data are translated into the Group's reporting currency.
        
        These gains, which reflect in part a reduction in raw
        material costs, are attributable primarily to the
        restructuring and reorganization programs that are being
        implemented.  However, Venezuela continues to experience
        a period of major social unrest.

     -- Canada

        Revenues for the first five months of 2005 were
        significantly higher (+7.7%) than in the same period last
        year, rising from EUR464.6 million to EUR500.3 million.

        EBITDA jumped 30.1%, increasing from EUR27.2 million
        (5.8% of revenues) to EUR35.4 million (7.1% of revenues).
        Data for May 2005 show revenues of EUR94.2 million and
        EBITDA of EUR8.1 million (8.6% of revenues), down
        compared with April 2005.

        Higher unit sales for several product categories and a
        reduction in distribution expenses and overhead are the
        main reasons for the improved performance in the first
        five months of 2005, compared with the corresponding
        period a year ago.

        The Canadian dollar appreciated versus the euro during
        the first five months of 2005, with the average exchange
        rate rising by 2.3% compared with the same period in
        2004.

     -- Australia

        Cumulative data at May 31, 2005 confirm that the trend of
        the previous months is continuing, with the Australian
        operations achieving modest improvements in revenues
        (EUR160.7 million, up 3.7% from EUR154.9 million in the
        same period last year) and in EBITDA, which increased
        both in absolute terms (up from EUR11.7 million to
        EUR12.5 million) and as a percentage of revenues (from
        7.6% to 7.8%).

        Revenues for the month of May totaled EUR35.5 million.
        EBITDA, which amounted to EUR2.7 million, were lower
        than in the previous month.

        Higher revenues and margins generated by sales of
        pasteurized milk, UHT cream and yogurt account for most
        of the improvement.

        The Australian dollar continued to lose value versus the
        euro but at a slower rate than in the previous month
        (-2.1% compared with the average exchange rate for the
        period).

                       Non-core Businesses

In the first five months of 2005, the Group's Non-core Businesses
reported revenues of EUR107.5 million, a decrease of 4.4% from pro
forma revenues of EUR112.4 million in the same period last year.

However, even though net revenues were down, chiefly as a result
of the divestiture of the Mexican operations in 2004, EBITDA
improved from a negative EUR0.9 million to a positive
EUR9.6 million, due mainly to the successful implementation of
cost cutting programs by the Group's other operations.

Revenues for the month of May were EUR22.0 million, up slightly
compared with May 2004.

                       NET FINANCIAL POSITION

                    Highlights (in EUR millions)

                               Balance     Balance     Balance
                               as at       as at       as at
                               12/31/04    04/30/05    05/31/05
                               --------    --------    --------
Short term financial assets      (375.6)     (354.5)     (354.6)
   broken down as:

   Financial assets not
   held as fixed assets            (0.4)       (0.3)       (0.6)

   Liquid assets                 (375.2)     (354.3)     (354.0)

Financial accrued income
and prepaid expenses
(incl. intra-Group)               (66.0)      (67.5)      (70.1)
                               --------    --------    --------
Total short-term
financial assets                 (441.6)     (422.1)     (424.7)
                               ========    ========    ========

Financial debts                11,455.3    11,471.7    11,570.6

Financial accrued expenses
& deferred income                  14.3        7.9         12.1
                               --------    --------    --------

Total financial liabilities    11,469.6    11,479.7    11,582.6

Indebtedness owed to
lenders outside the Group/
(Financial assets) of
companies consolidated
line-by-line                   11,028.0    11,057.6    11.157.9

Indebtedness owed by
companies consolidated
line-by-line to companies
that are parties to local
composition-with-creditors
proceedings                       316.6       325.2       246.0

Indebtedness/(Financial
assets) of companies
consolidated line-by-line      11,344.6    11,382.8    11,403.9

Indebtedness/(Financial
assets) of companies not
consolidated line-by-line           7.6         7.5         8.0
                               --------    --------    --------
Total indebtedness/
(financial assets)             11,352.2    11,390.3    11,411.9
                               ========    ========    ========

At May 31, 2005, the indebtedness owed to lenders outside the
Group by companies consolidated line by line totaled
EUR11,157.9 million, or EUR129.9 million more than at
December 31, 2004.  The main reasons for this increase are:

     * A reduction in liquid assets, which occurred because
       Parmalat S.p.A. in Extraordinary Administration underwrote
       a capital increase carried out by a Portuguese affiliate
       and repaid certain debt installments upon maturity;

     * The reclassification from Indebtedness owed by companies
       consolidated line by line to companies that are parties to
       local composition with creditors proceedings to
       Indebtedness owed to lenders outside the Group of the
       indebtedness payable to the three USA Dairy companies in
       Chapter 11 following the recent signing of a settlement
       agreement;

     * A weakening of the euro versus the reporting currencies of
       Group companies in South Africa and Canada and against the
       U.S. dollar.  In May 2005, the indebtedness of companies
       consolidated line by line increased by EUR100.3 million
       compared with the previous month (EUR11,057.6 million) due
       to the reclassification from another net financial
       position account and partial settlement of indebtedness
       owned to the three USA Dairy companies in Chapter 11
       following the recent signing of a settlement agreement.
       Foreign exchange fluctuations were also a factor.

The combined indebtedness owed to lenders outside the Group by
subsidiaries that are parties to local composition-with creditors
proceedings and, consequently, have been deconsolidated is not
reflected in the net financial position.  Some of these
borrowings are secured by guarantees provided by Parmalat S.p.A.
in Extraordinary Administration and Parmalat Finanziaria S.p.A.
in Extraordinary Administration in the amount of EUR1,685.2
million.  The indebtedness owed by the Group to companies in
special proceedings that are not consolidated line by line
amounted to EUR246.0 million.

The change, compared with the balance owed at December 31, 2004
(EUR316.6 million) reflects mainly the reclassification of
the [] indebtedness payable to the three companies in Chapter 11
and changes in foreign exchange translations.

As of today, no amount has been drawn from the EUR105.8 million
line of credit that a pool of banks provided to Parmalat S.p.A. in
Extraordinary Administration on March 4, 2004, and later renewed
until September 2, 2005.

A breakdown of the net indebtedness owed to lenders outside the
Group by companies consolidated line by line:

                        (in EUR millions)

                               Balance     Balance     Balance
                               as at       as at       as at
                               12/31/04    04/30/05    05/31/05
                               --------    --------    --------
Companies in EA
   subject to proposed
   composition with
   creditors                    9,813.0     9,828.4     9,896.5

Other companies in EA              89.7        88.8        87.9

Other companies                 1,125.3     1,140.4     1,173.6
                               --------    --------    --------
Total indebtedness/
(financial assets)             11,028.0    11,057.6    11,157.9
                               ========    ========    ========

            Companies in Extraordinary Administration

The net indebtedness incurred by companies under extraordinary
administration toward lenders outside the Group prior to their
becoming eligible for extraordinary administration is all short-
term, since all of these companies are in default of the covenants
of the respective loan agreements.

A significant development is the change in indebtedness following
the signing of a settlement with USA Dairy.  Liquid assets held by
the companies included in the Proposal of Composition with
Creditors were up slightly, rising from EUR234.1 million at April
30, 2005 to EUR236.0 million at May 31, 2005.  These liquid assets
include EUR6.0 million in deposits from subsidiaries, offset by
the recognition of an equal liability.

                          Other Companies

At May 31, 2005, the net indebtedness owed to lenders outside the
Group by the remaining operating and financial companies, which
are consolidated line by line but are not included in the
extraordinary administration proceedings, totaled
EUR1,173.6 million (including EUR705.3 million in medium-long
term debt), about the same as at April 30, 2005, when it amounted
to EUR1,140.4 million.

The settlement with USA Dairy and foreign exchange fluctuations
account for the increase.  Some Group companies are currently
renegotiating their indebtedness in order to restructure it.

      Principal Companies Under Extraordinary Administration

Financial highlights of the principal Italian companies under
extraordinary administration:

                      Parmalat Finanziaria SpA
                   (Amounts in millions of Euros)

                               Balance     Balance     Balance
                               as at       as at       as at
                               12/31/04    04/30/05    05/31/05
                               --------    --------    --------
Short-term financial assets       (24.4)      (23.8)      (24.4)
   broken down as:

   Intra-Group loans
   receivable                     (17.1)      (17.1)      (17.1)

   Financial assets not
   held as fixed assets               -           -           -

   Liquid assets                   (7.4)       (6.7)       (7.3)

Financial accrued income
and prepaid expenses
(including intra-Group)               -        (0.2)       (0.3)
                               --------    --------    --------
Total short-term
financial assets                  (24.4)      (24.0)      (24.6)
                               ========    ========    ========

Financial liabilities
(including intra-Group)         1,286.0     1,289.0     1,289.0
   broken down as:

   Intra-Group loans payable    1,019.5     1,022.5     1,023.3

   Other financial debts          266.5       266.5       266.5

Financial accrued expenses
and deferred income
(including intra-Group)               -         0.1         0.1
                               --------    --------    --------
Total financial
liabilities                     1,286.0     1,289.1     1,290.0
                               --------    --------    --------
Total indebtedness/
(financial assets)              1,261.6     1,265.1     1,265.3
                               ========    ========    ========

The increase in indebtedness reflects the receipt of a new loan
from Parmalat S.p.A. in Extraordinary Administration.  Liquid
assets include EUR6.0 million in deposits from subsidiaries,
offset by the recognition of an equal liability.

                            Parmalat SpA
                   (Amounts in millions of Euros)

                               Balance     Balance     Balance
                               as at       as at       as at
                               12/31/04    04/30/05    05/31/05
                               --------    --------    --------

Short-term financial assets      (152.7)     (139.7)     (143.3)
   broken down as:

   Intra-Group
   loans receivable               (32.3)      (32.4)      (33.9)

   Financial assets not
   held as fixed assets               -           -           -

   Liquid assets                 (120.4)     (107.3)     (109.5)

Financial accrued income
and prepaid expenses
(including intra-Group)               -        (0.1)       (0.1)
                               --------    --------    --------
Total short-term
financial assets                 (152.7)     (139.8)     (143.5)
                               ========    ========    ========

Financial liabilities
(including intra-Group)         3,766.7     3,766.7     3,765.7
   broken down as:

   Intra-Group
   loans payable                  997.2       997.2       936.6

   Other financial debts        2,769.6     2,769.6     2,829.0

Financial accrued expenses
and deferred income
(including intra-Group)               -           -           -
                               --------    --------    --------
Total financial
liabilities                     3,766.7     3,766.7     3,765.7
                               --------    --------    --------
Total indebtedness/
(financial assets)              3,614.0     3,627.0     3,622.2
                               ========    ========    ========

The reclassification of the indebtedness owed to Farmland Dairies
LLC from Intra-Group loans payable to Loans payable to lenders
outside the Group produced no change in total indebtedness.

The change in indebtedness is mainly the result of a reduction in
short-term financial assets.  More specifically, intra-Group loans
receivable increased by EUR1.5 million due mainly to the granting
of a loan to Parmalat Finanziaria S.p.A. in Extraordinary
Administration Liquid assets increased by EUR2.2 million.

                            Eurolat SpA
                   (Amounts in millions of Euros)

                               Balance     Balance     Balance
                               as at       as at       as at
                               12/31/04    04/30/05    05/31/05
                               --------    --------    --------

Short-term financial assets       (13.5)       (14.2)      (8.9)
   broken down as:

   Intra-Group
   loans receivable                (2.2)       (1.9)       (1.5)

   Financial assets not
   held as fixed assets               -           -           -

   Liquid assets                  (11.3)       (12.3)      (7.4)

Financial accrued income
and prepaid expenses
(including intra-Group)               -        (0.0)       (0.1)
                               --------    --------    --------
Total short-term
financial assets                  (13.5)      (14.2)       (9.0)
                               ========    ========    ========

Financial liabilities
(including intra-Group)           188.2       188.2       188.2
   broken down as:

   Intra-Group loans payable       43.8        43.8        43.8

   Other financial debts          144.4       144.4       144.4

Financial accrued expenses
and deferred income
(including intra-Group)               -           -           -
                               --------    --------    --------
Total financial
liabilities                       188.2       188.2       188.2
                               --------    --------    --------
Total indebtedness/
(financial assets)                174.7       174.0       179.3
                               ========    ========    ========

The decrease in liquid assets reflects mainly payments of supplier
invoices and of the company's pro rata share of the costs incurred
in connection with the extraordinary administration proceedings.

                             Lactis SpA
                   (Amounts in millions of Euros)

                               Balance     Balance     Balance
                               as at       as at       as at
                               12/31/04    04/30/05    05/31/05
                               --------    --------    --------

Short-term financial assets        (4.4)       (2.7)       (4.8)
   broken down as:

   Intra-Group
   loans receivable                   -           -           -

   Financial assets not
   held as fixed assets               -           -           -

   Liquid assets                   (4.4)       (2.7)       (4.8)

Financial accrued income
and prepaid expenses
(including intra-Group)            (0.0)       (0.0)       (0.0)
                               --------    --------    --------
Total short-term
financial assets                   (4.4)       (2.7)       (4.8)
                               ========    ========    ========

Financial liabilities
(including intra-Group)            18.6        18.6        18.6
   broken down as:

   Intra-Group
   loans payable                    8.6         8.6         8.6

   Other financial
   liabilities                     10.0        10.0        10.0

Financial accrued expenses
and deferred income
(including intra-Group)               -         0.0         0.0
                               --------    --------    --------
Total financial
liabilities                        18.6        18.6        18.6
                               --------    --------    --------
Total indebtedness/
(financial assets)                 14.2        15.9        13.8
                               ========    ========    ========

No significant changes have occurred since the previous month.

                        Significant Events

  May 27            Consob resolution authorizing the publication
                    of the Prospectus filed by Parmalat S.p.A. in
                    connection with a transaction involving an
                    investment solicitation and the listing of
                    shares and warrants of Parmalat S.p.A.

  May 28            Publication of the Prospectus filed by
                    Parmalat S.p.A.

  May 31            Settlement with the three U.S. companies in
                    Chapter 11 (Parmalat USA Corporation,
                    Farmland Dairies LLC and Farmland Stremicks
                    Sub LLC) and their respective bankruptcy
                    trustees and creditors (US Dairy).

  June 15           Completion of the paperwork needed to secure
                    mutual recognition of the Prospectus, the
                    publication of which has been authorized by
                    the Consob.  The countries that are expected
                    to allow mutual recognition are: the
                    Netherlands, Sweden, Denmark, Germany, the
                    United Kingdom and Luxembourg.

  June 16           Filing by the Italian bankruptcy judges
                    (Giudici Delegati) of a Decree with the
                    Office of the Clerk of the Bankruptcy Court
                    of Parma regarding the upcoming vote on the
                    Parmalat Proposal of Composition with
                    Creditors and the voting method that should
                    be used.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more  
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debt.  The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005.
(Parmalat Bankruptcy News, Issue Nos. 57; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PILLOWTEX CORP: May 2005 Cash Receipts & Disbursements Report
-------------------------------------------------------------
As per agreement with the Office of the United States Trustee,
Pillowtex Corporation and its debtor-affiliates will provide a
report on their Consolidated Balance Sheets and Consolidated
Statements of Operations on a quarterly basis.

                         Pillowtex, et al.
                         Actual Cash Flow
                     For the Month of May 2005

Accounts Receivable Collections                          $4,000
Brown & Joseph/Atwell Fees                               (4,000)
Accounts Receivable Personnel                           (12,000)
Inventory Bulk Sales                                          -
Property Tax Related to Asset Sale                     (319,000)
Property (Net)                                          (61,000)
Miscellaneous Proceeds                                        -
                                                     ----------
Total Proceeds                                           74,000

Prepetition Cure Cost of Capital Leases                       -
Balance of 2003 Personal Property Tax                         -
Alliance Street Production                                    -
Interest Expense (Term and Revolver)                          -
Idle Facility Cost                                      (45,000)
Electric Demand Charge                                        -
Retail Store Operating Costs                                  -
Warehousing, Shipping & Billing                               -
Freight & Duty                                                -
Manufacturing                                                 -
Inventory Cleanup                                             -
Accrued Employee Expenses                                     -
Critical Vendor Payments                                      -
Continuing Medical                                            -
Terminated Medical                                            -
Product Liability/D&O/Workers Comp. Insurance                 -
Corporate                                                61,000
Severance/Retention                                      34,000
Warehouse Vacation Pay                                        -
SB Capital Estate Charge Back                                 -
Early Termination Fee                                         -
DIP Fees                                                      -
Professional Fees                                       483,000
Miscellaneous Expenses                                   38,000
                                                     ----------
Total Expenses                                          281,000
                                                     ----------
Net Cash Flow                                         ($355,000)
                                                     ==========


                        Pillowtex, et al.
                       Disbursement Report
                   For Month Ended May 31, 2005

Net Payroll & Payroll Taxes Paid                       $189,368
Sales, Use & Other Taxes Paid                           318,958
Inventory Purchases                                           -
Interest on Long Term Debt                                    -
Secured/Rental/Lease                                          -
Utilities                                                 3,302
Insurance                                                     -
Administrative                                           35,297
Professional Fees                                       484,325
U.S. Trustee's Fees                                           -
Others                                                   25,150
                                                    -----------
Total for U.S. Trustee Fees                          $1,056,400
                                                    ===========

Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to  
virtually every major retailer in the U.S. and Canada.  The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339).  The second chapter 11 filing triggered
sales of substantially all of the Company's assets.  David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors.  On July 30,
2003, the Company listed $548,003,000 in assets and $475,859,000
in debts.  (Pillowtex Bankruptcy News, Issue No. 81; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


SAINT VINCENTS: Files Consolidated Balance Sheet as of Apr. 30
--------------------------------------------------------------

       Saint Vincents Catholic Medical Centers of New York
               Condensed Consolidated Balance Sheets
                      As of April 30, 2005
                            (Unaudited)

ASSETS
  Cash and cash equivalents                         $4,655,000
  Investments                                        9,431,000
  Assets designated for self-insurance funds
     - short-term investments at market             30,640,000
  Assets whose use is limited -
     collateralized assets                          37,162,000
  Patients accounts receivable,
     less allowance for doubtful accounts          257,900,000
  Accounts receivable other                         45,986,000
  Other current assets                              35,887,000
                                               ---------------
    Total current assets                           421,661,000

Other:
  Depreciation reserve funds and
     collateralized assets                         117,166,000
  Assets designated for self-insurance -
     investments at market                          36,675,000
  Assets whose use is limited -
     investments at market                          42,408,000
  Other non-current assets                          12,499,000

  Land, buildings and equipment
     net of accumulated depreciation               341,522,000
                                               ---------------
  Total Assets                                    $971,931,000
                                               ===============

LIABILITIES AND NET ASSETS
Current:
  Current installments of long term debt          $330,080,000
  Loan Payable - Pool Securitization                        --
  HFG Loan                                          45,301,000
  Repurchase agreement                                      --
  Accrued salaries and payroll taxes withheld       69,063,000
  Current estimated liability for self-insurance    30,640,000
  Accounts payable and accrued expenses            229,422,000
  Estimated retroactive payables
    to third parties, net                           97,824,000
                                               ---------------
    Total current liabilities                      802,330,000

Other:
  Long-term debt, excluding current installments    46,147,000
  Estimated liability for self-insurance           140,080,000
  Other non-current liabilities                    113,718,000

                                                   299,945,000

Net assets:
  Unrestricted                                    (185,226,000)
  Temporarily Restricted                            30,531,000
  Permanently Restricted                            24,351,000
                                               ---------------
    Total net assets                              (130,344,000)
                                               ---------------
  Total liabilities and net assets                $971,931,000
                                               ===============

Headquartered in New York, New York, Saint Vincent Catholic
Medical Centers -- http://www.svcmc.org/-- the largest Catholic   
healthcare providers in New York State, operate hospitals, health
centers, nursing homes and a home health agency.  The hospital
group consists of seven hospitals located throughout Brooklyn,
Queens, Manhattan, and Staten Island, along with four nursing
homes and a home health care agency.  The Company and six of its
affiliates filed for chapter 11 protection on July 5, 2005 (Bankr.
S.D.N.Y. Case No. 05-14945 through 05-14951).  Gary Ravert, Esq.,
and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP,
represent the Debtors in their restructuring efforts.  As of
Apr. 30, 2005, they listed $972 million in total assets and
$1 billion in total debts.  (Saint Vincent Bankruptcy News,
Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000)


SOLUTIA INC: Earns $2 Million of Net Income in May 2005
-------------------------------------------------------

                    Solutia Chapter 11 Debtors
      Unaudited Statement of Consolidated Financial Position
                        As of May 31, 2005

                              ASSETS

Current Assets
    Cash                                             $12,000,000
    Trade Receivables, net                           177,000,000
    Account Receivables-Unconsolidated Subsidiaries   50,000,000
    Inventories                                      151,000,000
    Other Current Assets                              62,000,000
                                                  --------------
    Total Current Assets                             452,000,000

Property, Plant and Equipment, net                   681,000,000
Investments in Subsidiaries and Affiliates           520,000,000
Intangible Assets, net                               101,000,000
Other Assets                                          86,000,000
                                                  --------------
TOTAL ASSETS                                      $1,840,000,000
                                                  ==============

               LIABILITIES AND SHAREHOLDERS' DEFICIT

Current Liabilities
    Accounts Payable                                $148,000,000
    Short Term Debt                                  310,000,000
    Other Current Liabilities                        154,000,000
                                                  --------------
Total Current Liabilities                            612,000,000

Other Long-Term Liabilities                          207,000,000
                                                  --------------
Total Liabilities not Subject to Compromise          819,000,000
Liabilities Subject to Compromise                  2,276,000,000
Shareholders' Deficit                             (1,255,000,000)
                                                  --------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT         $1,840,000,000
                                                  ==============

                    Solutia Chapter 11 Debtors
         Unaudited Consolidated Statement of Operations
                For the Month Ended May 31, 2005

Total Net Sales                                     $203,000,000
Total Cost Of Goods Sold                             183,000,000
                                                  --------------
Gross Profit                                          20,000,000
Total MAT Expense                                     18,000,000
                                                  --------------
Operating Income                                       2,000,000

Equity Earnings from Affiliates                        5,000,000
Interest Expense, net                                 (5,000,000)
Other Income, net                                      3,000,000
Reorganization Items:
    Professional fees                                 (3,000,000)
                                                  --------------
Income Before Taxes                                    2,000,000
Income Taxes                                                   -
                                                  --------------
NET INCOME                                            $2,000,000
                                                  ==============

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


THAXTON GROUP: Posts $69.9 Million Net Loss in May 2005
-------------------------------------------------------
On June 22, 2005, The Thaxton Group filed its monthly operating
report for May 2005 with the U.S. Bankruptcy Court for the
District of Delaware.

The company reported a cumulative net loss of $69,940,350 on
$85,874,262 revenue for the period from Oct. 17, 2003 thru May 31,
2005.

At May 31, 2005, the Company's balance sheet reflects:

      Total Assets                      $242,874,387
      Total Liabilities                  236,983,112
      Stockholders' Equity                $5,891,275

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

              http://ResearchArchives.com/t/s?53

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.


TOWER AUTOMOTIVE: Posts $17.7 Million Net Loss in May 2005
----------------------------------------------------------

              Tower Automotive, Inc. and Subsidiaries
               Unaudited Consolidated Balance Sheets
                        As of May 31, 2005
                          (In Thousands)

CURRENT ASSETS:
   Cash and cash equivalents                             $2,858
   Accounts receivable, net                             263,547
   Inventories                                           86,135
   Prepaid tooling and other                             43,569
                                                     ----------
      TOTAL CURRENT ASSETS                              396,109
                                                     ----------

   Property, plant and equipment, net                   630,622
   Investment in joint ventures                               6
   Investment in subsidiaries                           346,782
   Inter-company receivables                            402,794
   Goodwill                                             326,309
   Other assets, net                                    106,248
                                                     ----------
      TOTAL ASSETS                                   $2,208,870
                                                     ==========

CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
   Current maturities of long-term debt & capital        $3,127
      lease obligations
   Accounts payable                                     107,214
   Accrued liabilities                                  211,967
                                                     ----------
      TOTAL CURENT LIABILITIES                          322,308
                                                     ----------

   Liabilities subject to comprise                    1,126,511
   Non-Current Liabilities Not Subject to Compromise:
      Long-term debt, net of current maturities          57,121
      DIP borrowings, net of current maturities         518,288
      Other non-current liabilities                     183,088
                                                     ----------
      TOTAL LIABILITIES                               2,207,316
      STOCKHOLDERS' EQUITY                                1,554
                                                     ----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT          $2,208,870
                                                     ==========

              Tower Automotive, Inc. and Subsidiaries
                 Unaudited Statement of Operations
                         May 1 to 31, 2005
                          (In Thousands)

Revenues                                               $177,894
Cost of sales                                           170,223
                                                     ----------
Gross profit                                              7,671
Selling, general and administrative expenses              9,421
Restructuring and asset impairment charges, net             271
                                                     ----------
Operating income (loss)                                  (2,021)
Interest expense                                          6,342
Interest income                                          (1,916)
Chapter 11 and related reorganization items               8,916
                                                     ----------
Income (loss) before provision for income taxes,
   equity in earnings of joint ventures and
   minority interest                                    (15,363)
Provision (benefit) for income taxes                      2,373
Income (loss) before equity in earnings of joint
   Ventures and minority interest                       (17,736)
Equity in earnings of joint ventures, net of tax              3
                                                     ----------
NET LOSS                                               ($17,733)
                                                     ==========

              Tower Automotive, Inc. and Subsidiaries
                 Unaudited Statement of Cash Flows
                         May 1 to 31, 2005
                          (In Thousands)

OPERATING ACTIVITIES:
   Net loss                                            ($17,733)
   Adjustments required to reconcile net loss to net
      cash provided by (used in) operating activities:
      Chapter 11 & related reorganization expenses        8,916
      Payments of Chapter 11 and related reorganization
         expenses                                        (5,314)
      Depreciation                                        9,808
      Deferred compensation                                  74
      Equity in earnings of joint ventures, net              (3)
      Change in working capital and other operating
         items                                            1,517
                                                     ----------
      Net cash provided by operating activities          (2,735)
                                                     ----------
INVESTING ACTIVITIES:
   Capital expenditures                                    (975)
   Proceeds from sale of fixed assets                         -
   Other                                                      -
                                                     ----------
      Net cash used in investing activities                (975)
                                                     ----------

FINANCING ACTIVITIES:
   Proceeds from prepetition borrowings                       -
   Repayments of prepetition borrowings                       -
   Borrowings from DIP credit facility                   89,000
   Repayments of borrowings from DIP credit facility    (83,001)
   Net proceeds from issuance of common stock                 -
                                                     ----------
      Net cash provided by financing activities           5,999
                                                     ----------
Net Change in cash and cash equivalents                   2,289
                                                     ----------
Cash and Cash Equivalents, beginning of period              569

Cash and Cash Equivalents, end of period                 $2,858
                                                     ==========

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and  
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo.  Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components.  The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-
10601).  James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup
Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq.,
at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts.  (Tower Automotive Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)


US AIRWAYS: Posts $39.7 Million Net Loss in May 2005
----------------------------------------------------

                      US Airways Group, Inc.
                    Consolidated Balance Sheet
                         At May 31, 2005
                          (in thousands)

Current Assets:
   Cash and cash equivalents                           $559,285
   Restricted cash                                      115,723
   Receivables, net                                     319,412
   Materials and supplies, net                          168,273
   Prepaid expenses and other                           189,958
                                                   ------------
      Total Current Assets                            1,352,651

Property and Equipment:
   Flight equipment                                   3,297,108
   Ground property and equipment                        364,861
   Less accumulated depreciation and amortization      (386,078)
                                                   ------------
                                                      3,275,891
   Purchase deposits for flight equipment                73,550
                                                   ------------
      Total Property and Equipment                    3,349,441

Other Assets:
   Goodwill                                           2,489,638
   Other intangibles, net                               519,709
   Restricted cash                                      626,585
   Other assets, net                                     82,005
                                                   ------------
      Total Other Assets                              3,717,937
                                                   ------------
Total Assets                                         $8,420,029
                                                   ============

Current Liabilities:
   Current maturities of long-term debt
   and capital lease obligations                       $842,791
   Accounts payable                                     430,868
   Traffic balances payable and unused tickets        1,061,585
   Accrued aircraft rent                                 60,290
   Accrued salaries, wages and vacation                 191,888
   Other accrued expenses                               311,995
                                                   ------------
      Total Current Liabilities                       2,899,417

Noncurrent Liabilities and Deferred Credits:
   Long-term debt and capital lease
   obligations, net of current maturities                76,741
   Deferred gains and credits, net                       41,191
   Postretirement benefits other than pensions            1,906
   Employee benefit liabilities and other               270,852
                                                   ------------
Total Noncurrent Liabilities and Deferred Credits       390,690

Liabilities Subject to Compromise                     5,799,301

Commitments and Contingencies

Stockholders' Equity:
   Class A Common Stock                                  50,616
   Class B Common Stock                                   5,000
   Paid-in capital                                      410,150
   Accumulated deficit                               (1,137,099)
   Common stock held in treasury, at cost                (2,815)
   Deferred compensation                                 (7,750)
   Accumulated other comprehensive income                12,519
                                                   ------------
Total Stockholders' Deficit                            (669,379)
                                                   ------------
Total Liabilities & Stockholders' Equity             $8,420,029
                                                   ============

                     US Airways Group, Inc.
               Consolidated Statement of Operations
                     Month ended May 31, 2005
                         (in thousands)

Operating Revenues:
   Passenger transportation                            $567,209
   Cargo and freight                                      8,145
   Other                                                 49,942
                                                   ------------
Total Operating Revenues                                625,296

Operating Expenses:
   Personnel costs                                      140,073
   Aviation fuel                                        141,364
   US Airways Express capacity purchases                 76,538
   Aircraft rent                                         38,514
   Other rent and landing fees                           45,909
   Selling expenses                                      34,729
   Aircraft maintenance                                  37,708
   Depreciation and amortization                         17,539
   Other                                                103,368
                                                   ------------
Total Operating Expenses                                635,742

Operating Loss                                          (10,446)

Other Income (Expense):
   Interest income                                        1,657
   Interest expense, net                                (26,221)
   Reorganization items, net                             (4,221)
   Other, net                                              (469)
                                                   ------------
      Other Income (Expense), Net                       (29,254)

Loss Before Income Taxes                                (39,700)
   Income Tax Benefit                                         0
                                                   ------------
Net Loss                                               ($39,700)
                                                   ============

                      US Airways Group, Inc.
               Consolidated Statement of Cash Flows
                      Month ended May 31, 2005
                         (in thousands)

Net cash from operating activities
   before reorganization items                          $34,193
Reorganization items, net                                (2,076)
                                                   ------------
      Net cash provided by operating activities          32,117

Cash flows from investing activities:
   Capital expenditures and purchase deposits
   for flight equipment, net                               (502)
   Proceeds from dispositions of property                 1,582
   Increase in restricted cash                           (9,317)
                                                   ------------
      Net cash provided by investing activities          (8,237)

Cash flows from financing activities:
   Proceeds from issuance of long-term debt                   0
   Proceeds from DIP Financing                                0
   Principal payments on long-term debt
   and capital lease obligations                           (270)
                                                   ------------
      Net cash used in financing activities                (270)

Net increase in Cash and cash equivalents                23,610
                                                   ------------
Cash and cash equivalents at beginning of period        535,675
                                                   ------------
Cash and cash equivalents at end of period             $559,285
                                                   ============

US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts.  In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts.  (US Airways Bankruptcy News, Issue
No. 97; Bankruptcy Creditors' Service, Inc., 215/945-7000)


USG CORP: Earns $31.9 Million of Net Income in May 2005
-------------------------------------------------------

USG Corporation, et al.
Consolidated Balance Sheet                          31-May-2005
__________________________                          ___________

Assets:
Cash and cash equivalents                          $484,070,000
Marketable Securities                               188,824,000
Restricted Cash                                      67,553,000
Receivables                                         437,584,000
Inventories                                         280,753,000
Income taxes receivable                              22,966,000
Deferred income taxes                                20,175,000
Other current assets                                 47,766,000
                                                  -------------
Total current assets                              1,549,691,000

Property, plant and equipment, net                1,614,161,000
Marketable Securities                               269,630,000
Deferred income taxes                               128,183,000
Goodwill                                             64,245,000
Other assets                                        362,512,000
                                                  -------------
Total Assets                                     $3,988,422,000
                                                  =============

Liabilities and Stockholders' Equity:
Accounts payable                                   $243,737,000
Accrued expenses                                    177,339,000
Taxes on income                                      60,454,000
                                                  -------------
Total current liabilities                           481,530,000

Other liabilities                                   396,215,000
Liabilities subject to compromise                 2,241,201,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (253,677,000)
Capital received in excess of par value             103,892,000
Accumulated other comprehensive income/(loss)        14,141,000
Retained earnings                                 1,000,122,000
                                                  -------------
Total stockholders' equity                          869,476,000
                                                  -------------
Total Liabilities and Stockholders' Equity       $3,988,422,000
                                                  =============

USG Corporation, et al.                            Month Ending
Consolidated Income Statement                       31-May-2005
_____________________________                      ____________

Net sales                                          $380,881,000

Cost of products sold                               306,321,000
Selling and administrative expenses                  24,464,000
Chapter 11 reorganization expenses                   (1,970,000)
Provision for restructuring expenses                          -
Interest expense                                        325,000
Interest income                                        (152,000)
Other (income)/expense, net                            (197,000)
                                                  -------------
Earnings/(loss) before income taxes                  52,090,000

Income taxes (benefit)                               20,227,000
                                                  -------------
Net Earnings/(loss)                                 $31,863,000
                                                  =============

Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading   
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes.  The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094).  David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts.  (USG
Bankruptcy News, Issue No. 90; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


WESTPOINT STEVENS: Posts $22 Million Net Loss in May 2005
---------------------------------------------------------

                      WESTPOINT STEVENS, INC.
                          Balance Sheet
                         At May 31, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                             $1,323
   Short-term investments                                     -
   Accounts receivable, net                             151,504
   Total inventories                                    273,045
   Prepaid & other current assets                        15,251
                                                     ----------
Total current assets                                    441,123

Total investments & other assets                         92,908
Goodwill                                                      -
Property, plant and equipment, net                      459,084
                                                     ----------
TOTAL ASSETS                                           $993,115
                                                     ==========

          Liabilities and Shareholders' Equity (Deficit)

Liabilities Not Subject to Compromise:
   Senior Credit Facility                               438,208
   DIP Credit Agreement                                  63,190
   Second Lien Facility                                 165,000
   Accrued interest payable                               1,311
   Accounts payable - trade                              36,922
   Accounts payable - intercompany                      176,054
   Other payables and accrued liabilities               104,758
   Deferred income taxes                                      -
   Pension and other liabilities                        148,469
                                                     ----------
Total liabilities not subject to compromise           1,133,912

Liabilities Subject to Compromise:
   Senior Notes                                       1,000,000
   Deferred financing fees                               (3,598)
   Accrued interest payable on Senior Notes              36,313
   Accounts payable                                      27,563
   Other payables and accrued liabilities                 8,232
   Pension and other liabilities                         15,474
                                                     ----------
Total liabilities subject to compromise               1,083,984
                                                     ----------
Total Liabilities                                     2,217,896

Shareholders' Equity (Deficit)
   Equity of subsidiaries                              (123,757)
   Common stock                                             711
   Capital Surplus/Treasury Stock                        41,122
   Retained earnings (deficit)                       (1,032,657)
   Minimum pension liability adjustment                (109,403)
   Other adjustments                                       (797)
   Unearned compensation                                      -
                                                     ----------
Total Shareholders' Equity (Deficit)                 (1,224,781)
                                                     ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)   $993,115
                                                     ==========

                       WESTPOINT STEVENS, INC.
                      Statement of Operations
                     Month Ended May 31, 2005
                          (in thousands)

Total sales                                             $78,728
Cost of sales                                            77,853
                                                     ----------
   Gross profit                                             875

Selling and administrative expenses
   Selling expense                                        3,479
   Warehousing and shipping                               4,638
   Advertising                                              385
   Division administrative expense                          905
   MIS expense                                            1,309
   Corporate administrative expense                       1,232
                                                     ----------
Total selling and administrative expense                 11,948

Restructuring and impairment charge                         593
Fixed asset impairment charge                                 -
                                                     ----------
Profit/(loss) from operations                           (11,666)
                                                     ----------
Interest expense
   Interest expense - outside                             6,861
   Capitalized interest expense                               -
   Interest expense - intercompany                          607
   Interest income                                            4
   Interest income - intercompany                             -
                                                     ----------
Net interest expense                                      7,464

Other expense
   Miscellaneous                                            341
   Royalties - intercompany                               3,500
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                       3,841

Other income
   Royalties - intercompany                                   -
   Dividends                                                  -
   Sale of assets                                         1,668
   Miscellaneous                                             13
                                                     ----------
   Total other income                                     1,681
                                                     ----------
Net other expense                                         2,160
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit)
   and extraordinary item                               (21,290)

Chapter 11 reorganization expenses                        1,065

Income taxes (benefit)                                     (397)
                                                     ----------
Income (loss) before extraordinary item                 (21,958)

Extraordinary item - net of taxes                             -
                                                     ----------
Net income (loss)                                      ($21,958)
                                                     ==========

                      WESTPOINT STEVENS, INC.
                      Statement of Cash Flows
                     Month Ended May 31, 2005
                          (in thousands)

Cash Flows from Operations:
Net income (loss)                                      ($21,958)
   Equity adjustments                                    (1,926)
Non-cash items
   Depreciation and amortization expense                  5,938
   Gain/(Loss) on sale of assets                         (1,668)
Changes in Assets and Liabilities
   Decrease/(increase) -- accounts receivable            15,160
   Decrease/(increase) -- inventories                       511
   Decrease/(increase) -- other current assets            4,144
   Decrease/(increase) -- other noncurrent assets
      and liabilities                                       185
   Increase/(decrease) -- accounts payable (trade)       (6,981)
   Increase/(decrease) -- a/p (intercompany)              4,885
   Increase/(decrease) -- accrued liabilities            (8,089)
   Increase/(decrease) -- accrued interest payable         (923)
   Increase/(decrease) -- pension & other liabilities       847
   Increase/(decrease) -- deferred income tax                 -
                                                     ----------
Total Cash Flows from Operations                         (9,875)

Cash Flows from Investing
   Decrease/(increase) -- short term investments              -
   Capital expenditures                                    (410)
   Net proceeds from sale of assets                       1,852
                                                     ----------
Total Cash Flows from Investing                           1,442

Cash Flows from Financing
   Increase/(decrease) -- DIP credit agreement            8,801
                                                     ----------
Total Cash Flows from Financing                           8,801

Beginning Cash Balance                                      955
Change in Cash                                              368
                                                     ----------
Ending Cash Balance                                      $1,323
                                                     ==========

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


WESTPOINT STEVENS: WP Stevens I Earns $3MM of Net Income in May
---------------------------------------------------------------

                    WESTPOINT STEVENS, INC., I
                           Balance Sheet
                          At May 31, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                                $53
   Short-term investments                                     -
   Accounts receivable - customers                            -
   Accounts receivable - intercompany                    33,268
   Total inventories                                      8,331
   Prepaid & other current assets                             -
                                                     ----------
Total current assets                                     41,652

Total investments & other assets                          9,447
Goodwill                                                      -
Property, plant and equipment, net                       11,477
                                                     ----------
TOTAL ASSETS                                            $62,576
                                                     ==========

          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                                $640
   Accounts payable - intercompany                            -
   Other payables and accrued liabilities                 9,565
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total liabilities not subject to compromise              10,205

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                                        15,088

SHAREHOLDERS' EQUITY (DEFICIT)
   Equity of subsidiaries                                     -
   Common stock                                               1
   Capital Surplus/Treasury Stock                        70,559
   Retained earnings (deficit)                          (23,072)
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Total Shareholders' Equity (Deficit)                     47,488
                                                     ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)    $62,576
                                                     ==========

                    WESTPOINT STEVENS, INC., I
                      Statement of Operations
                     Month Ended May 31, 2005
                           (in thousands)

Total sales                                              $3,495
Cost of sales                                             2,426
                                                     ----------
   Gross profit                                           1,069

Selling and administrative expenses
   Selling expense                                            4
   Warehousing and shipping                                 140
   Advertising                                                -
   Division administrative expense                            -
   MIS expense                                                -
   Corporate administrative expense                         230
                                                     ----------
   Total selling and administrative expense                 374

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
Profit/(loss) from operations                               695

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                            -
   Interest income                                            1
   Interest income - intercompany                           671
                                                     ----------
Net interest expense                                       (672)

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

Other income
   Royalties - intercompany                               3,522
   Affiliate Income                                           -
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                        3,522
                                                     ----------
Net other expense                                        (3,332)
                                                     ----------
Income (loss) before reorganization
   expenses and income taxes (benefit)
   and extraordinary item                                 4,699

Reorganization expenses                                       -
Income taxes (benefit)                                    1,645
                                                     ----------
Income (loss) before extraordinary item                   3,054

Extraordinary item - net of taxes                             -
                                                     ----------
Net income (loss)                                        $3,054
                                                     ==========

                    WESTPOINT STEVENS, INC., I
                      Statement of Cash Flows
                     Month Ended May 31, 2005
                          (in thousands)

Cash Flows from Operations:
Net income (loss)                                        $3,054
Non-cash items
   Depreciation and amortization expense                    113
Changes in Assets and Liabilities
   Decrease/(increase) -- a/r (customers)                     -
   Decrease/(increase) -- a/r (intercompany)             (5,050)
   Decrease/(increase) -- inventories                    (1,070)
   Decrease/(increase) -- other current assets                -
   Decrease/(increase) -- other noncurrent assets             -
   Increase/(decrease) -- accounts payable (trade)          261
   Increase/(decrease) -- a/p (intercompany)                  -
   Increase/(decrease) -- accrued liabilities             2,571
   Increase/(decrease) -- accrued interest payable            -
   Increase/(decrease) -- pension and other liabilities       -
   Increase/(decrease) -- deferred federal income tax         -
                                                     ----------
Total Cash Flows from Operations                           (121)

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

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

Beginning Cash Balance                                      174
Change in Cash                                             (121)
                                                     ----------
Ending Cash Balance                                         $53
                                                     ==========

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


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

                   WESTPOINT STEVENS STORES, INC.
                           Balance Sheet
                         At May 31, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                             $1,506
   Short-term investments                                     -
   Accounts receivable - customers                          113
   Accounts receivable - intercompany                     1,372
   Total Inventories                                     20,424
   Prepaid expenses and other current assets              1,100
                                                     ----------
Total current assets                                     24,515

Total investments & other assets                              -
Goodwill                                                      -
Property, plant and equipment, net                        2,302
                                                     ----------
TOTAL ASSETS                                            $26,817
                                                     ==========

          Liabilities and Stockholders' Equity (Deficit)

Liabilities Not Subject to Compromise
   Accounts payable - trade                                $348
   Accounts payable -intercompany                             -
   Other payables and accrued liabilities                 2,944
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total Liabilities Not Subject to Compromise               3,292
                                                     ----------
Liabilities Subject to Compromise
   Accounts payable                                       1,679
                                                     ----------
Total Liabilities                                         4,971

Shareholders' Equity (Deficit)
   Equity of subsidiaries                                     -
   Common stock                                               1
   Capital surplus/Treasury Stock                        15,955
   Retained earnings (deficit)                            5,890
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                           21,846
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)      $26,817
                                                     ==========
  
                   WESTPOINT STEVENS STORES, INC.
                      Statement of Operations
                     Month Ended May 31, 2005
                          (in thousands)

Total sales                                              $5,990
Cost of goods sold                                        3,644
                                                     ----------
   Gross earnings                                         2,346

Selling and administrative expenses
   Selling expenses                                       1,669
   Warehousing and shipping                                 211
   Advertising                                              357
   Division administrative expense                          288
   MIS expense                                               54
   Corporate administrative expense                          85
                                                     ----------
Total selling and administrative expense                  2,664
Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Profit/(loss) from operations                           (318)

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                          154
   Interest income                                            -
   Interest income - intercompany                             -
                                                     ----------
Net interest expense                                        154

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                                     (472)

Chapter 11 reorganization expenses                            -
Income tax expense (benefit)                               (164)

Extraordinary item - net of taxes                             -
                                                     ----------
Net Income (loss)                                         ($308)
                                                     ==========

                    WESTPOINT STEVENS STORES, INC.
                      Statement of Cash Flows
                     Month Ended May 31, 2005
                          (in thousands)

Cash flows from operations:
Net income (loss)                                         ($308)
Non-cash items
   Depreciation and amortization                             48
Working Capital Changes
   Decrease/(increase) - a/r (customers)                     (5)
   Decrease/(increase) - a/r (intercompany)                 657
   Decrease/(increase) - inventories                        162
   Decrease/(increase) - other current assets              (293)
   Decrease/(increase) - other non-current assets             -
   Increase/(decrease) - accounts payable (trade)          (165)
   Increase/(decrease) - a/p (intercompany)                   -
   Increase/(decrease) - accrued liabilities                321
   Increase/(decrease) - accrued interest payable             -
   Increase/(decrease) - pension & other liabilities          -
   Increase/(decrease) - deferred federal income tax          -
                                                     ----------
Total cash flows from operations                            417

Cash flows from investing activities
   Capital expenditures                                     (57)
   Transfers                                                  -
   Net proceeds from sale of assets                           -
                                                     ----------
Total cash flows from investing                             (57)

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

Beginning cash balance                                    1,146
Change in cash                                              360
                                                     ----------
Ending cash balance                                      $1,506
                                                     ==========

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


WESTPOINT STEVENS: JP Stevens's May 2005 Monthly Operating Report
-----------------------------------------------------------------

                     J.P. STEVENS & CO., INC.
                          Balance Sheet
                         At May 31, 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
May 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. 50; Bankruptcy Creditors' Service, Inc.,
215/945-7000)


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

                   J.P. STEVENS ENTERPRISES, INC.
                           Balance Sheet
                         At May 31, 2005
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                                $30
   Short-term investments                                     -
   Accounts receivable - customers, net                       -
   Accounts receivable - intercompany                    18,133
   Prepaid expenses and other current assets                  -
                                                     ----------
Total current assets                                     18,163

Total investments & other assets                              -
Goodwill                                                      -
                                                     ----------
TOTAL ASSETS                                            $18,163
                                                     ==========

         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)                           17,963
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                           17,965
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)      $18,163
                                                     ==========

                    J.P. STEVENS ENTERPRISES, INC.
                       Statement of Operations
                      Month Ended May 31, 2005
                          (in thousands)

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

Selling and administrative expenses
   Selling expenses                                          $2
   Warehousing and shipping                                   -
   Advertising                                                -
   Division administrative expense                            -
   MIS expense                                                -
   Corporate administrative expense                           -
                                                     ----------
Total selling and administrative expense                      2

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Profit/(loss) from operations                             (2)

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                            -
   Interest income                                            -
   Interest income - intercompany                            90
                                                     ----------
Net interest expense                                        (90)

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

Other income
   Royalties - intercompany                                 200
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                          200
                                                     ----------
Net other expense                                          (200)
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit) and
   extraordinary items                                      288

Chapter 11 reorganization expenses                            -

Income tax expense (benefit)                                288

Extraordinary item - net of taxes                             -
                                                     ----------
Net Income (loss)                                          $288
                                                     ==========

                    J.P. STEVENS ENTERPRISES, INC.
                      Statement of Cash Flows
                     Month Ended May 31, 2005
                           (in thousands)

Cash flows from operations:
Net income (loss)                                          $288
Non-cash items
   Depreciation and amortization                              -
Working Capital Changes
   Decrease/(increase) - a/r (intercompany)                (280)
   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                  -
   Increase/(decrease) - accrued interest payable             -
   Increase/(decrease) - pension & other liabilities          -
   Increase/(decrease) - deferred federal income tax          -
                                                     ----------
Total cash flows from operations                              8

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                                       22
Change in cash                                                8
                                                     ----------
Ending cash balance                                         $30
                                                     ==========
  
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. 50; 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 ***