TCR_Public/050723.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 23, 2005, Vol. 9, No. 173

                          Headlines

FEDERAL-MOGUL: Posts $8.7 Million Net Loss in May 2005
FGI GROUP: Files Monthly Operating Report for June 2005
HUFFY CORP: Posts $811,000 Net Loss for Period Ended June 4
INTERMET CORP: Posts $7 Million Net Loss in June 2005
TRENWICK AMERICA: Posts $166,552 Net Loss in June 2005

SONICBLUE INC: Files May 2005 Monthly Operating Report
TWINLAB CORP: Files June 2005 Monthly Operating Report
UNIVERSAL ACCESS: Files June 2005 Monthly Operating Report


                          *********

FEDERAL-MOGUL: Posts $8.7 Million Net Loss in May 2005
------------------------------------------------------

                 Federal-Mogul Global, Inc., et al.
                      Unaudited Balance Sheet
                         As of May 31, 2005
                           (In millions)

                              Assets

Cash and equivalents                                     $403.6
Accounts receivable                                       638.6
Inventories                                               482.6
Deferred taxes                                            181.7
Prepaid expenses and other current assets                  95.8
                                                     ----------
Total current assets                                    1,802.3

Summary of Unpaid Postpetition Debits                      (6.5)
Intercompany Loans Receivable (Payable)                 2,530.8
                                                     ----------
Intercompany Balances                                   2,524.3

Property, plant and equipment                             989.8
Goodwill                                                1,013.0
Other intangible assets                                   432.5
Insurance recoverable                                     817.4
Other non-current assets                                1,036.7
                                                     ----------
Total Assets                                           $8,616.0
                                                     ==========

                Liabilities and Shareholders' Equity

Short-term debt                                          $361.0
Accounts payable                                          217.0
Accrued compensation                                       69.3
Restructuring and rationalization reserves                  9.7
Current portion of asbestos liability                         -
Interest payable                                            1.7
Other accrued liabilities                                 285.1
                                                     ----------
Total current liabilities                                 943.7

Long-term debt                                                -
Post-employment benefits                                1,965.1
Other accrued liabilities                                 967.4
Liabilities subject to compromise                       6,002.8

Shareholders' equity:
    Preferred stock                                     1,050.6
    Common stock                                          565.8
    Additional paid-in capital                          8,019.4
    Accumulated deficit                                (9,723.3)
    Accumulated other comprehensive income             (1,175.1)
    Other                                                     -
                                                     ----------
Total Shareholders' Equity                             (1,262.7)
                                                     ----------
Total Liabilities and Shareholders' Equity             $8,616.0
                                                     ==========

                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
                 For the month ended May 31, 2005
                           (In millions)

Net sales                                                $285.6
Cost of products sold                                     239.0
                                                     ----------
Gross margin                                               46.6

Selling, general & administrative expenses                (52.8)
Amortization                                               (1.2)
Reorganization items                                       (6.2)
Interest income (expense), net                            (11.0)
Other income (expense), net                                14.5
                                                     ----------
Earnings before Income Taxes                              (10.1)

Income Tax (Expense) Benefit                                1.4
                                                     ----------
Earnings before effect of change in acctg principle        (8.7)
Cumulative effect of change in acctg principle                -
                                                     ----------
Net Earnings (loss)                                       ($8.7)
                                                     ==========

                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
                 For the month ended May 31, 2005
                           (In millions)

Cash Provided From (Used By) Operating Activities:
    Net earnings (loss)                                   ($8.7)

Adjustments to reconcile net earnings (loss):
    Depreciation and amortization                          14.6
    Adjustments of assets held for sale to fair value         -
    Asbestos Charge                                           -
    Summary of unpaid postpetition debits                     -
    Cumulative effect of change in acctg principle            -
    Change in post-employment benefits                     (0.5)
    Decrease/(increase) in accounts receivable            (14.3)
    Decrease/(increase) in inventories                      3.1
    Increase/(decrease) in accounts payable                 0.3
    Change in other assets and other liabilities          (20.6)
    Change in restructuring charge                         (0.2)
    Refunds (payments) against asbestos liability             -
                                                     ----------
Net Cash Provided From Operating Activities               (26.3)

Cash Provided From (Used By) Investing Activities:
    Expenditures for property, plant & equipment           (6.4)
    Proceeds from sale of property, plant & equipment         -
    Proceeds from sale of businesses                          -
    Business acquisitions, net of cash acquired               -
    Other                                                     -
                                                     ----------
Net Cash Provided From (Used By) Investing Activities      (6.4)

Cash Provided From (Used By) Financing Activities:
    Increase (decrease) in debt                            38.2
    Sale of accounts receivable under securitization          -
    Dividends                                                 -
    Other                                                 (18.0)
                                                     ----------
Net Cash Provided From Financing Activities                20.2

Increase (Decrease) in Cash and Equivalents               (12.5)

Cash and equivalents at beginning of period               416.1
                                                     ----------
Cash and equivalents at end of period                    $403.6
                                                     ==========

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest  
automotive parts companies with worldwide revenue of some
US$6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford. (Federal-Mogul
Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


FGI GROUP: Files Monthly Operating Report for June 2005
-------------------------------------------------------
On July 15, 2005, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period ended June 30, 2005, with the United States
Bankruptcy Court for the Northern District of Illinois, Eastern
Division.

FGI Group reports a $1,282,841 cash balance at June 30, 2005, and
provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.

A full-text copy of FGI Group's June 2005 Monthly Operating Report
is available at no charge at http://ResearchArchives.com/t/s?8c

Florsheim Group, Inc., filed for chapter 11 protection on March 4,
2002 (Bankr. N.D. Ill. Case No. 02 B 08209) to facilitate a sale
of its U.S. wholesale business and 23 retail stores to its U.S.
assets to the Weyco Group, Inc. for $45.6 million in cash, subject
to post closing adjustment.


HUFFY CORP: Posts $811,000 Net Loss for Period Ended June 4
-----------------------------------------------------------
On July 6, 2005, Huffy Corporation and its debtor-affiliates
delivered their monthly operating reports ended June 4, 2005, to
the U.S. Bankruptcy Court for the Southern District of Ohio.

For the period ended June 4, 2005, Huffy Corporation reported a
consolidated net loss of $811,000 in $16,390,000 of net sales.

At June 4, 2004, Huffy Corporation's balance sheet showed:

   Total Assets                         $113,376,000
   Prepetition Liabilities               124,544,000
   Total Liabilities                     174,738,000
   Total Shareholder's Equity Deficit   ($61,362,000)

A full-text copy of Huffy Corporation's Monthly Operating Report
for the period ended June 4, 2005 is available at no charge at
http://ResearchArchives.com/t/s?8e

Headquartered in Miamisburg, Ohio, Huffy Corporation --   
http://www.huffy.com/-- designs and supplies wheeled and related      
products, including bicycles, scooters and tricycles.  The Company  
and its debtor-affiliates filed for chapter 11 protection on
Oct. 20, 2004 (Bankr. S.D. Ohio Case No. 04-39148).  Kim Martin
Lewis, Esq., and Donald W. Mallory, Esq., at Dinsmore & Shohl LLP,  
represent the Debtors in their restructuring efforts.  When the  
Debtors filed for protection from their creditors, they listed  
$138,700,000 in total assets and $161,200,000 in total debts.


INTERMET CORP: Posts $7 Million Net Loss in June 2005
------------------------------------------------------
On July 20, 2005, Intermet Corporation and its debtor-affiliates
delivered its June 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.

For the month ending June 30, 2005, Intermet Corporation reported
a net loss of $6,964,000 against $51,366,000 of net sales.

At June 30, 2005, Intermet's balance sheet showed:

      Current Assets                          $154,903,000
      Total Assets                             443,122,000
      Postpetition Debts                        26,368,000
      Total Liabilities                        595,084,000
      Total Stockholders' Equity Deficit     ($151,962,000)

A full-text copy of Intermet Corporation's June 2005 Monthly
Operating Report is available at no charge at       
http://ResearchArchives.com/t/s?8b

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


TRENWICK AMERICA: Posts $166,552 Net Loss in June 2005
------------------------------------------------------
On July 15, 2005, Trenwick America Corporation filed its monthly
operating report for the month ended June 30, 2005, and the period
from Aug. 20, 2003, to June 30, 2005, with the United States
Bankruptcy Court for the District of Delaware.

Trenwick posts a $166,552 net loss in June 2005, and a cumulative
$118,650,636 loss for the period from Aug. 20, 2003, to
June 30, 2005.

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

      Total Current Assets            $55,326,269
      Total Assets                    188,369,151          
      Total Prepetition Debts         288,386,386          
      Total Liabilities               292,496,651
      Net Owner Equity Deficit      ($104,127,500)

A full-text copy of Trenwick America's June 2005 Monthly Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?7b

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

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

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


SONICBLUE INC: Files May 2005 Monthly Operating Report
------------------------------------------------------
At May 31, 2005, SONICblue Incorporated reports that it is sitting
on $79,215,533 of cash, has accrued $1,045,888 in
postpetition liabilities and faces a $236,904,166 mountain of
prepetition debts.

A full-text copy of SONICblue Inc.'s May 2005 Operating Report is
available at no charge at http://ResearchArchives.com/t/s?75

Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets.  The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed voluntary petitions for bankruptcy under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Northern District of California,
San Jose Division (Case No. 03-51775).


TWINLAB CORP: Files June 2005 Monthly Operating Report
------------------------------------------------------
On June 15, 2005, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) delivered their monthly operating reports for the month
ended June 30, 2005, with the Securities and Exchange Commission.

Full-text copies of the Debtors' June 2005 Monthly Operating
Reports are available at no charge at
http://ResearchArchives.com/t/s?8d

On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc. and
Twin Laboratories (UK) Ltd., commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 and are pending before the
Honorable Cornelius Blackshear.

Also, on Sept. 4, 2003, the Companies entered into certain asset
purchase agreement with IdeaSphere, Inc. of Grand Rapids,
Michigan, pursuant to which the Companies sold substantially all
of their assets.  The sale closed on Dec. 9, 2003.  In connection
with the sale, the Debtors obtained an order from the Court
authorizing them to change their names.  Twinlab Corporation
changed its name to TL Administration Corporation, Twin
Laboratories Inc., changed its name to TL Administration Inc., and
Twin Laboratories (UK) Ltd., changed its name to TL Administration
(UK) Ltd.

The Debtors continue to operate as debtors-in-possession pursuant
to sections 1107(a) and 1108 of the Bankruptcy Code.


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

         Beginning Cash Balance    $7,560,296
         Total Receipts             4,549,302
         Total Disbursements        4,930,210
         Ending Cash Balance       $7,179,387

A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' June 2005 Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?7a

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


                          *********

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                          *********

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.
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