TCR_Public/050827.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, August 27, 2005, Vol. 9, No. 203

                          Headlines

FGI GROUP: Files Monthly Operating Report for July 2005
INTERMET CORP: Posts $16.3 Million Net Loss in July 2005
NEWPOWER HOLDINGS: Files July 2005 Monthly Operating Report
RELIANCE GROUP: Posts $236,000 Net Loss in July 2005
UAL CORP: Posts $273.9 Million Net Loss in July 2005

UNIVERSAL ACCESS: Files July 2005 Monthly Operating Report


                          *********


FGI GROUP: Files Monthly Operating Report for July 2005
-------------------------------------------------------
On Aug. 22, 2005, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period ended July 31, 2005, with the United States
Bankruptcy Court for the Northern District of Illinois, Eastern
Division.

FGI Group reports a $1,195,399 cash balance at July 31, 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 July 2005 Monthly Operating Report
is available at no charge at http://ResearchArchives.com/t/s?114

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.


INTERMET CORP: Posts $16.3 Million Net Loss in July 2005
--------------------------------------------------------
On Aug. 22, 2005, Intermet Corporation and its debtor-affiliates
delivered their July 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.

For the month ending July 31, 2005, Intermet Corporation reported
a net loss of $16,344,000 against $31,529,000 of net sales.

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

      Current Assets                          $142,679,000
      Total Assets                             426,942,000
      Postpetition Debts                        26,764,000
      Total Liabilities                        595,125,000
      Total Stockholders' Equity Deficit     ($168,183,000)

A full-text copy of Intermet Corporation and its debtor-
affiliates' July 2005 Monthly Operating Report is available at no
charge at http://ResearchArchives.com/t/s?113

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.


NEWPOWER HOLDINGS: Files July 2005 Monthly Operating Report
-----------------------------------------------------------
On Aug. 18, 2005, NewPower Holdings, Inc., filed its July 2005
Monthly Operating Report for the period from June 30, 2005, to
July 31, 2005, with the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division.  The company reports an
opening cash balance of $52,307,000 and a closing cash balance of
$52,279,000.

A full-text copy of NewPower Holdings, Inc.'s Monthly Operating
Report for the period from June 30, 2005, to July 31, 2005, is
available at no charge at http://ResearchArchives.com/t/s?112

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

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


RELIANCE GROUP: Posts $236,000 Net Loss in July 2005
----------------------------------------------------

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

ASSETS

Cash                                            $47,993,000
Accounts and Notes Receivable                    13,090,000
Prepaid expenses and deposits                       353,000
Due from Reliance Development Group,
   less allowance of $59,334,000                          0
Note Receivable from Reorganized
   RFS Corporation                                2,537,000
Plant, property & equipment                               -
                                           ----------------
      Total Assets                              $63,973,000
                                           ================

LIABILITIES & SHAREHOLDERS' DEFICIT

Liabilities not subject to compromise
   Postpetition accounts payable                 $1,107,000
   Professional fee holdback payable              2,535,000
   PBGC administrative claim                              0
Liabilities subject to compromise               850,150,000
                                           ----------------
      Total liabilities                        $854,152,000
                                           ----------------

Shareholders' deficit:
   Common stock                                 $11,616,000
   Additional paid in capital                   558,541,000
   Accumulated deficit                       (1,360,336,000)
                                           ----------------
      Total shareholders' deficit             ($790,179,000)
                                           ----------------
      Total liabilities & deficit               $63,973,000
                                           ================

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

Revenues                                                 $0
                                           ----------------

Costs and expenses:
   Operating and administrative                     $65,000
   Pension Plan Actuarial
     Adjustments and Expenses                             0
   Depreciation                                           0
                                           ----------------
   Total costs and expenses                         $65,000
                                           ----------------
Loss before reorganization items                    (65,000)
                                           ----------------
Reorganization items:

   Professional fees                               $300,000
   Interest earned on accumulated
      cash resulting from
      Chapter 11 proceeding                        (129,000)
                                           ----------------
   Total reorganization items                      $171,000
                                           ----------------
Income tax benefits                                       0
                                           ----------------
Net Income (loss)                                 ($236,000)
                                           ================

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

Cash flows from operating activities:

   Loss from operations before
      reorganization items                        ($236,000)
   Adjustments to reconcile loss to
      net cash provided by
      operating activities:
         Income Tax Recovery                              0
         Depreciation                                     0
   Changes in:
      Prepaid expenses                                    0
      Postpetition payables                         166,000
      Increase in Liabilities
        subject to compromise                             0
                                           ----------------
   Net cash (used) provided by
       operating activities before
       reorganization items                         (70,000)
                                           ----------------
   Operating cash flows from
      reorganization items:
         Interest earned                           $129,000
         Application of retainer
           towards reorganization
           professional fees                              0
         Payment of
           reorganization items                    (542,000)
                                           ----------------
   Net cash used by
      reorganization items                        ($413,000)
                                           ----------------
   Net cash used by
      operating activities                        ($483,000)
                                           ----------------
Cash flows from investing activities:
   Receipt from Reliance
     Development Group                                    0
                                           ----------------
      Net cash provided by
         investing activities                             0
                                           ----------------
Cash flow from financing activities:
   Proceeds of split dollar policies                      0
                                           ----------------
      Net cash provided by
         financing activities                             0
                                           ----------------
Net decrease in cash                               (483,000)

Cash at beginning of period                      48,476,000
                                           ----------------
Cash at end of period                           $47,993,000
                                           ================

Headquartered in New York, New York, Reliance Group Holdings, Inc.
-- http://www.rgh.com/-- is a holding company that owns 100% of  
Reliance Financial Services Corporation.  Reliance Financial, in
turn, owns 100% of Reliance Insurance Company.  The holding and
intermediate finance companies filed for chapter 11 protection on
June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing
$12,598,054,000 in assets and $12,877,472,000 in debts.  The
insurance unit is being liquidated by the Insurance Commissioner
of the Commonwealth of Pennsylvania.  (Reliance Bankruptcy News,
Issue No. 78; Bankruptcy Creditors' Service, Inc., 215/945-7000)


UAL CORP: Posts $273.9 Million Net Loss in July 2005
----------------------------------------------------

             UAL Corporation and Subsidiary Companies
         Condensed Consolidating Statement of Operations
                 For The Month Ended July 31, 2005
                         (In Thousands)

Total operating revenues                             $1,787,698

Total operating expenses                              1,674,574

Earnings (loss) from operations                         113,124

Non-operating income (expenses):
   Net interest expense                                 (46,932)
   Other income (expenses), net                           9,997
                                                     ----------
Total non-operating income (expenses)                   (36,955)

Net Earnings (loss) before Reorganization items          76,169

Reorganization items                                  ($350,089)
                                                     ----------
Net earnings (loss)                                   ($273,920)

A full-text copy of UAL Corporation's July 2005 Operating Report
is available for free at the Securities and Exchange Commission at
http://ResearchArchives.com/t/s?119

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


UNIVERSAL ACCESS: Files July 2005 Monthly Operating Report
----------------------------------------------------------
On Aug. 16, 2005, Universal Access Global Holdings, Inc., and its
debtor-affiliates delivered its July 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    $7,197,387
         Total Receipts             5,137,343
         Total Disbursements        3,838,167
         Ending Cash Balance       $8,478,563

A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' July 2005 Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?111

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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                          *********

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Troubled Company Reporter is a daily newsletter co-published by  
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