TCR_Public/051008.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, October 8, 2005, Vol. 9, No. 239

                          Headlines

ADELPHIA COMMS: Posts $32 Million Net Loss in August 2005
ADELPHIA COMMS: Century/ML's August 2005 Monthly Operating Report
ALLIED HOLDINGS: Posts $437,000 Net Loss in August 2005
ALLIED HOLDINGS: Files Schedules of Assets and Liabilities
AMES DEPT: Posts $2,000 Net Loss for 5-Week Period Ended July 2

FOOTSTAR INC: Posts $100,000 Net Loss in August 2005
FRIEDMAN'S INC: Files Operating Report for Period Ended Aug. 27
SOLUTIA INC: Posts $10 Million Net Loss in August 2005
THAXTON GROUP: Posts $73 Mil. Cumulative Net Loss in August 2005
TOWER AUTOMOTIVE: Posts $3 Million Net Loss in August 2005

TRENWICK AMERICA: Posts $681K Net Loss for Period Ended Aug. 15
USG CORP: Earns $45 Million of Net Income in August 2005


                          *********

ADELPHIA COMMS: Posts $32 Million Net Loss in August 2005
---------------------------------------------------------

             Adelphia Communications Corporation, et al.
                Unaudited Consolidated Balance Sheet
                       As of August 31, 2005
                       (Dollars in thousands)

                               ASSETS

Cash and cash equivalents                              $299,033
Restricted cash                                          21,338
Accounts receivables - net                               89,965
Other current assets                                    189,522
                                                    -----------
Total current assets                                    599,858

Restricted cash                                           3,024
Investments in equity affiliates                        227,467
Receivables from non-filing entities                    771,384
Property, plant and equipment - net                   4,279,070
Intangible assets - net                               7,320,116
Other noncurrent assets - net                            79,385
                                                    -----------
Total Assets                                        $13,280,304
                                                    ===========

                LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                       $108,023
Subscriber advance payments and deposits                 30,456
Accrued liabilities                                     491,431
Deferred income                                          25,966
Current portion of parent and subsidiary debt           794,248
                                                    -----------
Total current liabilities                             1,450,124

Other liabilities                                        34,900
Deferred income                                          62,482
Deferred income taxes                                   864,414
                                                    -----------
Total noncurrent liabilities                            961,796

Liabilities subject to compromise                    18,464,636
                                                    -----------
Total liabilities                                    20,876,556

Minority interests in equity of subsidiary               86,361

Stockholders' equity:
    Series preferred stock                                  397
    Class A and Class B common stock                      2,548
    Additional paid-in capital                        9,567,026
    Accumulated other comprehensive income                   28
    Accumulated deficit                             (17,224,675)
    Treasury stock, at cost                             (27,937)
                                                    -----------
Total stockholders' equity                           (7,682,613)
                                                    -----------
Total liabilities and stockholders' equity          $13,280,304
                                                    ===========

             Adelphia Communications Corporation, et al.
           Unaudited Consolidated Statements of Operations
                 For the Month Ended August 31, 2005
                       (Dollars in thousands)

Revenue                                                $344,748
Cost and expenses:
    Direct operating and programming                    212,884
    Selling, general and administrative                  34,430
    Investigation, re-audit and sale transaction co       2,272
    Depreciation and amortization                        74,692
    Impairment of long-lived assets                           -
    Gains on dispositions of long-lived assets                -
                                                    -----------
Operating income (loss)                                  20,470

Other income (expense):
    Interest expense                                    (47,557)
    Impairment of cost & available for sale investments       -
    Other income (expense) - net                            339
                                                    -----------
       Total other expense - net                        (47,218)
                                                    -----------
Loss from continuing operations before reorganization   (26,748)

Reorganization expenses due to bankruptcy                (6,184)
                                                    -----------
Loss from continuing operations before income taxes     (32,932)
Income tax expense                                            -
Share of losses of equity affiliates - net                  400
Minority's interest in subsidiary losses - net               71
                                                    -----------
Net loss                                                (32,461)
Beneficial conversion feature                                 -
                                                    -----------
Net loss applicable to common stockholders             ($32,461)
                                                    ===========

             Adelphia Communications Corporation, et al.
           Unaudited Consolidated Statements of Cash Flows
                 For the Month Ended August 31, 2005
                       (Dollars in thousands)

Cash flows from operating activities:
    Net loss                                           ($32,461)
    Adjustments to reconcile net loss to net cash
    provided by (used in) operating activities:
       Depreciation and amortization                     74,692
       Gains on dispositions of long-lived assets             -
       Amortization of debt issuance costs                  275
       Impairment of cost & available for sale investments    -
       Provision for settlements                            (36)
       Reorganization expenses due to bankruptcy          6,184
       Deferred tax expense (benefit)                         -
       Share in losses of equity affiliates - net          (400)
       Minority interest in losses of subsidiaries          (71)
       Other noncash gains                                    -
       Depreciation, amortization and other non-cash
          items from discontinued operations                  -
       Change in operating assets & liabilities         (13,307)
                                                    -----------
Net cash provided by operating activities before
payment of reorganization expenses                       34,876

Reorganization expenses paid during the period           (9,110)
                                                    -----------
Net cash provided by (used in) operating activities      25,766

Cash flows from investing activities:
    Expenditures for property, plant and equipment      (69,392)
    Changes in restricted cash                            4,684
    Other                                                   531
                                                    -----------
Net cash used in investing activities                   (64,177)

Cash flows from financing activities:
    Proceeds from debt                                   49,000
    Repayments of debt                                   (1,624)
    Payment of debt issuance costs                            -
                                                    -----------
Net cash provided by financing activities                47,376

Change in cash and cash equivalents cash                  8,965

Cash, beginning of period                               290,068
                                                    -----------
Cash, end of period                                    $299,033
                                                    ===========

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr & Gallagher
represents the ACOM Debtors.  (Adelphia Bankruptcy News, Issue
No. 108; Bankruptcy Creditors' Service, Inc., 215/945-7000)


ADELPHIA COMMS: Century/ML's August 2005 Monthly Operating Report
-----------------------------------------------------------------

                      Century-ML Cable Venture
                       (Debtor-In-Possession)
                      Unaudited Balance Sheet
                       As of August 31, 2005
                       (Dollars in thousands)

                                ASSETS

Cash and cash equivalents                               $19,933
Subscriber receivables - net                                230
Investment in Century-ML Corporation                    121,233
Related-party receivables                                 3,841
Other current assets                                      1,172
                                                       --------
Total current assets                                    146,409

Property, plant and equipment - net                       4,906
Intangible assets, net                                    1,508
                                                       --------
     Total assets                                      $152,823
                                                       ========

               LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                           $173
Subscriber advance payments and deposits                     79
Accrued expenses and other liabilities                    2,095
Intercompany payables                                     5,506
                                                       --------
Total current liabilities                                 7,853
                                                       --------

Long-term accrued and other liabilities
Deferred revenues                                           139
Deferred income taxes                                         5
                                                       --------
Total non-current liabilities                               144

Liabilities subject to compromise:
     Accrued expenses and other liabilities                 382
     Intercompany payables                               11,206
                                                       --------
        Total liabilities subject to compromise          11,588
                                                       --------
        Total liabilities                                19,585
                                                       --------
Partners' equity:
     Partners' contributions                             56,800
     Partners' retained earnings                         76,438
                                                       --------
     Total partners' equity                             133,238
                                                       --------
     Total liabilities and partners' equity            $152,823
                                                       ========

                      Century-ML Cable Venture
                       (Debtor-In-Possession)
                  Unaudited Statement of Operations
                 For the Month Ended August 31, 2005
                       (Dollars in thousands)

Revenue                                                  $1,119

Cost and expenses:
     Direct operating and programming                       512
     Selling, general and administrative                     40
     Management fees                                         42
     Non-recurring professional fees                          -
     Depreciation                                            59
                                                       --------
     Operating income before reorganization
        expenses due to bankruptcy                          466

Reorganization expenses due to bankruptcy                   (82)
                                                       --------
Operating income                                            466
     Interest income, net                                    49
     Equity in net income of Century-ML Cable
        Corporation, net of taxes                         1,595
                                                       --------
Income before income taxes                                2,028
     Income tax expense                                    (117)
                                                       --------
Net income                                               $1,911
                                                       ========

                      Century-ML Cable Venture
                       (Debtor-In-Possession)
                 Unaudited Statement of Cash Flows
                 For the Month Ended August 31, 2005
                       (Dollars in thousands)

Cash flow from operating activities:
Net income                                               $1,911
     Adjustments to reconcile net income
         to net cash provided by (used in)
         operating activities:
     Depreciation                                            59
     Reorganization expenses due to bankruptcy               82
     Non-recurring professional fees                          -
     Equity in net income of Century-ML Cable
        Corp., net of taxes                              (1,595)
     Change in assets and liabilities:                      351
                                                       --------
                                                            808
Reorganization expenses during the period                   (82)
                                                       --------
Net cash provided by operating activities                   726
Cash flows from investing activities:
     Expenditures from property, plant and equipment        (51)
                                                       --------
Net cash used in investing activities                       (51)
                                                       --------
Change in cash and cash equivalents                         675
Cash and cash equivalents, beginning of period           19,258
                                                       --------
Cash and cash equivalents, end of period                $19,933
                                                       ========

Century Communications Corporation filed for Chapter 11 protection
on June 10, 2002.  Century's case has been jointly administered to
proceedings of Adelphia Communications Corporation.  Century
operates cable television services in Colorado, California and
Puerto Rico.  CENTURY is an indirect wholly owned subsidiary of
ACOM and an affiliate of Adelphia Business Solutions, Inc.
Lawyers at Willkie, Farr & Gallagher represent CENTURY.

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than
200 affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr & Gallagher
represents the ACOM Debtors.  (Adelphia Bankruptcy News, Issue No.
108; Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALLIED HOLDINGS: Posts $437,000 Net Loss in August 2005
-------------------------------------------------------

        Allied Holdings, Inc., and its Debtor Subsidiaries
               Unaudited Consolidated Balance Sheet
                     As of August 31, 2005
                        (In Thousands)

                            Assets

Current Assets:
   Cash and cash equivalents                             $1,415
   Receivables, net of allowances                        44,810
   Related party receivables                             11,321
   Inventories                                            4,631
   Deferred income taxes                                  3,361
   Prepayments and other current assets                  25,917
                                                      ---------
Total Current Assets                                     91,455
                                                      ---------

Property and Equipment, Net                             121,382
Goodwill, net                                             3,936
Other noncurrent assets                                  35,877
Investment in related parties                            31,488
                                                      ---------
TOTAL ASSETS                                           $284,138
                                                      =========

               Liabilities and Stockholder's Deficit

Liabilities not subject to compromise

   Current liabilities:
      Current maturities of long-term debt             $100,000
      Borrowings under revolving credit facilities       38,363
      Accounts and notes payable                         13,027
      Accrued liabilities                                25,163
                                                      ---------
   Total Current Liabilities                            176,553
                                                      ---------

   Long-term Liabilities:
      Postretirement benefits                             4,419
      Deferred income taxes                               4,408
      Other long-term liabilities                        20,718
                                                      ---------
   Total Long-term Liabilities                           29,545
                                                      ---------

Liabilities Subject to Compromise                       212,030

Stockholders' Deficit                                  (133,990)
                                                      ---------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT            $284,138
                                                      =========

        Allied Holdings, Inc., and its Debtor Subsidiaries
          Unaudited Consolidated Statement of Operations
               For the Month Ended August 31, 2005
                       (In Thousands)

Revenues                                                $72,278

Operating Expenses:
   Salaries, wages and fringe benefits                   38,838
   Operating supplies and expenses                       12,605
   Purchased transportation                               2,273
   Insurance and claims                                   2,804
   Operating taxes and licenses                             252
   Depreciation and amortization                          2,181
   Rents                                                  9,292
   Communications and utilities                             576
   Other operating expenses                                 411
   (Gain) loss on disposal of operating assets, net         (27)
                                                      ---------
Total Operating Expenses                                 69,205
                                                      ---------
Operating Income                                          3,073
                                                      ---------

Other Income (Expense):
   Interest expense                                      (1,930)
   Investment income                                          5
   Foreign exchange gain, net                               961
                                                      ---------
                                                           (964)
                                                      ---------

Income before income taxes & Reorganization items         2,109
Reorganization items                                     (2,546)
                                                      ---------
Loss before income taxes                                   (437)
Income taxes                                                  -
                                                      ---------
NET LOSS                                                  ($437)
                                                      =========

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALLIED HOLDINGS: Files Schedules of Assets and Liabilities
----------------------------------------------------------

A.     Real property                                 $2,114,162

B.     Personal property                            
B.1    Cash on hand                                           0
B.2    Bank accounts                                  1,094,240
B.3    Security deposits                                134,842
B.4    Household goods                                        0
B.5    Books, art work & collectibles                         0
B.6    Wearing apparel                                        0
B.7    Furs and jewelry                                       0
B.8    Firearms and sporting goods                            0
B.9    Interests in insurance policies                6,201,241
B.10   Annuities                                              0
B.11   Interests in retirement plans                          0
B.12   Stock interests                                  unknown
B.13   Interests in partnerships                              0
B.14   Bonds                                                  0
B.15   Accounts receivable                                    0
B.16   Alimony                                                0
B.17   Other liquidated debts owed
          Georgia Corporate Franchise Tax Prepayment      1,500
          Michigan Single Business Tax Prepayment           488
B.18   Equitable and future interests                         0
B.19   Contingent interests                                   0
B.20   Other contingent & unliquidated claims                 0
B.21   Patents, copyrights & trademarks                 unknown
B.22   Other intangibles                                      0
B.23   Automobiles                                            0
B.24   Boats                                                  0
B.25   Aircraft                                               0
B.26   Office equipment and supplies                      8,671
B.27   Machinery, furniture and fixtures                      0
B.28   Inventory                                              0
B.29   Animals                                                0
B.30   Crops                                                  0
B.31   Farming equipment                                      0
B.32   Farm supplies                                          0
B.33   Other personal property                           
          Leasehold Improvements                      1,649,228
          Software                                      134,917
          Data Processing Equipment                     113,678
          Intercompany Receivables                  148,716,237
          Prepaid Pension Costs                         Unknown
          Deferred Financing Fees                       Unknown
          Other Prepayments                           1,078,918

       TOTAL SCHEDULED ASSETS                      $161,248,122
                                                  =============

C.     Property claimed as exempt                             0

D.     Secured claims                                         0

E.     Unsecured priority claims                        
          Wages, salaries, and commissions               17,682
          Contributions to employee benefit plans        34,000
          Taxes and Certain Other Debts
             Owed to Governmental Units                  58,493
          
F.     Unsecured non-priority claims                
          Allied Automotive Group, Inc.              48,533,995
          Allied Freight Brokers                      4,588,247
          Allied Systems, Ltd                        70,911,918
          Commercial Carriers, Inc.                   3,022,756
          CT Services, Inc.                           4,898,634
          Terminal Services LLC                       2,792,517
          Wells Fargo Bank, as Trustee              154,312,500
          Others                                      3,136,207
                                                       
       TOTAL SCHEDULED LIABILITIES                 $292,306,949
                                                  =============

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


AMES DEPT: Posts $2,000 Net Loss for 5-Week Period Ended July 2
---------------------------------------------------------------

             Ames Department Stores, Inc., and Subsidiaries
             Unaudited Consolidated Condensed Balance Sheets
                            At July 2, 2005
                             (In Thousands)

ASSETS
Current Assets:
         Cash and cash equivalents                        $18,852
         Restricted cash                                   58,489
         Receivables                                        2,026
                                                       ----------
Total current assets                                       79,367
Fixed Assets                                                    -
                                                       ----------
Total Assets                                              $79,367
                                                       ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
        Accounts payable:
        Trade                                              54,657
        Other                                              11,994
                                                       ----------
Total accounts payable                                     66,651

Self-insurance reserves                                    28,493
Accrued expenses                                           19,416
Liabilities subject to compromise                         843,051
                                                       ----------
Total liabilities                                         957,611

Stockholders' equity (deficit)
        Common stock                                          295
        Additional paid-in capital                        533,393
        Accumulated deficit                            (1,411,010)
        Treasury stock                                       (922)
                                                       ----------
Total stockholders' deficit                              (878,244)
                                                       ----------
Total liabilities and stockholders' deficit               $79,367
                                                       ==========

             Ames Department Stores, Inc., and Subsidiaries
       Unaudited Consolidated Condensed Statements of Operations
                 For the Five Weeks Ended July 2, 2005
                             (In Thousands)

Total revenue                                                $339

Costs and expenses
        Wind down expenses and other costs                    251
        Gain on Sale of Assets                                (10)
        Write off of excess reserves                            -
        Professional fees                                     100
                                                       ----------
Loss before income taxes                                       (2)
Income tax provision                                            -
                                                       ----------
Net Loss                                                      ($2)
                                                       ==========

             Ames Department Stores, Inc., and Subsidiaries
       Unaudited Consolidated Condensed Statements of Cash Flows
                 For the Five Weeks Ended July 2, 2005
                            (In Thousands)

Cash flows from operating activities:
        Net loss                                              ($2)
        Expenses not requiring the outlay of cash:
           Gain on the sale of assets                           -

Cash used by operations                                        (2)

Changes in working capital:
        Decrease in receivables                                 7
        Decrease in accrued exp. and other liabilities       (466)
        Increase in accounts payable                           97
        Decrease in Restricted Cash                           191
                                                       ----------
Net cash provided by operating activities                    (173)
Cash flows from financing activities:
        Change in liabilities subject to compromise            46
        Proceeds from the sale of assets                        -
                                                       ----------
Net cash used by financing activities                          46

Decrease in cash and cash equivalents                        (127)
Cash and cash equivalents, beginning of period             18,979
                                                       ----------
Cash and cash equivalents, end of period                  $18,852
                                                       ==========

Ames Department Stores filed for chapter 11 protection on Aug. 20,
2001 (Bankr. S.D.N.Y. Case No. 01-42217).  Albert Togut, Esq.,
Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J.
Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal &
Manges LLP represent the Debtors in their restructuring efforts.  
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


FOOTSTAR INC: Posts $100,000 Net Loss in August 2005
----------------------------------------------------
On Sept. 30, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the period from July 31, 2005,
to Aug. 27, 2005, with the U.S. Bankruptcy Court for the Southern
District of New York.

The Debtors reported a $100,000 net loss on $52,700,000 of net
sales for the period from July 31, 2005, to Aug. 27, 2005.  The
Debtors also reported a cumulative net loss of $54,600,000 on
$1,147,400,000 of net sales from March 3, 2004, through Aug. 27,
2005.

At Aug. 27, 2005, Footstar, Inc.'s consolidated balance sheet
showed:

      Total Current Assets                      $333,800,000
      Total Assets                               377,200,000
      Current Liabilities Subject to Compromise  150,100,000
      Total Liabilities                          326,700,000
      Total Shareholders' Equity                 $50,500,000

A full-text copy of Footstar, Inc.'s Monthly Operating Report for
the period from July 31, 2005, to Aug. 27, 2005, is available at
no charge at http://ResearchArchives.com/t/s?22f

Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear.  As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores.  The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores.  The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350).  Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts.  When the Debtor filed for chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.


FRIEDMAN'S INC: Files Operating Report for Period Ended Aug. 27
---------------------------------------------------------------
On Sept. 27, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period from
July 31, 2005, through Aug. 27, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.

At Aug. 27, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports show:

      Beginning Cash Balance                   ($147,828)
      Total Cash Receipts                     28,913,097
      Total Cash Disbursements                28,065,596
      Ending Cash Balance                       $699,673

A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended Aug. 27, 2005, is
available at no charge at http://ResearchArchives.com/t/s?22e

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.


SOLUTIA INC: Posts $10 Million Net Loss in August 2005
------------------------------------------------------

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

                               Assets

Current Assets:
    Cash                                             $16,000,000
    Trade Receivables, net                           137,000,000
    Account Receivables-Unconsolidated Subsidiaries   44,000,000
    Inventories                                      154,000,000
    Other Current Assets                              64,000,000
                                                  --------------
Total Current Assets                                 415,000,000

Property, Plant and Equipment, net                   673,000,000
Investments in Subsidiaries and Affiliates           539,000,000
Intangible Assets, net                               101,000,000
Other Assets                                          83,000,000
                                                  --------------
TOTAL ASSETS                                      $1,811,000,000
                                                  ==============

                Liabilities & Shareholders' Deficit

Current Liabilities:
    Accounts Payable                                $149,000,000
    Short Term Debt                                  300,000,000
    Other Current Liabilities                        147,000,000
                                                  --------------
Total Current Liabilities                            596,000,000
Other Long-Term Liabilities                          205,000,000
                                                  --------------
Total Liabilities not Subject to Compromise          801,000,000

Liabilities Subject to Compromise                  2,262,000,000
Shareholders' Deficit                             (1,252,000,000)
                                                  --------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT         $1,811,000,000
                                                  ==============

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

Total Net Sales                                     $186,000,000
Total Cost Of Goods Sold                             177,000,000
                                                  --------------
Gross Profit                                           9,000,000
Total MAT Expense                                     19,000,000
                                                  --------------
Operating Loss                                       (10,000,000)

Equity Earnings from Affiliates                        4,000,000
Interest Expense, net                                 (5,000,000)
Other Income, net                                      6,000,000

Reorganization Items:
    Professional fees                                 (4,000,000)
    Employee severance and retention costs            (1,000,000)
                                                  --------------
Total reorganization items                            (5,000,000)
                                                  --------------
Loss Before Taxes                                    (10,000,000)
Income Taxes                                                   -
                                                  --------------
NET LOSS                                            ($10,000,000)
                                                  ==============

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


THAXTON GROUP: Posts $73 Mil. Cumulative Net Loss in August 2005
----------------------------------------------------------------
On Sept. 23, 2005, The Thaxton Group filed its monthly operating
report for the month of August 2005 with the U.S. Bankruptcy Court
for the District of Delaware.

The company reported a cumulative net loss of $73,325,401 on
$86,071,097 of revenue for the period from Oct. 17, 2003 thru
Aug. 31, 2005.

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

      Total Assets                      $108,080,518
      Total Liabilities                  178,355,675
      Stockholders' Equity Deficit      ($70,275,157)

A full-text copy of Thaxton Group's August 2005 Monthly Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?22d

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 $3 Million Net Loss in August 2005
----------------------------------------------------------

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

CURRENT ASSETS:
   Cash and cash equivalents                             $2,883
   Accounts receivable, net                             253,199
   Inventories                                           72,982
   Prepaid tooling and other                             38,035
                                                     ----------
      TOTAL CURRENT ASSETS                              367,099
                                                     ----------

   Property, plant and equipment, net                   576,649
   Investment in joint ventures                               -
   Investment in subsidiaries                           346,782
   Inter-company receivables                            418,084
   Other assets, net                                     97,242
                                                     ----------
      TOTAL ASSETS                                   $1,805,856
                                                     ==========

CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
   Current maturities of long-term debt & capital       $14,256
      lease obligations
   Accounts payable                                      91,447
   Accrued liabilities                                  169,797
                                                     ----------
      TOTAL CURENT LIABILITIES                          275,500
                                                     ----------

   Liabilities subject to comprise                    1,203,557
   Non-Current Liabilities Not Subject to Compromise:
      Long-term debt, net of current maturities          43,772
      DIP borrowings, net of current maturities         546,786
      Other non-current liabilities                     222,064
                                                     ----------
      TOTAL LIABILITIES                               2,291,679
      STOCKHOLDERS' DEFICIT                            (485,823)
                                                     ----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT          $1,805,856
                                                     ==========

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

Revenues                                               $162,785
Cost of sales                                           157,235
                                                     ----------
Gross profit                                              5,550

Selling, general and administrative expenses              7,645
Restructuring and asset impairment charges, net             886
                                                     ----------
Operating income (loss)                                  (2,981)

Interest expense                                          6,464
Interest income                                          (1,788)
Chapter 11 and related reorganization items              (4,102)
                                                     ----------
Income (loss) before provision for income taxes,
   equity in earnings of joint ventures and
   minority interest                                     (3,555)

Provision (benefit) for income taxes                       (483)
                                                     ----------
Income (loss) before equity in earnings of joint
   ventures and minority interest                        (3,072)

Equity in earnings of joint ventures, net of tax              9
                                                     ----------
NET LOSS                                                ($3,063)
                                                     ==========

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

OPERATING ACTIVITIES:
   Net loss                                             ($3,063)
   Adjustments required to reconcile net loss to net
      cash provided by (used in) operating activities:
      Chapter 11 & related reorganization expenses       (5,750)
      Restructuring and asset impairment, net                 -
      Depreciation                                       11,771
      Equity in earnings of joint ventures, net              (9)
      Change in working capital and other operating
         items                                          (15,557)
                                                     ----------
      Net cash provided used in operating activities    (12,608)
                                                     ----------
INVESTING ACTIVITIES:
   Capital expenditures                                  (2,263)
                                                     ----------
      Net cash used in investing activities              (2,263)
                                                     ----------

FINANCING ACTIVITIES:
   Proceeds from prepetition borrowings                       -
   Repayments of prepetition borrowings                       -
   Borrowings from DIP credit facility                   72,500
   Repayments of borrowings from DIP credit facility    (56,000)
   Net proceeds from issuance of common stock                 -
                                                     ----------
      Net cash provided by financing activities          16,500
                                                     ----------
Net Change in cash and cash equivalents                   1,629
                                                     ----------
Cash and Cash Equivalents, beginning of period            1,254

Cash and Cash Equivalents, end of period                 $2,883
                                                     ==========

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


TRENWICK AMERICA: Posts $681K Net Loss for Period Ended Aug. 15
---------------------------------------------------------------
On Sept. 20, 2005, Trenwick America Corporation filed its monthly
operating report for the period ended Aug. 15, 2005, and the
period from Aug. 20, 2003, to Aug. 15, 2005, with the United
States Bankruptcy Court for the District of Delaware.

Trenwick posts a $681,431 net loss for the period ended Aug. 15,
2005, and a cumulative $120,568,990 loss for the period from Aug.
20, 2003, to Aug. 15, 2005.

At Aug. 15, 2005, Trenwick America's balance sheet showed:

      Total Current Assets            $54,554,418
      Total Assets                    184,279,467          
      Total Prepetition Debts         288,386,386          
      Total Liabilities               291,921,718
      Net Owner Equity Deficit      ($107,642,251)

A full-text copy of Trenwick America's Monthly Operating Report
for the period ended Aug. 15, 2005 is available at no charge at:

            http://ResearchArchives.com/t/s?231

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.

USG CORP: Earns $45 Million of Net Income in August 2005
--------------------------------------------------------

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

Assets:
Cash and cash equivalents                          $607,375,000
Marketable Securities                               159,476,000
Restricted Cash                                      72,712,000
Receivables                                         444,235,000
Inventories                                         283,609,000
Income taxes receivable                              34,035,000
Other current assets                                163,477,000
                                                  -------------
Total current assets                              1,764,919,000

Property, plant and equipment, net                1,631,312,000
Marketable Securities                               293,361,000
Deferred income taxes                               230,137,000
Goodwill                                             64,124,000
Other assets                                        415,307,000
                                                  -------------
Total Assets                                     $4,399,160,000
                                                  =============

Liabilities and Stockholders' Equity:
Accounts payable                                   $254,370,000
Accrued expenses                                    207,216,000
Deferred income taxes                                11,229,000
Taxes on income                                     194,290,000
                                                  -------------
Total current liabilities                           667,105,000

Other liabilities                                   413,966,000
Liabilities subject to compromise                 2,241,851,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (227,674,000)
Capital received in excess of par value             105,748,000
Accumulated other comprehensive income/(loss)        77,451,000
Retained earnings                                 1,115,715,000
                                                  -------------
Total stockholders' equity                        1,076,238,000
                                                  -------------
Total Liabilities and Stockholders' Equity       $4,399,160,000
                                                  =============

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

Net sales                                          $428,039,000

Cost of products sold                               331,228,000
Selling and administrative expenses                  24,278,000
Chapter 11 reorganization expenses                   (2,469,000)
Provision for restructuring expenses                          -
Interest expense                                        323,000
Interest income                                        (147,000)
Other (income)/expense, net                             (32,000)
                                                  -------------
Earnings/(loss) before income taxes                  74,858,000

Income taxes (benefit)                               29,692,000
                                                  -------------
Net Earnings/(loss)                                 $45,166,000
                                                  =============

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. 97; 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
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