TCR_Public/070728.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 28, 2007, Vol. 11, No. 177

                             Headlines

ADVANCED MARKETING: Files May 2007 Operating Report
ASARCO LLC: Earns $30,931,000 in June 2007
CALPINE CORP: Posts $408 Million Net Loss in May 2007
CATHOLIC CHURCH: San Diego Amends Schedule of Assets & Debts
DANA CORP: Files Amended Schedules of Assets & Debts

INTERSTATE BAKERIES: Files 4th Amended Schedules of Assets & Debts
INTERSTATE BAKERIES: Files June 2007 Operating Report
NEW CENTURY: Posts $453,479,021 Net Loss in May 2007
NEW CENTURY:  TRS Holdings Files May 2007 Operating Report
TWEETER HOME: Files Schedules of Assets and Liabilities

                             *********

ADVANCED MARKETING: Files May 2007 Operating Report
---------------------------------------------------

Advanced Marketing Services, Inc.'s monthly operating report
ending May 31, 2007, does not contain a balance sheet and
income statement.

                Advanced Marketing Services, Inc.
         (Excluding Publishers Group West Incorporated)
                    Statement of Cash Flows
                    From May 1 to 31, 2007

CASH RECEIPTS
  B&T Purchase Price                                $4,134,410
  Reimbursement under B&T TSA                                -
  Non-refundable inventory                                   -
  Returnable inventory, net                                  -
  CIA inventory                                              -
  Vendor accounts receivable                                 -
  Prepaid expenses                                           -
  CSV Life Insurance                                         -
  Foreign Subs                                         876,894
  Standby L/C Expirations                                    -
  WF Foothill Fee Reserve                                    -
  Interest Income                                       98,805
  Other                                                178,938
                                                    ----------
Total Cash Receipts                                  5,289,047
                                                    ----------
CASH DISBURSEMENTS
  Publisher payments                                   105,000
  Payroll & health insurance                           610,311
  KERP                                                       -
  MIP                                                        -
  Insurance                                            588,162
  Rent-facilities                                      316,951
  Freight                                                8,400
  Shipping Supplies                                    110,391
  Utilities                                             70,772
  IT Expenses                                           58,703
  Travel                                                14,570
  Professional fees                                    579,222
  US Trustee Fees                                            -
  Office equipment and supplies                            503
  Communications                                         1,605
  Warehouse equipment                                    7,280
  Directors' fees                                            -
  Miscellaneous                                        165,084
  Post-petition A/P                                     52,950
                                                    ----------
Total Disbursements                                  2,689,904
                                                    ----------
Net Operating Cash Inflow                            2,599,143

INTERCOMPANY TRANSFERS
  PGW Rcpts Swept to AMS                                     -
  AMS (To)/From PGW                                          -
  Foreign Subsidiaries                                       -
                                                    ----------
  Total I/C Transfers                                        -
                                                    ----------
Net Cash Inflow                                     $2,599,143
                                                    ==========

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482).  Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel.  Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million.

The Debtors' exclusive period to file a plan expires on Aug. 10,
2007.  (Advanced Marketing Bankruptcy News, Issue No. 14;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/   
or 215/945-7000).


ASARCO LLC: Earns $30,931,000 in June 2007
------------------------------------------

                      ASARCO LLC, et al.
                         Balance Sheet
                      As of June 30, 2007

ASSETS
   Current Assets:
   Cash                                           $622,180,000  
   Restricted Cash                                  27,599,000
   Accounts receivable, net                        137,523,000
   Inventory                                       259,353,000
   Prepaid expenses                                  4,455,000
   Deferred income tax assets                                0
   Other current assets                             30,561,000
                                               ---------------
Total Current Assets                             1,081,671,000

Net property, plant and equipment                  451,193,000
Other Assets
   Investments in subs                             106,528,000
   Advances to affiliates                                    0
   Prepaid pension & retirement plan                81,409,000
   Non-current deferred tax asset                   40,951,000
   Other                                            96,910,000
                                               ---------------
Total assets                                    $1,858,661,000
                                               ===============

LIABILITIES
   Postpetition liabilities:
   Accounts payable                                $60,268,000
   Accrued liabilities                             154,274,000
   Debtor-in-possession financing                            0
                                               ---------------
Total postpetition liabilities                     214,542,000

Prepetition liabilities:
Not subject to compromise - credit                   4,327,000
Not subject to compromise - other                   86,204,000
Advances from affiliates                            24,768,000
Subject to compromise                            1,440,656,000
                                               ---------------
Total liabilities                                1,770,497,000
                                               ---------------
Total prepetition liabilities                   $1,555,955,000
                                               ---------------

OWNERS' EQUITY (DEFICIT)
Common stock                                       508,325,000
Additional paid-in capital                         104,578,000
Other comprehensive income                        (122,019,000)
Retained earnings: filing date                  (1,066,811,000)
                                               ---------------
Total prepetition owners' equity                  (575,927,000)
Retained earnings: post-filing date                664,091,000
                                               ---------------
Total owners' equity (net worth)                    88,164,000

Total liabilities and owners' equity            $1,858,661,000
                                               ===============


                      ASARCO LLC, et al.
             Consolidated Statement of Operations
                  Month Ending June 30, 2007

Sales                                             $132,050,000
Cost of products and services                       77,894,000
                                               ---------------
Gross profit                                        54,156,000

Operating expenses:
Selling and general & admin expenses                 4,309,000
Depreciation & amortization                          2,977,000
Provision accretion expense of asset                         0
Retirement obligation                                  163,000
                                               ---------------
Operating income                                    46,707,000

Interest expense                                        58,000
Interest income                                     (2,607,000)
Reorganization expenses                              6,226,000
Other miscellaneous (income) expenses               (7,757,000)
                                               ---------------
Income (loss) before taxes                          50,788,000
Income taxes                                        19,857,000
                                               ---------------
Net income (loss)                                  $30,931,000
                                               ===============


                      ASARCO LLC, et al.
           Consolidated Cash Receipts & Disbursements
                  Month Ending June 30, 2007

Receipts                                          $167,600,000
Disbursements:
Inventory material                                  29,500,000
Operating disbursements                             41,103,000
Capital expenditures                                15,500,000
                                               ---------------
Total disbursements                                 86,103,000

Operating cash flow                                 81,497,000
Reorganization disbursements                         5,596,000
                                               ---------------
Net cash flow                                       75,901,000
Net payments to secured Lenders                              0
                                               ---------------
Net change in cash                                  75,901,000
Beginning cash balance                             573,878,000
                                               ---------------
Ending cash balances                              $649,779,000
                                               ===============

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--      
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.  The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).

The Debtors' exclusive period to file a plan expires on
Nov. 12, 2007.  (ASARCO Bankruptcy News, Issue No. 51; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


CALPINE CORP: Posts $408 Million Net Loss in May 2007
-----------------------------------------------------

                       Calpine Corporation
              Consolidated Condensed Balance Sheet
                       As of May 31, 2007

                             ASSETS

Current assets:
   Cash and cash equivalents                     $1,405,000,000
   Accounts receivable, net                         842,000,000
   Inventories                                      145,000,000
    Margin deposits and other prepaid expense       519,000,000
    Restricted cash, current                        353,000,000
    Current derivative assets                       252,000,000
    Assets held for sale                            336,000,000
    Other current assets                             55,000,000
                                                ---------------
Total current assets                              3,907,000,000

Property, plant and equipment, net               12,910,000,000
Restricted cash, net of current portion             179,000,000
Investments                                         105,000,000
Long-term derivative assets                         399,000,000
Non-current assets held for sale                     52,000,000
Other assets                                      1,004,000,000
                                                ---------------
Total assets                                    $18,556,000,000
                                                ===============

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
   Accounts payable                                $586,000,000
   Accrued interest payable                         292,000,000
   Debt, current                                  5,005,000,000
   Current derivative liabilities                   391,000,000
   Income taxes payable                              36,000,000
   Liabilities held for sale                          9,000,000
   Other current liabilities                        387,000,000
                                                ---------------
Total current liabilities                         6,706,000,000

Debt, net of current portion                      3,113,000,000
Deferred income taxes, net of current portion       599,000,000
Long-term derivative liabilities                    535,000,000
Long-term liabilities                               305,000,000
                                                ---------------
Total liabilities not subject to compromise      11,258,000,000
Liabilities subject to compromise                15,160,000,000

Minority interests                                  270,000,000
Stockholders’ equity (deficit):
   Common stock                                       1,000,000
   Additional paid-in capital                     3,269,000,000
   Additional paid-in capital, loaned shares         52,000,000
   Additional paid-in capital, returnable shares    (52,000,000)
   Accumulated deficit                          (11,338,000,000)
   Accumulated other comprehensive loss             (64,000,000)
                                                ---------------
Total stockholders’ deficit                      (8,132,000,000)

Total liabilities and stockholders’ deficit     $18,556,000,000
                                                ===============

                       Calpine Corporation
         Consolidated Condensed Statement of Operations
               For the period ending May 31, 2007

Revenue:
Electricity and steam revenue                      $486,000,000
Sales of purchased power and gas
    for hedging and optimization                    140,000,000
Mark-to-market activities, net                                0
Other revenue                                         2,000,000
                                                   ------------
Total revenue                                       628,000,000

Cost of revenue:
Plant operating expense                              82,000,000
Purchased power and gas expense
   for hedging and optimization                     116,000,000
Fuel expense                                        331,000,000
Depreciation & amortization expense                  40,000,000
Operating plant impairments                                   0
Operating lease expense                               4,000,000
Other cost of revenue                                11,000,000
                                                   ------------
Total cost of revenue                               584,000,000

Gross profit (loss)                                  44,000,000
Equipment, development project & other impairments            0
Sales, general and administrative expense            17,000,000
Other operating expenses                              1,000,000
                                                   ------------
Income (loss) from operations                        26,000,000
Interest expense                                     93,000,000
Interest (income)                                    (7,000,000)
Minority interest expense                            (1,000,000)
Other (income) expense, net                                   0
                                                   ------------
Income (loss) before reorganization items
   & provision (benefit) for income taxes           (59,000,000)
Reorganization items                                343,000,000
                                                   ------------
Income (loss) before provision
   (benefit) for income taxes                      (402,000,000)
Provision (benefit) for income taxes                  6,000,000
                                                   ------------
Net income (loss)                                 ($408,000,000)
                                                   ============

Based in San Jose, California, Calpine Corporation (OTC Pink
Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants.  Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces.  Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.

The company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts.  Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities.  On June 20, 2007, the Debtors filed their Chapter 11
Plan and Disclosure Statement.  The hearing to consider the
adequacy of the Disclosure Statement is set for Aug. 8, 2007.
(Calpine Bankruptcy News, Issue No. 56 Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000).


CATHOLIC CHURCH: San Diego Amends Schedule of Assets & Debts
------------------------------------------------------------
Rev. Robert H. Brom, bishop of San Diego, notifies the U.S.
Bankruptcy Court for the Southern District of California that The
Roman Catholic Bishop of San Diego has amended Schedule A of its
Schedules of Assets and Liabilities filed on July 12, 2007.

Rev. Brom discloses that the Diocese has real properties
amounting to $128,133,741.  A complete list of San Diego's
Amended Real Property Schedule is available for free at:

          http://researcharchives.com/t/s?21dc

According to the Amended Schedule, the Diocese used its best
estimate of the values of the Real Properties based on its
limited knowledge of the market, discussions with others, and
other information available to it.  Rev. Brom notes that the
Diocese does not represent that the values listed in its Amended
Real Property Schedule could be obtained for the Properties if
any of the Properties were sold.  Actual values could differ
materially from the Diocese's estimates.

For the Holy Cross Cemetery, Rev. Brom says that the property
could not be used for any other purpose other than as a cemetery.  
He further discloses that the Property's income is not
substantial, hence, the Diocese believes that the Property is
worth less than its assessed value.

Specifically, since the Creditors Committee has consented to some
extension, San Diego asks the Court that the initial 120-day
period to file a plan under Section 1121(b) of the Bankruptcy
Court be extended to October 15, 2007, to give the Diocese
approximately six weeks after the conclusion of the mediation to
prepare and file an amended plan and disclosure statement.  

                   About the San Diego Diocese

The Roman Catholic Diocese of San Diego in California --
http://www.diocese-sdiego.org/-- employs approximately
3,000 people in various areas of work.  The Diocese filed for
Chapter 11 protection just before commencement of the first of
court proceedings for 140 sexual abuse lawsuits filed against the
Diocese.  Authorities of the San Diego Diocese said they were not
in favor of litigating their cases.

The San Diego Diocese filed for chapter 11 protection on Feb. 27,
2007 (Bankr. S.D. Calif. Case No. 07-00939).  Gerald P. Kennedy,
Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents
the Diocese.  In its schedules of assets and liabilities, the
Diocese listed total assets of $152,510,888 and total liabilities
of $72,754,092.  On March 27, 2007, the Debtor filed its plan and
disclosure statement.  The Diocese's exclusive period to file a
chapter 11 plan of reorganization expired June 27, 2007.  The
Diocese however has asked the Court to extend its exclusive plan-
filing period.

(Catholic Church Bankruptcy News, Issue No. 97; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DANA CORP: Files Amended Schedules of Assets & Debts
----------------------------------------------------

A.     Real Property                                $138,201,203
B.     Personal Property                           1,836,094,294

        TOTAL SCHEDULED ASSETS                    $1,974,295,497
        ========================================================

C.   Property Claimed as Exempt
D.   Secured Claim                                             0
E.   Unsecured Priority Claims                           $90,175
F.   Unsecured Non-priority Claims
        Accounts Payable                             184,201,246
        Litigation Claims & Disputes                Undetermined
        Intercompany-Debtor                          275,493,037
        Intercompany-Nondebtor                       456,392,849
        Unsecured Funded Debt                      1,633,993,211

        TOTAL SCHEDULED LIABILITIES               $2,550,170,518
        ========================================================

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for every
major vehicle producer in the world, and supplies drivetrain,
chassis, structural, and engine technologies to those companies.
Dana employs 46,000 people in 28 countries.  Dana is focused on
being an essential partner to automotive, commercial, and off-
highway vehicle customers, which collectively produce more than 60
million vehicles annually.

The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors.  Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders.  Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 47;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


INTERSTATE BAKERIES: Files 4th Amended Schedules of Assets & Debts
------------------------------------------------------------------
Interstate Bakeries Corporation filed its fourth amendment and
supplement to Schedule F -- Creditors Holding General Unsecured
Claims -- of its Schedules of Assets and Liabilities.

According to Ronald B. Hutchison, chief financial officer of
Interstate Bakeries, the Debtor amended Schedule F to reflect
$634,664 in estimated Non-priority Unsecured Liabilities.

A copy of the 23-page Fourth Amended Schedule is available for
free at http://researcharchives.com/t/s?21dd

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R).  Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.

The company and seven of its debtor-affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814).  J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014)
in total debts.  

The Debtors' exclusive period to file a chapter 11 plan expires on
Oct. 5, 2007.  (Interstate Bakeries Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/
or 215/945-7000).  


INTERSTATE BAKERIES: Files June 2007 Operating Report
-----------------------------------------------------

        Interstate Bakeries Corporation and Subsidiaries
         Unaudited Consolidated Monthly Operating Report
                  Four Weeks Ended June 2, 2007

REVENUE

Gross Income                                        $235,419,377
Less Cost of Goods Sold
   Ingredients, Packaging & Outside Purchasing        60,613,066
   Direct & Indirect Labor                            37,685,891
   Overhead & Production Administration               11,573,319
                                                   -------------
      Total Cost of Goods Sold                       109,872,276
                                                   -------------
         Gross Profit                                125,547,101
                                                   -------------
OPERATING EXPENSES

Owner-Draws/Salaries                                           -
Selling & Delivery Employee Salaries                  53,124,593
Advertising and Marketing                              1,048,541
Insurance (Property, Casualty, & Medical)              9,333,372
Payroll Taxes                                          4,466,842
Lease and Rent                                         2,838,728
Telephone and Utilities                                1,005,516
Corporate Expense (Including Salaries)                 9,448,923
Other Expenses                                        35,128,282
                                                   -------------
   Total Operating Expenses                          116,394,797
                                                   -------------
EBITDA                                                 9,152,304

Restructuring & Reorganization Charges                 2,920,429
Depreciation and Amortization                          6,267,903
Abandonment                                            1,360,145
Other( Income)/Expense                                 2,371,038
Gain/Loss Sale of Property                                     -
Interest Expense                                       3,387,633
                                                   -------------
   Operating Income (Loss)                            (7,103,503)
Income Tax Expense (Benefit)                          (1,134,881)
                                                   -------------
NET Income (Loss)                                    ($5,968,622)
                                                   =============

CURRENT ASSETS
   Accounts Receivable at end of period             $151,174,705
   Increase (Dec.) in Accounts Receivable               (838,818)
   Inventory at end of period                         65,869,137
   Increase (Decrease) in Inventory for period        (1,571,451)
   Cash at end of period                              37,211,981
   Increase (Decrease) in Cash for period              2,414,997
   Restricted Cash                                    15,085,316
   Increase (Dec.) in Restricted Cash for period         168,174

LIABILITIES
   Increase (Decrease) in Liabilities
      Not Subject to Compromise                      (43,351,958)
   Increase (Decrease) in Liabilities
      Subject to Compromise                              513,286
   Taxes payable:
      Federal Payroll Taxes                            4,452,048
      State/Local Payroll Taxes                        1,736,134
      State Sales Taxes                                  736,826
      Real Estate and Personal Property Taxes          7,434,488
      Other                                            3,499,976
                                                   -------------
      Total Taxes Payable                            $17,859,472
                                                   =============

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R).  Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.

The company and seven of its debtor-affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814).  J. Eric Ivester, Esq., and Samuel S. Ory, 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 $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014)
in total debts.  

The Debtors' exclusive period to file a chapter 11 plan expires on
Oct. 5, 2007.  (Interstate Bakeries Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).  


NEW CENTURY: Posts $453,479,021 Net Loss in May 2007
----------------------------------------------------

                New Century Financial Corporation
                          Balance Sheet
                       As of May 31, 2007

Assets
Current assets:
Unrestricted cash and equivalents                       ($7,704)
Accounts receivable, net                                      0
Notes Receivable                                              0
Inventories                                                   0
Prepaid expenses                                      3,117,973
Professional Retainers                                        0
Other current assets                                          0
                                                 --------------
Total current assets                                  3,110,269
                                                 --------------
Other assets                                        757,229,884
                                                 --------------
Total assets                                       $760,340,153
                                                 ==============

Liabilities and Owner Equity
Liabilities not subject to compromise:
   Accounts payable                                          $0
   Professional fees                                  9,091,000
Liabilities subject to compromise:
   Unsecured Debt                                   139,092,178
                                                 --------------
Total liabilities                                   148,183,178
                                                 --------------
Owner equity:
   Capital stock                                       $625,037
   Additional paid-in capital                     1,259,611,527
   Partners' capital account                                  0
   Owner's equity account                                     0
   Retained earnings -- prepetition                (190,259,568)
   Retained earnings -- postpetition               (457,820,021)
   Adjustments to owner equity                                0
   Postpetition contributions                                 0
                                                 --------------
Net owner equity                                    612,156,975
                                                 --------------
Total liabilities and owners' equity               $760,340,153
                                                 ==============


                New Century Financial Corporation
                     Statement of Operations
                    Month Ended May 31, 2007

Revenues                                                     $0
Cost of goods sold                                            0
Net profit (loss) before other income & expenses       (729,445)

Other Income                                       (448,026,580)
Reorganization items:
   Professional fees                                  4,750,000
   Interest Earned for Accumulated Cash                 (27,004)
   Total reorganization expenses                      4,722,996
   Income taxes                                               0
                                                 --------------
Net profit (loss)                                 ($453,479,021)
                                                 ==============


               New Century Financial Corporation
          Schedule of Cash Receipts and Disbursements
                   Month Ended May 31, 2007

Cash, beginning of month                            $21,128,118
Total receipts                                      (21,135,822)
Total disbursements                                           0

Net cash flow                                       (21,135,822)
                                                 --------------
Cash, end of month                                      ($7,704)
                                                 ==============

Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation.  The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.

The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416).  Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors.  The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.

When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950.  The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007.  (New Century Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


NEW CENTURY:  TRS Holdings Files May 2007 Operating Report
----------------------------------------------------------

                 New Century TRS Holdings, Inc.
                         Balance Sheet
                      As of May 31, 2007

Assets
Current assets:
Unrestricted cash and equivalents                       $24,697
Prepaid expenses                                         20,000
Professional Retainers                                        0
Other current assets                                          0
                                                 --------------
Total current assets                                     44,697
                                                 --------------
Property and equipment                                        0
Other assets                                       (206,274,242)
                                                 --------------
Total assets                                      ($206,229,545)
                                                 ==============

Liabilities and Owner Equity
Postpetition liabilities                                     $0
Liabilities subject to compromise:
Unsecured Debt                                          211,209
                                                 --------------
Total liabilities                                      $211,209
                                                 ==============

Owner Equity:
Capital stock                                                $0
Additional paid-in capital                          (60,887,310)
Partners' Capital Account                                     0
Owner's Equity account                                        0
Retained Earnings - Prepetition                     118,856,184
Retained Earnings - Postpetition                   (264,409,628)
Adjustments to Owner Equity                                   0
Postpetition Contributions                                    0
                                                 --------------
Net owner equity                                  ($206,440,754)
                                                 --------------
Total liabilities and owners' equity              ($206,229,545)
                                                 ==============


                 New Century TRS Holdings, Inc.
             Consolidated Statement of Operations
                   Month Ended May 31, 2007

Revenues                                                     $0
Cost of goods sold                                            0
Operating expenses:
   Others                                               818,027
                                                 --------------
Other Income                                       (262,558,383)
Reorganization items:
   Professional fees                                          0
   Interest Earned on Accumulated Cash                   (2,374)
   Income taxes                                               0
                                                 --------------
Net profit (loss)                                 ($263,374,036)
                                                 ==============


                 New Century TRS Holdings, Inc.
          Schedule of Cash Receipts and Disbursements
                   Month Ended May 31, 2007

Cash, beginning of month                                $22,208
Total receipts                                            2,459
Total disbursements                                          30

Net cash flow                                             2,489
                                                 --------------
Cash, end of month                                      $24,697
                                                 ==============

Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation.  The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.

The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416).  Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors.  The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.

When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950.  The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007.  (New Century Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


TWEETER HOME: Files Schedules of Assets and Liabilities
-------------------------------------------------------

A.     Real Property                                         $0

B.     Personal Property
B.1    Cash on hand
          Petty cash account managed by Jerry Archambault   100
          Petty cash account managed by Peter Sasic         100
          Petty cash account managed by Ron Suess           100
          Credit card deposit with Bank of America      250,000
B.2    Bank Account
          Bank of America                               187,691
B.3    Security Deposits                                      0
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    Hobby Equipment                                        0
B.9    Insurance Policy Interests                             0
B.10   Annuities                                              0
B.11   Interest in Educational Plans                          0
B.12   Interest in Retirement Plans                           0
B.13   Stock Interests
          New England Audio Co., Inc.                   unknown
          Sound Advice of Arizona Inc.                  unknown
B.14   Interests in Partnership and Joint Ventures            0
B.15   Government and Corporate Bonds                         0
B.16   Accounts Receivable                                    0
B.17   Alimony                                                0
B.18   Other Liquidated Debts                                 0
B.19   Equitable and Future Interests                         0
B.20   Contingent and Non-Contingent Interests                0
B.21   Other Contingent and Non-liquidated Claims             0
B.22   Intellectual Property                                  0
B.23   Licenses, Franchises and Other Intangibles             0
B.24   Customer List                                    unknown
B.25   Vehicles and Accessories                               0
B.26   Boats, Motors and Accessories                          0
B.27   Aircraft and Accessories                               0
B.28   Office Equipment                                       0
B.29   Machinery                                              0
B.30   Inventory                                              0
B.31   Animals                                                0
B.32   Crops                                                  0
B.33   Farming Equipment                                      0
B.34   Farm Supplies                                          0
B.35   Others

       TOTAL SCHEDULED ASSETS                          $437,991
       ========================================================

C.     Property Claimed as Exempt                          None

D.     Secured Claims
          General Electric Capital Corp             $19,479,790
          GE Capital Consumer Card Co.                2,500,000
          Polk Audio                                  1,236,689
          Flatiron Capital                              460,582
          Sonos Inc.                                     38,797
          The Belts Corporation                          37,577
          Nicolas Salerno                                 3,804
          City of Philadelphia                            1,546
          Nick Konchar                                    1,165
          New York Commissioner of Taxation & Finance       307
          Manuel Mayo                                       224
          Agnes Cook & James McCarron                       111
          Others                                        unknown

E.     Unsecured Priority Claims                              0

F.     Unsecured Non-Priority Claims
          Trade Payables                                      0
          Deferred Compensation Balances                      0
          Landlords:
             CS Pines Plaza, LLC                         11,899
             Fusco Enterprises, LLC                      19,510
             Leonard & Deborah, Goodelman                 3,820
             Lou Regester Furniture Co., Inc.             5,854
             Raleigh Portfolio NW, LLC                      753
          Customer Deposits                                   0
          Employee Severance                                  0
          Utilities                                           0
          Employee Points Program                             0
          Litigation                                    unknown

       TOTAL SCHEDULED LIABILITIES                  $23,802,428
       ========================================================

According to Tweeter's Schedules of Assets and Liabilities filed
in Court, Secured Claims in Schedule D aggregate $23,261,213 and
its Scheduled Liabilities total $23,303,048.  A summation of the
scheduled Secured Claims, however, shows the Secured Claims total
$23,760,592 and, accordingly, the Scheduled Liabilities total  
$23,802,428.

Tweeter notes that in certain instances, it maybe a co-obligor,
co-mortgagor, or guarantor with respect to scheduled claims of
other Debtors.  Tweeter also reserves the right to challenge the
secured nature of the claim or the characterization of the
structure of any transaction or any document or instrument
related to a claim.

Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and      
video consumer electronics products.  Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796).  Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts.  As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.  

The Debtors' exclusive period to file a plan expires on Oct. 9,
2007.  Tweeter Bankruptcy News, Issue No. 6, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/    
or 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/

On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

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.  Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, John Paul C. Canonigo, Sheena Jusay, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher Beard
at 240/629-3300.

                    *** End of Transmission ***