##### Table of Contents

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



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FORM 10-Q



(Mark
One)

|x |  | QUARTERLY REPORT PURSUANT TO SELECTION 13 OR 15(d) OF THE
|- |  | ---------------------------------------------------------

| | SECURITIES |  | EXCHANGE ACT OF 1934
| | ---------- |  | --------------------



FOR THE QUARTERLY PERIOD ENDED JULY 31, 2003



Commission File Number 001-08941*



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FRUIT OF THE LOOM UNSECURED CREDITORS TRUST

(Exact name of registrant as specified in its charter)



|Delaware                                                                                      |  | 04-6979618                          
|--------------------------------------------------------------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of incorporation or organization)                                |  | (I.R.S. Employer Identification No.)
|                                                                                              |  |                                     
|c/o Clingman & Hanger Management Associates, LLC 11038 Lakeridge Parkway, Suite 4 Ashland, VA |  | 23005                               
|(Address of principal executive offices)                                                      |  | (Zip Code)                          



Registrants
telephone number, including area code: 804-550-7911



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Securities registered pursuant to Section 12(b) of the Act: NONE



Securities registered pursuant to Section 12(g) of the Act: NONE



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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Not applicable. Reference is made to the Form 15 filed
on May 2, 2002.



Indicate by check mark whether the
registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ̈No  x



State the aggregate
market value of the voting and non-voting common equity held by non-affiliates. Not applicable.



Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not Applicable



DOCUMENTS INCORPORATED BY REFERENCE:

NONE



|* |  | Fruit Of The Loom Unsecured Creditors Trust is a transferee of certain of the assets and liabilities of Fruit of the Loom, Inc., and files reports under Fruit of the Loom,
Inc.s former Commission file number. Fruit of the Loom, Inc. filed a Form 15 on May 2, 2002, indicating its notice of termination of registration and filing requirements.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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##### Table of Contents

TABLE OF CONTENTS



|PART I  FINANCIAL INFORMATION |  |                                                                                      
|------------------------------ |  | -------------------------------------------------------------------------------------
|                               |  |                                                                                      
|ITEM 1.                        |  | FINANCIAL STATEMENTS                                                                 
|                               |  |                                                                                      
|                               |  |                                                                                      
|                               |  |                                                                                      
|                               |  |                                                                                      
|                               |  |                                                                                      
|                               |  |                                                                                      
|                               |  |                                                                                      
|                               |  |                                                                                      
|                               |  |                                                                                      
|ITEM 2.                        |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|                               |  |                                                                                      
|ITEM 3.                        |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                           
|                               |  |                                                                                      
|ITEM 4.                        |  | CONTROLS AND PROCEDURES                                                              
|                               | 
|PART II  OTHER INFORMATION    |  |                                                                                      
|                               |  |                                                                                      
|ITEM 1.                        |  | LEGAL PROCEEDINGS                                                                    
|                               |  |                                                                                      
|ITEM 2.                        |  | CHANGES IN SECURITIES AND USE OF PROCEEDS                                            
|                               |  |                                                                                      
|ITEM 3.                        |  | DEFAULTS UPON SENIOR SECURITIES                                                      
|                               |  |                                                                                      
|ITEM 4.                        |  | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                  
|                               |  |                                                                                      
|ITEM 5.                        |  | OTHER INFORMATION                                                                    
|                               |  |                                                                                      
|ITEM 6.                        |  | EXHIBITS AND REPORTS ON FORM 8-K                                                     
|                               | 
|SIGNATURES                     |  | 11                                                                                   
|                               | 
|INDEX TO EXHIBITS              |  | 12                                                                                   





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##### Table of Contents

This report includes forward-looking statements. These forward-looking statements include,
but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts, which typically may be identified by use of terms such as anticipate, believe,
estimate, plan, may, expect, intend, could, potential, and similar expressions, although some forward-looking statements are expressed differently. You should be
aware that the forward-looking statements included in this report represent the Trustees current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements.
The forward looking statements are subject to a number of risks and uncertainties. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.



PART I  FINANCIAL INFORMATION



ITEM 1    FINANCIAL STATEMENTS



Fruit Of The Loom

Unsecured Creditors Trust

Cash Balance Sheet

(unaudited)

|                                                     |  | As of July 31, 2003 |            | As of April 30, 2003
|---------------------------------------------------- |  | ------------------- | ---------- | --------------------
|Assets:                                              |  |                     |            |                     
|Cash                                                 |  | $                   | 11,294,781 |                     
|                                                     |  |                     |            |                     
|Total Assets                                         |  | $                   | 11,294,781 |                     
|                                                     |  |                     |            |                     
|Liabilities (Reserves) :                             |  |                     |            |                     
|Distribution Reserve for Allowed and Disputed Claims |  | $                   | 9,955,466  |                     
|Case Administration Expense Reserve                  |  | $                   | 1,339,315  |                     
|                                                     |  |                     |            |                     
|Total Liabilities (Reserves)                         |  | $                   | 11,294,781 |                     
|                                                     |  |                     |            |                     



The accompanying notes
are an integral part of these financial statements



1



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##### Table of Contents

Fruit Of The Loom

Unsecured Creditors Trust

Statement of Cash Flows

(unaudited)



|                                                    |  | Three MonthsEnded July 31, 2003 |            |   | Three MonthsEnded July 31, 2002 |   | 15 Months FromTrust InceptionThrough July 31, 2003 | 
|--------------------------------------------------- |  | ------------------------------- | ---------- | - | ------------------------------- | - | -------------------------------------------------- | 
|Cash at Beginning of Period                         |  | $                               | 17,431,268 |   |                                 | $ | 0                                                  | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Cash Flow from Unsecured Creditor Trust Funding :   |  |                                 |            |   |                                 |   |                                                    | 
|Distributions from FOL Liquidation Trust            |  | $                               | 768,539    |   |                                 | $ | 16,459,967                                         | 
|Initial Funding of UCT Case Administration Expenses |  | $                               | 0          |   |                                 | $ | 2,705,000                                          | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Total                                               |  | $                               | 768,539    |   |                                 | $ | 19,164,967                                         | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Cash Flow from Investing Activities :               |  |                                 |            |   |                                 |   |                                                    | 
|Interest and Other Income                           |  | $                               | 35,899     |   |                                 | $ | 0                                                  | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Total                                               |  | $                               | 35,899     |   |                                 | $ | 0                                                  | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Cash Flow from Trust Operations :                   |  |                                 |            |   |                                 |   |                                                    | 
|Distributions from UCT                              |  | $                               | (6,633,274 | ) |                                 | $ | 0                                                  | 
|Trust Expense                                       |  | $                               | (307,651   | ) |                                 | $ | 0                                                  | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Total                                               |  | $                               | (6,940,925 | ) |                                 | $ | 0                                                  | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Net Cash Flow                                       |  | $                               | (6,136,487 | ) |                                 | $ | 19,164,967                                         | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Cash at End of Period                               |  | $                               | 11,294,781 |   |                                 | $ | 19,164,967                                         | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 



The accompanying notes
are an integral part of these financial statements



2



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##### Table of Contents

Fruit Of The Loom

Unsecured Creditors Trust

Statement of Operations

(unaudited)



|                                                    |  | Three MonthsEnded July 31, 2003 |            |   | Three MonthsEnded July 31, 2002 |   | 15 Months FromTrust InceptionThrough July 31, 2003 | 
|--------------------------------------------------- |  | ------------------------------- | ---------- | - | ------------------------------- | - | -------------------------------------------------- | 
|Receipts :                                          |  |                                 |            |   |                                 |   |                                                    | 
|Distributions from FOL Liquidation Trust            |  | $                               | 768,539    |   |                                 | $ | 16,459,967                                         | 
|Initial Funding of UCT Case Administration Expenses |  | $                               |           |   |                                 | $ | 2,705,000                                          | 
|Interest and Other Income                           |  | $                               | 35,899     |   |                                 | $ |                                                   | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Total Receipts                                      |  | $                               | 804,438    |   |                                 | $ | 19,164,967                                         | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Disbursements & Expenses :                          |  |                                 |            |   |                                 |   |                                                    | 
|Distributions from UCT                              |  | $                               | (6,633,274 | ) |                                 | $ |                                                   | 
|Trust Expense                                       |  | $                               | (307,651   | ) |                                 | $ |                                                   | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Total Disbursements & Expenses                      |  | $                               | (6,940,925 | ) |                                 | $ |                                                   | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 
|Net Receipts (Disbursements & Expenses)             |  | $                               | (6,136,487 | ) |                                 | $ | 19,164,967                                         | 
|                                                    |  |                                 |            |   |                                 |   |                                                    | 



The accompanying notes
are an integral part of these financial statements



3



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##### Table of Contents

FRUIT OF THE LOOM

UNSECURED CREDITORS TRUST

LIQUIDATING TRUST NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)



1. General



On December 29, 1999, Fruit of the Loom, Inc. (FTL) filed with the United States
Bankruptcy Court for the District of Delaware (the Bankruptcy Court) a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Third Amended Joint Plan of Reorganization of Fruit of the Loom, et. al. (the
Plan) was confirmed by the Bankruptcy Court on April 19, 2002. The Plan became effective on April 30, 2002 (the Effective Date). In accordance with the Plan, the apparel business of Fruit of the Loom was sold to Berkshire
Hathaway, Inc. pursuant to the Asset Purchase Agreement (the APA) by and between Fruit of the Loom, Ltd., Fruit of the Loom, Inc., Union Underwear, Inc., FTL Caribe, Ltd. (the Sellers) and New FOL, Inc. (the
Purchaser) and Berkshire Hathaway, Inc.



The Fruit of the Loom
Unsecured Creditors Trust (the UCT) was established pursuant to the Plan. The operation of the UCT is governed by the Plan and the Trust Agreement executed pursuant thereto. Terms which are not defined herein are defined in the Plan and
the Trust Agreement. Clingman & Hanger Management Associates, LLC serves as the Trust Administrator (the Trustee) of the UCT. The UCT was established to perform certain obligations of FTL under the Plan, including: (a) receiving
distributions from the FOL Liquidation Trust intended for holders of Allowed Class 4A Claims (the Trust Claims) and distributing those funds to those holders; (b) holding and distributing any proceeds received from the Creditors
Committee Action, which the UCT Advisory Committee (the UCTAC) subsequently determined not to pursue; (c) having the exclusive authority to prosecute, settle or otherwise resolve objections to Disputed Trust Claims and to prosecute,
settle or otherwise resolve the Creditors Committee Action and (d) such other purposes as set forth in the Plan and the Trust Agreement.



To the extent of any inconsistency between these Notes to the Unaudited Financial Statements and the Plan or the Trust Agreement, the terms of the Plan or the Trust
Agreement (as the case may be) control.



2. Beneficiaries and Beneficial
Interests



The Beneficiaries of the UCT are the holders of Allowed Class
4A claims. Each holder of an Allowed Class 4A Claim receives an uncertificated beneficial interest in the UCT in proportion to their pro rata share of Trust Claims.



3. Summary of Significant Accounting Policies and Method of Accounting



The UCT financial statements are prepared on a cash basis of accounting. Transactions (including the recording of interest earned) are
recorded when cash is received or disbursed. The Cash Basis Balance Sheet includes cash arising from cash transactions, while the Statement of Operations includes cash receipts as additions and cash disbursements as expenses/deductions. The Trust
Agreement, approved by the Bankruptcy Court as part of the confirmation of the Plan, provides for the fiscal year of the UCT to end on April 30.



The UCTs financial statements present, to the best of the Trustees knowledge, the cash receipts and disbursements from the Trust for the period reported. The
financial reports and accompanying information were prepared for the use of the Trustee and the UCTAC and for filing with the Bankruptcy Court in accordance with Section 7.1 of the Trust Agreement.



4. Commitments, Contingencies and Recoveries



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As discussed in Note 1, the financial statements are prepared on a cash basis. Accordingly, no accrual has been made for
potential liabilities or recoveries (including interest earned, but not yet received or estimates of future distributions from the FOL Liquidation Trust), however, the Trust has established Disputed Claim Reserves and Other Reserves as required or
allowed by the Plan and the Trust Agreement, which reserves have been established in the reasonable business judgment of the Trustee and pursuant to order of the Bankruptcy Court as described in Note 5.



5. Claims, Distributions and Reserves



The UCT has filed various Omnibus Objections to Claims and, after notice and hearing, orders
allowing and expunging claims of non-responding claimants were entered by the Court. The UCT has resolved certain other claims on a consensual basis.



On the Effective Date, there were approximately 3,450 Class 4A Claims. As of July 31, 2003, there are approximately 1,960 Class 4A Claims remaining, of which 847 have
been Allowed, leaving approximately 1,113 Disputed Claims.



With the approval
of the Bankruptcy Court, the UCT made its first distribution to holders of the Initial Allowed Claims on October 30, 2002 as required by Section 4.5(b) of the Trust Agreement. Section 8.6 of the Plan provides that on the Initial Distribution Date,
the UCT shall establish a separate Disputed Reserve for Disputed Claims, consisting of the ratable proportion of all cash allocated for distribution on account of each Disputed Claim based upon the asserted amount of each Disputed Claim or such
amount as may be agreed to by the holder of the Claim and the UCT or as may otherwise be determined by the Court. On September 18, 2002, the UCT filed a motion (the First Reserve Motion) with the Bankruptcy Court to establish the amount
of the Disputed Reserve. On October 10, 2002, the Bankruptcy Court granted the UCTs First Reserve Motion and entered an order approving the Initial Distribution and the Disputed Reserves Proposed in the First Reserve Motion (the Initial
Distribution Reserve Order). Based upon the amount of the claims for which reserves were established, an Initial Distribution of 3.9297% was authorized by the court and made by the UCT to holders of Allowed Claims.



On July 30, 2003, the UCT made its Second Distribution in the amount of 4.5446% to holders of
Allowed Claims pursuant to the reserving methodology approved by the Bankruptcy Court for the First Reserve Motion. This brings the total distribution to holders of Allowed Claims to 8.4743% as of July 31, 2003.



As of July 31, 2003, 847 claims have been allowed in the total amount of $135,030,014. The
Initial Distribution of 3.9297% and the Second Distribution of 4.5446%, totalling 8.4743%, has been disbursed to holders of 716 Allowed Claims who have provided the UCT with taxpayer identification numbers as required by the Trust Agreement. As of
July 31, 2003, $10,225,472 has been disbursed and the UCT continues to hold $1,217,376 for 131 holders of Allowed Claims who have not provided the taxpayer identification information required by the Trust Agreement. Such funds will be disbursed upon
receipt of the necessary taxpayer identification numbers.



Except as set forth
in the First Reserve Motion, the UCT did not seek estimation of individual claims, but rather an estimation of certain categories of claims as described therein. This approach has less adverse impact upon the claimants than would the estimation of
each claim, because the aggregate estimation does not limit any individual claimants claim. Notwithstanding anything contained herein or in the First Reserve Motion, the amounts reflected herein for the Disputed Claims are for reserve purposes
only, and the UCT reserves the right to object to any claim, and to continue to pursue any pending objection to any claim.



During the quarter ended July 31, 2003, the UCT received distributions from the FOL Liquidation Trust in the amount of $768,539. During the Quarter ended July 31, 2002,
the UCT received distributions from the FOL Liquidation Trust in the amount of $16,459,967. Since the Effective Date, the UCT has received distributions from the FOL Liquidation Trust in the aggregate amount of $19,806,315. All of the amounts
received from the FOL Liquidation Trust, net of distributions to holders of Allowed Claims, are in the cash balances as part of the Reserve for Allowed and Disputed Claims. As of July 31, 2003, the UCT holds total reserves of $9,955,466 for Allowed
and Disputed Claims. As of July 31, 2002, the UCT held total reserves of $16,459,967 for Allowed and Disputed Claims.



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Pursuant to Section 7.23.5 of the Plan, the UCT received $2,705,000, which is allocated solely for trust expenses and
which is returned to the FOL Liquidation Trust to the extent not used for such expenses. At this time, while reserving all of its rights with respect thereto, the UCT believes that no additional funds need be allocated from the Distribution Reserve
for Allowed and Disputed Claims as possible funding for trust expenses of case administration. Accordingly, the amounts expended for trust expenses are not anticipated to impact the distributions to the holders of Allowed Claims in Class 4A due to
the separate funding of trust expenses.



6. Trust Termination



The UCT shall terminate upon the distribution of all assets held in UCT
but not later than three years after the Effective Date; provided, however, if the Trustee determines it to be in the best interest of the Beneficiaries, and subject to the approval of the Bankruptcy Court, the term of the UCT may be extended for
one or more finite terms. The Trust Agreement originally provided that the UCT would terminate not later than five years after the Effective Date (subject to extension with approval of the Bankruptcy Court). In conjunction with commencement of
periodic reporting to the Securities and Exchange Commission (SEC), the UCT and the UCTAC amended the Trust Agreement to provide for the UCTs termination not later than three years after the Effective Date (subject to extension
with approval of the Bankruptcy Court) to be consistent with published advice from the SEC to other liquidating trusts.



7. Income Tax Status



The receipt of the uncertificated interest in the UCT constitutes full satisfaction of a Beneficiarys claim against FTL. Pursuant to the Plan, as of the Effective Date, a Beneficiary was deemed to have received
its allocable share of the assets that were then deemed contributed to the UCT.



Upon the advice of tax counsel, the UCT determined that Grantor Trust Statements are required to be issued after the end of the UCTs first fiscal year, which is April 30, 2003. Accordingly, 2003 Grantor Trust Statements will be issued
to Beneficiaries reporting required tax information, including each grantors share of the income, gain, deductions, loss or credits of the Trust attributable to the period from the date of the Trusts formation through the end of the
UCTs first fiscal year on April 30, 2003, with the amounts so reported to be reflected on the Beneficiarys appropriate 2003 tax return.



All entities that receive distributions under the Plan are responsible for reporting and paying, as applicable, taxes on account of their distributions. Each
Beneficiary is strongly advised to consult its own tax advisor regarding the federal, state, local and foreign tax consequences of holding or disposing of an interest in the UCT and of receiving distributions from the UCT.



8. Disbursements and Expenses



The Statement of Operations includes a section titled Disbursements &
Expenses and the Statement of Cash Flows includes a section titled Cash Flow from Trust Operations. Both of these sections have line items titled Distributions by UCT and Trust Expenses. Set forth below are
the descriptions of the types of disbursements and expenses included in each line item:



Distributions



6



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##### Table of Contents

These amounts represent payments made to the holders of Allowed Claims in Class 4A, as described in Note 5. Distributions
have been made to holders of Allowed Claims during the quarter ended July 31, 2003 in the aggregate amount of $6,633,274. No distributions were made in the quarter ending July 31, 2002. Aggregate distributions since the inception of the trust total
$10,225,472, representing 8.4743% of Allowed Claims to holders who have provided taxpayer identification numbers as required by the Plan.



Trust Expenses



These amounts represent payment of expenses of the UCT, including trust administration, professional fees, claims resolution, and other costs. Trust expenses include the fees of the Trustee which are paid pursuant to
the fee arrangement agreed to and approved by the UCTAC upon the appointment of the Trustee in conjunction with confirmation of the Plan and the formation of the UCT.



|ITEM 2. |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|------- |  | --------------------------------------------------------------------------------------



The following discussion should be read in conjunction with our financial statements and related notes included in this
Form 10-Q.



Application of Critical Accounting Policies



The Trustee believes the following critical accounting policies, among others, are
subject to significant judgments and estimates used in the preparation of these financial statements.



Cash Basis of Accounting



The UCT financial statements are prepared on a cash basis of accounting. Transactions (including the recording of interest earned) are recorded when cash
is received or disbursed. The Cash Basis Balance Sheet includes cash arising from cash transactions, while the Statement of Operations includes cash receipts as additions and cash disbursements as expenses/deductions. The Trust Agreement, approved
by the Bankruptcy Court as part of the confirmation of the Plan, provides for the fiscal year of the UCT to end on April 30.



The UCTs financial statements present, to the best of the Trustees knowledge, the cash receipts and disbursements from the UCT for the period
reported. The financial reports and accompanying information were prepared for the use of the Trustee and the UCTAC and for filing with the Bankruptcy Court in accordance with Section 7.1 of the Trust Agreement. While not required under Generally
Accepted Accounting Principles, the Trustee believes that reporting financial information from the date of the inception of the UCT is more meaningful for holders of Beneficial Interests than reporting fiscal year information only and accordingly
has included such information on these financial reports.



Reserves



No accrual
has been made for potential liabilities or recoveries (including interest earned, but not yet received or estimates of future distributions from the FOL Liquidation Trust), however, the UCT has established Disputed Claim Reserves and Other Reserves
as required or allowed by the Plan and the Trust Agreement, which reserves have been established in the reasonable business judgment of the Trustee and pursuant to order of the Bankruptcy Court.



Tax Status



The UCT is intended to qualify as a liquidating trust for federal income tax
purposes, and therefore should be taxable as a grantor trust. The holders of Beneficial Interests will be treated as grantors; accordingly their pro rata



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##### Table of Contents

share of all items of income, gain, loss, deduction and credit will be included in the income tax returns of the holders
of Beneficial Interests.



Changes in net assets



Funding from FOL Liquidation Trust and Investment Income



During the quarter ended July 31, 2003, the UCT received distributions from
the FOL Liquidation Trust in the aggregate amount of $768,539 and received interest on invested funds in the amount of $35,899. During the quarter ended July 31, 2002, the UCT received distributions from the FOL Liquidation Trust in the aggregate
amount of $16,459,967. Funds were invested during the quarter ended July 31, 2002, however, no interest was received until after the end of that quarter. Since its inception, the UCT has received distributions from the FOL Liquidation Trust in the
aggregate amount of $19,806,315. The UCTs investments have yielded interest income in the amount of $338,723 since its inception.



Reserves



In accordance with the terms of the Third Amended Reorganization Plan and the Initial Distribution Reserve Order, the UCT has established reserves for
allowed and disputed claims. The Disputed Claims reserve consists of the ratable proportion of all cash allocated for distribution on account of each disputed claim based upon the asserted amount of each disputed claim or such amount as may be
agreed to by the holder of the Claim and the UCT or as may otherwise be determined by the Court. As of July 31, 2003, the UCT holds total reserves of $9,955,466 for Allowed and Disputed Claims, including $1,217,376 for 131 holders of Allowed Claims
who have not provided the taxpayer identification information required by the Trust Agreement. As of July 31, 2002, the UCT held total reserves of $16,459,967 for Allowed and Disputed Claims. The reserve for Allowed and Disputed Claims decreased on
account of distributions made to holders of Allowed Claims and resolution of disputed claims.



The UCT also holds a Case Administration Expense Reserve in the amount of $1,339,315 as of July 31, 2003, which is to be used to fund expenses of adminstering the UCT, as more particularly described the the Trust
Expenses section below. As of July 31, 2002 the Case Administration Expense Reserve was $2,705,000. The decrease in this reserve is due to payment of trust expenses.



Distributions



An Initial Distribution of 3.9297% was authorized by the court and made by the UCT to holders of Allowed Claims on October 30, 2002 in accordance with the
Initial Distribution Reserve Order, and periodically thereafter to holders of subsequently Allowed Claims. On July 30, 2003, the UCT made its Second Distribution in the amount of 4.5446% to holders of Allowed Claims pursuant to the reserving
methodology approved by the Bankruptcy Court for the First Reserve Motion. This brings the total distribution to holders of Allowed Claims to 8.4743% as of July 31, 2003.



Distributions have been made to holders of Allowed Claims during the quarter ended July 31, 2003 in the aggregate amount of
$6,633,274. No distributions were made in the quarter ending July 31, 2002. Aggregate distributions since the inception of the trust total $10,225,472, representing 8.4743% of Allowed Claims.



Outstanding Claims



On the date of inception of the UCT and continuing through the quarter ended July 31, 2002, there were approximately 3,450
Class 4A Claims. The UCT has filed various objections to Claims and, after notice and hearing, orders allowing and expunging claims of non-responding claimants were entered by the Court. The UCT has resolved certain other claims on a consensual
basis. As a result, on July 31, 2003, there are approximately 1,960 Class 4A Claims remaining. Of this amount, 847 claims totalling $135,030,014 have been allowed. There remain approximately 1,113 Disputed Claims as of July 31, 2003.



8



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##### Table of Contents

Trust Expenses



During the quarter ended July 31, 2003, the UCT paid expenses totalling $307,651 which include trust administration, professional fees, claims resolution,
and other costs. During its first quarter ended July 31, 2002, no expenses were paid from the UCT due to its recent formation. Since its inception, the UCT has paid trust expenses totalling $1,365,685. Trust expenses include the fees of the Trustee,
which are paid pursuant to the fee arrangement agreed to and approved by the UCTAC upon the appointment of the Trustee in conjunction with confirmation of the Plan and the formation of the UCT.



Pursuant to the Third Amended Reorganization Plan, the UCT received
$2,705,000, which is allocated solely for trust expenses and which is to be returned to the FOL Liquidation Trust to the extent not used for such expenses. At this time, while reserving all of its rights with respect thereto, the UCT believes that
no additional funds need be allocated from the Distribution Reserve for Allowed and Disputed Claims as possible funding for trust expenses of case administration. Accordingly, the amounts expended for trust expenses are not anticipated to impact the
distributions to the holders of Allowed Claims in Class 4A due to the separate funding of trust expenses



|ITEM 3. |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|------- |  | -----------------------------------------------------------



Response: None.



|ITEM 4. |  | CONTROLS AND PROCEDURES.
|------- |  | ------------------------



(a) Evaluation Of Disclosure Controls And Procedures



An evaluation was performed under the supervision and with the participation of the UCTs Trustee, of the effectiveness
of the Companys disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act) as of July 31, 2003. Based on that evaluation,
the UCTs Trustee concluded that the Companys disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, is recorded,
processed, summarized and reported as specified in Securities and Exchange Commission rules and forms.



(b) Changes in Internal Controls



There were no significant changes in the UCTs internal control over financial reporting that occurred during the UCTs most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the UCTs internal control over financial reporting.



PART II  OTHER INFORMATION



|ITEM 1. |  | LEGAL PROCEEDINGS
|------- |  | -----------------



Pursuant to the Third Amended Reorganization Plan, the UCT operates under the jurisdiction and supervision of the Court and will continue to do so until
all general unsecured claims are resolved and the UCT is terminated pursuant to the terms of the Third Amended Reorganization Plan.



Since its inception, the UCT has filed various Omnibus Claims Objections motions with the Court in connection with bankruptcy claims resolution. Most of
the general unsecured claims as to which objections were previously filed have been resolved either consensually or by default order entered by the Court. The Court retains jursidiction to hear disputed claims matters in the event that the parties
are unable to consensually resolve any of the remaining claims as to which objections are pending. The UCT anticipates filing additional Claims objections in the future.



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The UCT is not aware of any facts or circumstances giving rise to any claims that would result in
litigation against the UCT, nor is the UCT planning to file suit against any third party, except as it may relate to claims resolution



|ITEM 2. |  | CHANGES IN SECURITIES
|------- |  | ---------------------



Response: None



|ITEM 3. |  | DEFAULTS UPON SENIOR SECURITIES
|------- |  | -------------------------------



Response: None



|ITEM 4. |  | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|------- |  | ---------------------------------------------------



Response: None



|ITEM 5. |  | OTHER INFORMATION
|------- |  | -----------------



Response: None



|ITEM 6. |  | EXHIBITS AND REPORTS ON FORM 8-K
|------- |  | --------------------------------



|A.  |  | Exhibits                                                                                                                     
|--- |  | -----------------------------------------------------------------------------------------------------------------------------
|    | 
|31. |  | Certification pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|    | 
|32. |  | Certificate pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                       
|    | 
|B.  |  | Reports on Form 8-K                                                                                                          
|    | 
|    |  | None                                                                                                                         



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SIGNATURES



Pursuant to the
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, we have duly caused this report to be signed on our behalf by the undersigned, thereunto duly authorized.



THE FRUIT OF THE LOOM UNSECURED CREDITORS TRUST.By:

CLINGMAN & HANGER MANAGEMENT ASSOCIATES, LLC as Trust
AdministratorBy:

/s/    W. EDWARD CLINGMAN,
JR.W. Edward Clingman, Jr. Principal




Date: September 15, 2003





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Exhibit Index



|    | 
|--- | 
|31. | 
|    | 
|32. | 



12



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Exhibit 31



CERTIFICATION



I, W. Edward Clingman, Jr. certify that:



|1. |  | I have reviewed this quarterly report on Form 10-Q of Fruit of the Loom Unsecured Creditors Trust;
|-- |  | --------------------------------------------------------------------------------------------------



|2. |  | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. |  | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, changes in
financial condition and cash flows of the UCT as of, and for, the periods presented in this report;
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. |  | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating
to the UCT, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) |  | Evaluated the effectiveness of the UCTs disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) |  | Disclosed in this report any change in the UCTs internal control over financial reporting that occurred during the UCTs most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the UCTs internal control over financial reporting.
| | -- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. |  | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the UCTs auditors and representatives of the Committee:
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
UCTs ability to record, process, summarize and report financial information; and
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) |  | Any fraud, whether or not material, that involves management or other employees who have a significant role in the UCTs internal control over financial reporting.
| | -- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                         |  |  | 
|------------------------ |  |  | 
|Date: September 15, 2003 |  |  | 
|                         |  |  | 
|                         |  |  | 
|                         |  |  | 



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Exhibit 32



CERTIFICATION PURSUANT TO

18
U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



In connection with the Quarterly Report of Fruit Of The Loom Unsecured Creditors Trust (the Trust) on Form 10-Q for the period ended July 31, 2003 as furnished to the Securities and Exchange Commission on
the date hereof (the Report), I, W. Edward Clingman, Jr., a principal of Clingman & Hanger Management Associates, LLC, Trust Administrator of the Trust, certify, pursuant to 18 U.S.C. Section 906 of the Sarbanes-Oxley Act of 2002,
that:



|1) |  | The Report fully complies, to the extent applicable, with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------



|2) |  | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------



|                         |  |  | 
|------------------------ |  |  | 
|Date: September 15, 2003 |  |  | 
|                         |  |  | 
|                         |  |  | 
|                         |  |  | 



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