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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Amendment No.: *
Name of Issuer: United States Leather, Inc.
Title of Class of Securities: Common Stock, $.01 par value
CUSIP Number: 912 134 103
(Date of Event Which Requires Filing of this Statement)
September 2, 1998
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
/X/ Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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CUSIP Number: 912 134 103
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Contrarian Capital Advisors, L.L.C.
2. Check the Appropriate Box if a Member of a Group
a.
b. X
3. SEC Use Only
4. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
5. Sole Voting Power:
604,576
6. Shared Voting Power:
7. Sole Dispositive Power:
604,576
8. Shared Dispositive Power:
9. Aggregate Amount Beneficially Owned by Each Reporting
Person
604,576
10. Check Box if the Aggregate Amount in Row (9) Excludes
Certain Shares
11. Percent of Class Represented by Amount in Row (9)
6.0%
12. Type of Reporting Person
IA; OO
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CUSIP Number: 912 134 103
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Contrarian Capital Management, L.L.C.
2. Check the Appropriate Box if a Member of a Group
a.
b. X
3. SEC Use Only
4. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
5. Sole Voting Power:
987,303
6. Shared Voting Power:
7. Sole Dispositive Power:
987,303
8. Shared Dispositive Power:
9. Aggregate Amount Beneficially Owned by Each Reporting
Person
987,303
10. Check Box if the Aggregate Amount in Row (9) Excludes
Certain Shares
11. Percent of Class Represented by Amount in Row (9)
9.9%
12. Type of Reporting Person
IA; OO
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Item 1(a) Name of Issuer: United States Leather, Inc.
(b) Address of Issuer's Principal Executive Offices:
1403 West Bruce Street
Milwaukee, Wisconsin 53204
Item 2(a) - (c). Name, Principal Business Address, and
Citizenship of Persons Filing:
Contrarian Capital Advisors, L.L.C ("CCA")
Contrarian Capital Management, L.L.C. ("CCM")
411 West Putnam Avenue
Suite 225
Greenwich, CT 06830
Each Reporting Person is a Delaware limited
liability company.
(d) Title of Class of Securities: Common Stock, $.01
par value
(e) CUSIP Number: 912 134 103
Item 3. If this statement is filed pursuant to Rule
13d-1(b)(1) or 13d-2(b) or (c) check whether the person
filing is:
(a) / / Broker or dealer registered under Section 15 of
the Act,
(b) / / Bank as defined in Section 3(a)(6) of the Act,
(c) / / Insurance Company as defined in
Section 3(a)(19) of the Act,
(d) / / Investment Company registered under Section 8
of the Investment Company Act,
(e) /X/ Investment Adviser registered under Section 203
of the Investment Advisers Act of 1940,
(f) / / Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund,
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(g) / / Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G),
(h) / / Savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act,
(i) / / Church plan excluded from the definition of an
investment company under Section 3(c)(14) of
the Investment Company Act,
(j) / / Group, in accordance with Rule 13d-
1(b)(1)(ii)(H).
If this statement is filed pursuant to Rule 13d-1(c), check
this box. / /
Item 4. Ownership.
(a) Amount Beneficially Owned: CCA - 604,576
shares; CCM - 987,303 shares.
(b) Percent of Class: CCA - 6.0%; CCM - 9.9%.
(c) CCA - 0 shares with shared power to vote or to
direct the vote; 604,576 shares with sole power
to vote or to direct the vote; 0 shares with
shared power to dispose or to direct the
disposition of; 604,576 shares with the sole
power to dispose or to direct the disposition
of
CCM - 0 shares with shared power to vote or to
direct the vote; 987,303 shares with sole power
to vote or to direct the vote; 0 shares with
shared power to dispose or to direct the
disposition of; 987,303 shares with the sole
power to dispose or to direct the disposition
of
Item 5. Ownership of Five Percent or Less of a Class.
N/A
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
N/A
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Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported by the
Parent Holding Company.
N/A
Item 8. Identification and Classification of Members of the
Group.
N/A
Item 9. Notice of Dissolution of the Group.
N/A
Item 10.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction
having that purpose or effect.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
CONTRARIAN CAPITAL ADVISORS, L.L.C.
By: /s/ Jon R. Bauer
_________________________
Jon R. Bauer, Managing Member
CONTRARIAN CAPITAL MANAGEMENT, L.L.C.
By: /s/ Jon R. Bauer
_________________________
Jon R. Bauer, Managing Member
Date: October 9, 1998
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AGREEMENT
The undersigned agree that this Schedule 13G dated October
9, 1998 relating to the Common Stock of United States Leather,
Inc. shall be filed on behalf of the undersigned.
CONTRARIAN CAPITAL ADVISORS,
L.L.C.
By: /s/ Jon R. Bauer
_____________________________
Jon R. Bauer, Managing Member
CONTRARIAN CAPITAL MANAGEMENT,
L.L.C.
By: /s/ Jon R. Bauer
_____________________________
Jon R. Bauer, Managing Member
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01385001.AN9
