UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 6)
TEXFI INDUSTRIES, INC.
(Name of Issuer)
Common Stock, Par Value $1.00 Per Share
(Title of Class of Securities)
882895 10 5
(CUSIP Number)
Check the following box if a fee is being paid with this
statement ___. (A fee is not required only if the filing person:
(1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
*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).
<PAGE>
CUSIP No. 882895 10 5 SCHEDULE 13G
1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
L. Terrell Sovey, Jr.
###-##-####
2) Check the Appropriate Box if a Member of a Group
Not Applicable
3) SEC Use Only
4) Citizenship or Place of Organization
United States
Number of Shares Beneficially Owned by Each Reporting Person With
5) Sole Voting Power
775,143 shares
6) Shared Voting Power
- 0 -
7) Sole Dispositive Power
775,143 shares
8) Shared Dispositive Power
37,000
9) Aggregate Amount Beneficially Owned by Each Reporting
Person
812,143 shares
10) Check if the Aggregate Amount in Row (9) Excludes
Certain Shares
11) Percent of Class Represented by Amount in Row 9
9.2 percent
12) Type of Reporting Person
IN
<PAGE>
Item 1 (a) Name of Issuer:
Texfi Industries, Inc.
(b) Address of Issuer's Principal Executive Offices:
5400 Glenwood Avenue, Suite 215
Raleigh, North Carolina 27612
Item 2 (a) Name of Person Filing:
L. Terrell Sovey, Jr.
(b) Address of Principal Business Office, or, if none,
Residence:
367 South Pine Street
Spartanburg, South Carolina 29302
(c) Citizenship:
United States
(d) Title of Class of Securities:
Common Stock, Par Value $1.00 Per Share
(e) CUSIP Number:
882895 10 5
Item 3 Type of Filing:
Not Applicable.
Item 4 Ownership (at December 31, 1994):
If the percent of the class owned, as of December 31
of the year covered by the statement, or as of the
last day of any month described in Rule 13d-1(b)(2),
if applicable, exceeds five percent, provide the
following information as of that date and identify
those shares which there is a right to acquire.
(a) Amount Beneficially Owned:
812,143 shares which include 492,274 shares
owned directly; 29,805 shares held in
retirement plans of which Mr. Sovey is the
beneficiary and over which Mr. Sovey exercises
sole voting and investment power; 24,000 shares
held by the estate of Kathryn W. Sovey
of which Mr. Sovey is executor; 18,900 shares
held in retirement plans of which Mr. Sovey is not a
<PAGE>
beneficiary and over which Mr. Sovey
exercises sole voting and investment power;
37,000 shares held in an individual retirement
account over which Mr. Sovey has investment
power pursuant to a revocable power of attorney
but over which Mr. Sovey has no voting power;
210,164 shares that Mr. Sovey has the right to
acquire upon conversion of $1,406,000 principal
amount of the Issuer's outstanding 11 % Senior
Subordinated Debentures due 1997.
(b) Percent of Class:
9.2 percent
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
775,143 Shares
(ii) shared power to vote or to direct the vote
-0-
(iii) sole power to dispose or direct the disposition of
775,143 Shares
(iv) shared power to dispose or direct the disposition of
37,000
Item 5 Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another
Person:
Not applicable.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company:
Not applicable.
Item 8 Identification and Classification of Members of the Group:
Not applicable.
Item 9 Notice of Dissolution of Group:
Not applicable.
<PAGE>
Item 10 Certification:
Not applicable.
<PAGE>
SIGNATURE
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.
\S\ L. Terrell Sovey, Jr.
L. Terrell Sovey, Jr.
Date: February 9 , 1995
