opening photoshop 5 files with type layers in photoshop 7

When I open a psd file created in photoshop 5 (or maybe 5.5) into photoshop 7.0 I get the following notice :

Problems were encountered reading layers :
Layer1
because Photoshop encountered an incompatible format of type layer. Some layers will use existing pixel data. Continue?

If I press OK, the file is read but any layers that were type (text) layers are changed to pixels and therefore the text cannot be edited.

Is there any way to work around this ?

Since they are type, and since 5 (or 5.5) is so old, you will probably find the fastest and best solution would be to simply type the text again in new layers in PS7.