/raid1/www/Hosts/bankrupt/TCR_Public/041002.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, October 2, 2004, Vol. 8, No. 213   

                          Headlines


ADELPHIA COMMS: Reports $63 Million Net Loss in August 2004
ANC RENTAL: Posts $437,461 Net Income for July 2004
AVALON DIGITAL: Reports $21,838 Net Loss for August 2004
DVI INC: Releases August 2004 Cash Receipts & Disbursements Data
HAWAIIAN AIRLINES: Posts $8.2 Million Net Income in August 2004

HAUSER INC: Submits August 2004 Monthly Operating Report
KAISER ALUMINUM: Posts $28.6 Million Net Income in June 2004
KAISER ALUMINUM: Reports $77.8 Million Net Income for July 2004
MISSISSIPPI CHEMICAL: Files June to August 2004 Monthly Reports
TOUCH AMERICA: Releases July 2004 Monthly Operating Report

SPIEGEL INC: Reports $35.2 Million Net Loss for July 2004
SPIEGEL INC: August 2004 Net Loss Narrows to $8.5 Million
UAL CORP: Posts $56.4 Million Net Loss in August 2004
WINSTAR COMMS: Releases July 2004 Monthly Operating Report

                          *********

ADELPHIA COMMS: Reports $63 Million Net Loss in August 2004
-----------------------------------------------------------
On September 27, 2004, Adelphia Communications and certain other
debtor-in-possession subsidiaries of the Company filed their
unaudited consolidated Monthly Operating Report for the month of
August 2004 with the United States Bankruptcy Court for the
Southern District of New York.

The Debtors' August 2004 Monthly Operating Report shows:


         Total Current Assets           $715,485,000
         Total Assets                 52,610,587,000
         Total Current Liabilities       425,660,000
         Total Liabilities
            Subject to Compromise     46,071,637,000
         Total Liabilities            50,016,054,000
         Total stockholders' equity   $2,057,927,000


         Revenue                        $327,699,000
         Operating Loss                  (30,267,000)
         Net Loss Applicable to
            Common Stockholders         $(62,996,000)


On September 24, 2004, Amendment No. 2 to the Second Amended and
Restated Credit and Guaranty Agreement between Adelphia
Communications and its debtor-affiliates, and its DIP Lenders
became effective.  Under the terms of the Amendment:

   -- the date by which the Company is required to deliver to the
      DIP Lenders its consolidated audited balance sheet and
      related consolidated audited statement of income and cash
      flows for the fiscal years ended December 31, 2002 and
      December 31, 2003 has been extended from September 30, 2004
      until no later than December 31, 2004; and

   -- the date by which each of the designated subsidiary
      borrowing groups under the DIP Credit Agreement is required
      to deliver to the DIP Lenders a consolidating schedule
      containing balance sheets and related statements of income
      and cash flows for such designated subsidiary borrower group
      for the fiscal years ended December 31, 2002 and
      December 31, 2003 has been extended from September 30, 2004
      until no later than February 28, 2005.

Full-text copies of Adelphia's August 2004 Monthly Operating
Reports were delivered to the Securities and Exchange Commission
and are available at no charge at:

   http://www.sec.gov/Archives/edgar/data/796486/000104746904029714/a2144029zex-99_1.htm  


Adelphia-affiliates Arahova Communications Inc., Frontiervision
Capital Corp., Frontiervision Holdings Capital Corp.,
Frontiervision Holdings Capital II Corp., Frontiervision Holdings
LP, Frontiervision Operating Partners LP, Olympus Capital Corp.,
and Olympus Communications LP, also delivered copies of Adelphia's
consolidated financial statements to the Securities and Exchange
Commission.

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors.


ANC RENTAL: Posts $437,461 Net Income for July 2004
---------------------------------------------------

                   ANC Rental Corporation, et al.
                       Combined Balance Sheet
                        As of July 31, 2004

                               ASSETS

Current Assets
      Cash -- Investments and Other Cash               $1,571,476
      Cash -- ANC Primary Disbursement                      1,050
                                                  ---------------
         Total Unrestricted Cash                        1,572,526

      Restricted Cash -- Professional Fee Escrow                0
      California DMV Restricted Cash                            -
      Restricted Cash -- Tax Escrow                     5,658,732
                                                  ---------------
         Total Restricted Cash                          5,658,732

      Accounts Receivable Other                           556,227
      Corporate Accounts                                3,639,854
      Collision Damage Recovery A/R                     2,873,499
      Collision Damage Recovery Reserve                (2,873,499)
      Provision -- Trade A/R                           (3,640,625)
                                                  ---------------
         Total Receivables, net                           555,456
                                                  ---------------
      Total Current Assets                              7,786,714

Other Assets
     Deposits - Insurance Collateralization                58,215
     Deposits - California DMV Deposit                     38,067
                                                  ---------------
Total Other Assets                                         96,282
                                                  ---------------
Total Assets                                           $7,882,996
                                                  ===============

                        LIABILITIES & CAPITAL

Administrative Liabilities
      Accounts Payable                                   $716,712
      Admin Claim -- Legal and Professional Fee                 -
      Accrued Interest on 3rd Party Debt                6,500,000
      Reserve for Other Admin Claims                      825,000
                                                  ---------------
         Estimated Admin and Prof Fee Reserves          8,041,712

Secured Liabilities
      Accrued Ad-Valorem Tax Reserve                    5,893,951

Priority Liabilities
      Accrued Prepetition Personal Property Taxes       2,264,409
      Other Priority Creditor Accruals                    444,127

General Unsecured Liabilities
      Reserves for General Unsecured Claims           458,994,499
                                                  ---------------
Total Liabilities                                     475,639,698

Total Capital                                        (467,756,702)
                                                  ---------------
Total Liabilities & Capital                            $7,882,996
                                                  ===============


                   ANC Rental Corporation, et al.
                      Statement of Operations
                 For the month ending July 31, 2004

Total Revenues                                           $752,508

Expenses
      Citations                                            (1,392)
      Turnback Expense Charges                                  0
      Damage Repair -- Collection                             121
      Unemployment Taxes -- State                               0
      Payroll Taxes -- Other                                 (109)
      Bank Service Charges                                      0
      Consulting Fees                                     111,336
      Accounting -- Auditing Fees                               0
      Legal Fees                                          386,402
      Data Processing Services                              5,556
      Printed Forms/Stationery                                  0
      Rent Expense                                              0
      Utilities                                                (4)
      Telephone/Communications                                  0
      Personal Property Taxes                             (30,729)
      Non-Property Taxes                                 (241,939)
      Environmental Costs                                       0
      Miscellaneous Other Expense (Operating)              (4,393)
      Interest Exp -- Other Notes                           8,927
                                                  ---------------
         Total Expenses                                   315,048
                                                  ---------------
Net Income                                               $437,461
                                                  ===============


                   ANC Rental Corporation, et al.
                  Cash Receipts and Disbursements
                 For the month ending July 31, 2004

Cash at Beginning of Period                           $12,576,084

Receipts:
      Credit Card and Local Deposits                            0
      Collections of Accounts Receivable                   19,345
      Other Receipts                                      308,424
                                                  ---------------
         Total Receipts                                   327,769

Disbursements:
      US Trustee Fees Paid                                 18,750
      Fleet Operating Expenses                                  0
      Personnel - Net Cash Payroll                              0
      Personnel - Payroll Taxes Paid                            0
      Personnel - Benefits Payments                             0
      Personnel - Payments of Garnishments Withheld             0
      Travel Expenses Paid                                      0
      Fuel Rental Fleet Payments                                0
      Airport - Agency - Concession Fees Paid                   0
      Insurance Payments All                                    0
      Facility & Other Fixed Operating Expenses Paid            0
      Travel Agency Tour Operator Commission Payments           0
      Advertising Payments                                      0
      IT Consulting Payments                                    0
      IT Other Cash Payments                                    0
      Sales Taxes and Other Taxes Paid                     43,260
      Professional Fees Paid - Ordinary Course                  0
      Professional Fees Paid - Bankruptcy Professional  4,365,664
      Other Miscellaneous Operating Expenses Paid          11,567
      Capital Expenditures                                      0
      Interest and Financing Fees Paid                          0
      Vehicle Holding Costs Paid                                0
      Working Capital Fundings to Subsidiaries                  0
      Repayment to Lehman Bros
         -- surplus cash from Professional              1,233,353
                                                  ---------------
         Total Disbursements                            5,672,594

Net Cash Flow                                          (5,344,826)
                                                  ---------------
Cash at End of Period                                  $7,231,258
                                                  ===============

Headquartered in Fort Lauderdale, Florida, ANC Rental Corporation,
is the world's third-largest publicly traded car rental company.  
The Company filed for chapter 11 protection on November 13, 2001
(Bankr. Del. Case No. 01-11200). On April 15, 2004, Judge Walrath
confirmed the Debtors' 3rd amended Chapter 11 Liquidation Plan, in
accordance with Section 1129(a) and (b) of the Bankruptcy Code.

Upon confirmation, Blank Rome, LLP, and Fried, Frank, Harris,
Shriver & Jacobson, LLP, withdrew as the Debtors' counsel. Gazes &
Associates, LLP, and Stevens & Lee, PC, serve as substitute
counsel to represent the debtors' post-confirmation interests.
When the Company filed for protection from their creditors, they
listed $6,497,541,000 in assets and $5,953,612,000 in liabilities.
(ANC Rental Bankruptcy News, Issue No. 60; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


AVALON DIGITAL: Reports $21,838 Net Loss for August 2004
--------------------------------------------------------
Avalon Digital Marketing Systems, Inc., filed its monthly
operating report for the period August 1, 2004 to August 31, 2004.
Avalon Digital reported a $21,838 net loss in $133,415 of gross
profit for August 2004.

At August 31, 2004, Avalon Digital's balance sheet showed:

      Current Assets                 $108,585
      Total Assets                    356,539
      Postpetition Liabilities        622,500
      Prepetition Liabilities       9,410,666
      Total Owners' Equity        $(9,676,627)

A full-text copy of Avalon Digital Marketing Systems, Inc.'s
August 2004 Monthly Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1095792/000009631304000231/avalondigitalexh991804.txt


On September 5, 2003, Avalon Digital Marketing Systems, Inc.,
filed a voluntary petition for reorganization under Chapter 11 of
the United States Bankruptcy Code in the U.S. Bankruptcy Court in
Salt Lake City, Utah. The case has been assigned to Judge Glen E.
Clark and the case is being administered under Case No. 03-35180.


DVI INC: Releases August 2004 Cash Receipts & Disbursements Data
----------------------------------------------------------------
On September 23, 2004, DVI, DVI FS and DVI BC filed their
respective Monthly Operating Reports with the U.S. Bankruptcy
Court and the U.S. Trustee for the period from August 1, 2004
through August 31, 2004 showing:

      Debtor          Cash Receipts    Cash Disbursements
      ------          -------------    ------------------
      DVI                        $0                    $0
      DVI FS             $3,991,000           $(3,951,000)
      DVI BC               $352,000             $(344,000)


Full-text copies of DVI's August 2004 Monthly Operating Report are
available at no charge at:

DVI Inc:
   http://www.sec.gov/Archives/edgar/data/801550/000095012304011404/y02790exv99w1.txt

DVI Financial Services:
   http://www.sec.gov/Archives/edgar/data/801550/000095012304011404/y02790exv99w2.txt

DVI Business Credit:
   http://www.sec.gov/Archives/edgar/data/801550/000095012304011404/y02790exv99w3.txt


DVI, Inc., the parent company of DVI Financial Services, Inc., DVI
Business Credit Corp., and DVI Financial Services, Inc., provides
lease or loan financing to healthcare providers for the
acquisition or lease of sophisticated medical equipment. The
Company, along with its affiliates, filed for chapter 11
protection (Bankr. Del. Lead Case No.: 03-12656) on August 25,
2003 before the Honorable Mary F. Walrath.  Bradford J. Sandler,
Esq., of Adelman Lavine Gold and Levin, PC, represents the debtors
in their restructuring efforts.


HAWAIIAN AIRLINES: Posts $8.2 Million Net Income in August 2004
---------------------------------------------------------------
On September 21, 2004, Hawaiian Airlines, the sole operating
subsidiary of Hawaiian Holdings, Inc., filed its unaudited Monthly
Operating Report for the month of August 2004 with the United
States Bankruptcy Court for the District of Hawaii. The carrier
posts an $8,241,000 net income on $78,293,000 of operating
revenues in August 2004.

At August 31, 2004, Hawaiian Airlines' balance sheet showed:

      Total Current Assets       $280,039,000
      Total Assets                407,265,000
      Total Current Liabilities   263,412,000
      Total Liabilities           447,887,000
      Liabilities Subject
        to Compromise             133,471,000
      Shareholder's Deficit       174,093,000

A full-text copy of Hawaiian Airlines' August 2004 Monthly
Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1172222/000095013604003072/file002.htm


Headquartered in Honolulu, Hawaii, Hawaiian Airlines, Inc., --
http://hawaiianair.com/-- is a subsidiary of Hawaiian Holdings,  
Inc. (Amex and PCX: HA). The Company provides primarily scheduled
transportation of passengers, cargo and mail. Flights operate
within the South Pacific and to points on the west coast as well
as Las Vegas. Since the appointment of a bankruptcy trustee in
May 2003, Hawaiian Holdings has had no involvement in the
management of Hawaiian Airlines and has had limited access to
information concerning the airline. The Company filed for chapter
11 protection on March 21, 2003 (Bankr. D. Hawaii Case No.
03-00817). Joshua Gotbaum serves as the chapter 11 trustee for
Hawaiian Airlines, Inc. Mr. Gotbaum is represented by Tom E.
Roesser, Esq., and Katherine G. Leonard at Carlsmith Ball LLP and
Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua D. Morse,
Esq., and John L. Jones, II, Esq., at Hennigan, Bennett & Dorman
LLP.


HAUSER INC: Submits August 2004 Monthly Operating Report
--------------------------------------------------------
Kenneth C. Cleveland, President and Chief Executive Officer for
Hauser, Inc., advises that on September 16, 2004, the Company and
its wholly owned subsidiaries filed the monthly operating report
for the month ended August 31, 2004 with the Office of the United
States Trustee pursuant to Bankruptcy Rule 2015 and the Trustee's
Financial Reporting Requirements for Chapter 11 Cases.

Citing Rule 202 of Regulation S-T and the Company's continuing
hardship exemption, Mr. Cleveland explains that it is impossible
to deliver an electronic copy of that financial report to the
Securities and Exchange Commission so the Company has manually
filed a paper copy of the Amended Reports under cover of Form
SE.

Headquartered in El Segundo, California, Hauser Inc. supplies
herbal extracts and nutritional supplements and provides chemical
engineering services and contract research and development.  The
Company and its debtor-affiliates filed for chapter 11 protection
on April 1, 2003, in Los Angeles (Bankr. C.D. Calif. Case No. 03-
18795). Christine M. Pajak, Esq., at Stutman, Treister & Glatt,
serves as legal counsel to the Debtors.


KAISER ALUMINUM: Posts $28.6 Million Net Income in June 2004
------------------------------------------------------------

            Kaiser Aluminum Corporation -- All Debtors
                     Unaudited Balance Sheets
                        As of June 30, 2004
                          (In Thousands)
   
                              ASSETS  
  
Cash                                                    $25,974  
  
Receivables:  
   Trade                                                144,153  
   Other                                                  5,484  
                                                      ---------  
Total Receivables                                       149,637  
  
Inventories                                             162,645  
Prepaid expenses and other current assets                25,797  
                                                      ---------  
Total current assets                                    364,053  
  
Investments in and advances to subsidiaries             347,772  
Intercompany receivables/payables, net                  (84,147)
Property, plant, and equipment - net                    223,802  
Deferred income taxes                                         -  
Other assets                                            521,252  
                                                      ---------
Total Assets                                         $1,372,732  
                                                      =========  
  
                LIABILITIES & STOCKHOLDERS' EQUITY  
  
Liabilities not subject to compromise:  
   Accounts Payable                                     $78,152  
   Accrued interest                                         879  
   Accrued salaries, wages and related expenses          34,028  
   Accrued post retirement benefit -- current             8,135  
   Other accrued liabilities                             58,825  
   Payable to affiliates                                 54,364  
   Long term debt - current portion                       1,247  
                                                      ---------  
Total current liabilities                               235,630  
  
Long-term liabilities                                    76,351  
Accrued postretirement benefit obligation                     -  
Long-term debt                                            2,212  
Liabilities subject to compromise                     2,823,778  
Minority interests                                          655  
  
Stockholders' equity:  
   Preference stock                                           -  
   Common stock                                             792  
   Additional capital                                   539,086  
  
Accumulated deficit - As of filing date                (946,925)  
Accumulated deficit - Post filing date               (1,252,664)  
Accumulated other comprehensive income (loss)          (106,183)  
Note receivable from parent                                   -  
                                                      ---------  
Total Liabilities & Stockholders' Equity             $1,372,732  
                                                      =========  
  
  
            Kaiser Aluminum Corporation -- All Debtors  
                     Statements of Operations  
                For the Month Ending June 30, 2004  
                          (In Thousands)  
  
Net Sales                                              $127,859  
  
Costs and expenses:  
   Cost of products sold                                112,670  
   Depreciation & amortization                            1,829  
   Selling, administrative, R&D and general               5,695  
   Other operating charges, net                         (30,370)  
                                                      ---------  
Total costs and expenses                                 89,824  
                                                      ---------  
Operating income (loss)                                  38,035  
  
Other income (expense):  
   Interest expenses, net                                  (641)  
   Reorganization items                                  (2,472)  
   Other-net                                             (1,262)  
                                                      ---------  
Income (loss) before  
   income taxes and minority interest                    33,660  
  
(Provision) benefit for income taxes                     11,415  
Minority interests                                            -  
Equity in income (loss) of subsidiaries                 (16,479)  
                                                      ---------   
Net income (loss)                                       $28,596  
                                                      =========  
  
  
            Kaiser Aluminum Corporation -- All Debtors  
      Schedule of Consolidated Cash Receipts and Disbursements  
                For the Month Ending June 30, 2004  
                          (In Thousands)  
  
Receipts:  
   Trade Receivables  
      KACC Receivables                                 $108,360  
      KAII Receivables                                   62,605  
                                                      ---------  
   Total Trade Receivables                              170,965  
  
   Asbestos Insurance Recoveries                            507  
   National Refractories Settlement                           -  
   Net borrowings under DIP facility                          -  
   Proceeds from Asset Sales                              2,190  
                                                      ---------  
Total Receipts                                          173,662  
  
Disbursements:
   Repayment of DIP facility                             17,100
   Inventory/Raw Materials                               37,044
   Capital Expenditures                                     280
   Maintenance, Materials, etc.                           5,653
   Freight                                                4,069  
   Utilities/Energy                                       9,670  
   Hourly Payroll                                         7,511  
   Salaried Payroll                                       6,441  
   Hedging Activities                                       227
   VEBA funding                                           3,100  
   Medical - Current and Former Employees                 7,613  
   Annual Insurance Premiums                              1,113  
   Workmen's Compensation                                   527  
   Corporate General and Administrative                   2,520  
   JV Fundings - Alumina                                 37,624  
   JV Fundings - Primary, Net of Minority Interest       20,355  
   Other Disbursements                                   11,893  
                                                      ---------  
Total Operating and G&A Disbursements                   172,740  
  
Reorganization Items                                      1,589  
                                                      ---------  
Total Disbursements                                     120,868  
                                                      ---------  
Net Cash Flow                                              (667)  
  
Beginning Bank Cash Balances                             25,827  
                                                      ---------  
Ending Bank Cash Balances                                25,160  
  
Reconciling Items                                           814  
                                                      ---------  
Ending Book Cash Balances                               $25,974  
                                                      =========

Headquartered in Houston, Texas, Kaiser Aluminum Corporation --
http://www.kaiseral.com/-- operates in all principal aspects of  
the aluminum industry, including mining bauxite; refining bauxite
into alumina; production of primary aluminum from alumina; and
manufacturing fabricated and semi-fabricated aluminum products.
The Company filed for chapter 11 protection on February 12, 2002
(Bankr. Del. Case No. 02-10429). Corinne Ball, Esq., at Jones,
Day, Reavis & Pogue, represent the Debtors in their restructuring
efforts. On September 30, 2001, the Company listed $3,364,300,000
in assets and $3,129,400,000 in debts. (Kaiser Bankruptcy News,
Issue No. 50; Bankruptcy Creditors' Service, Inc., 215/945-7000)


KAISER ALUMINUM: Reports $77.8 Million Net Income for July 2004
---------------------------------------------------------------

              Kaiser Aluminum Corporation -- All Debtors
                     Unaudited Balance Sheets
                        As of July 31, 2004
                          (In Thousands)

                              ASSETS

Cash                                                    $44,522

Receivables:
   Trade                                                132,306
   Other                                                  7,120
                                                      ---------
Total Receivables                                       139,426

Inventories                                             151,966
Prepaid expenses and other current assets                26,787
                                                      ---------
Total current assets                                    362,701

Investments in and advances to subsidiaries             175,264
Intercompany receivables/payables, net                 (105,410)
Property, plant, and equipment - net                    226,988
Deferred income taxes                                         -
Other assets                                            820,480
                                                      ---------
Total Assets                                         $1,480,023
                                                      =========

                LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:
   Accounts Payable                                     $77,403
   Accrued interest                                         916
   Accrued salaries, wages and related expenses          34,196
   Accrued post retirement benefit -- current             4,068
   Other accrued liabilities                             92,206
   Payable to affiliates                                 56,578
   Long term debt - current portion                       1,242
                                                      ---------
Total current liabilities                               266,609

Long-term liabilities                                    45,395
Accrued postretirement benefit obligation                     -
Long-term debt                                            2,212
Liabilities subject to compromise                     2,841,525
Minority interests                                          655
  
Stockholders' equity:
   Preference stock                                           -
   Common stock                                             792
   Additional capital                                   539,087

Accumulated deficit - As of filing date                (946,926)
Accumulated deficit - Post filing date               (1,185,850)
Accumulated other comprehensive income (loss)           (83,476)
Note receivable from parent                                   -
                                                      ---------
Total Liabilities & Stockholders' Equity             $1,480,023
                                                      =========


            Kaiser Aluminum Corporation -- All Debtors
                     Statements of Operations
                For the Month Ending July 31, 2004
                          (In Thousands)

Net Sales                                              $119,523

Costs and expenses:
   Cost of products sold                                106,789
   Depreciation & amortization                            1,866
   Selling, administrative, R&D and general               9,615
   Other operating charges, net                         (79,935)
                                                      ---------
Total costs and expenses                                 38,335
                                                      ---------
Operating income (loss)                                  81,188

Other income (expense):
   Interest expenses, net                                  (733)  
   Reorganization items                                  (3,750)  
   Other-net                                                139   
                                                      ---------
Income (loss) before
   income taxes and minority interest                    76,844

(Provision) benefit for income taxes                       (243)
Minority interests                                            -
Equity in income (loss) of subsidiaries                  (1,213)
                                                      ---------
Net income (loss)                                       $77,814
                                                      =========


            Kaiser Aluminum Corporation -- All Debtors
      Schedule of Consolidated Cash Receipts and Disbursements
                For the Month Ending July 31, 2004
                          (In Thousands)

Receipts:
   Trade Receivables
      KACC Receivables                                  $87,660
      KAII Receivables                                   46,349
                                                      ---------
   Total Trade Receivables                              134,009

   Reimbursement from Alpart sales
      for CARIFA funding                                 14,549
   Proceeds from Asset Sales                              3,534
                                                      ---------
Total Receipts                                          152,092

Disbursements:
   Inventory/Raw Materials                               39,284
   Capital Expenditures                                     586
   Maintenance, Materials, etc.                           6,255
   Freight                                                4,177
   Utilities/Energy                                      11,406
   Hourly Payroll                                         8,493
   Salaried Payroll                                       5,049
   VEBA Advances                                          1,900
   Medical - Current and Former Employees                 3,350
   Annual Insurance Premiums                              2,472
   Workmen's Compensation                                   798
   Credit Agreement Fees                                    750
   Corporate General and Administrative                   2,812
   JV Fundings - Alumina                                 13,497
   Funding for Alpart CARIFA retirement                  14,549
   JV Fundings - Primary, Net of Minority Interest        5,205
   Other Disbursements                                    7,029
                                                      ---------
Total Operating and G&A Disbursements                   127,594

Reorganization Items                                      4,402
                                                      ---------
Total Disbursements                                     131,996
                                                      ---------
Net Cash Flow                                            20,096

Beginning Bank Cash Balances                             25,160
                                                      ---------
Ending Bank Cash Balances                                45,256

Reconciling Items                                          (734)
                                                      ---------
Ending Book Cash Balances                               $44,522
                                                      =========

Headquartered in Houston, Texas, Kaiser Aluminum Corporation --
http://www.kaiseral.com/-- operates in all principal aspects of  
the aluminum industry, including mining bauxite; refining bauxite
into alumina; production of primary aluminum from alumina; and
manufacturing fabricated and semi-fabricated aluminum products.
The Company filed for chapter 11 protection on February 12, 2002
(Bankr. Del. Case No. 02-10429). Corinne Ball, Esq., at Jones,
Day, Reavis & Pogue, represent the Debtors in their restructuring
efforts. On September 30, 2001, the Company listed $3,364,300,000
in assets and $3,129,400,000 in debts. (Kaiser Bankruptcy News,
Issue No. 50; Bankruptcy Creditors' Service, Inc., 215/945-7000)


MISSISSIPPI CHEMICAL: Files June to August 2004 Monthly Reports
---------------------------------------------------------------
On September 29, 2004, Mississippi Chemical Corporation and its
domestic subsidiaries filed their Monthly Operating Report for the
months ended June 30, 2004, July 31, 2004, and August 31, 2004,
with the Securities and Exchange Commission.  

The Company's consolidated balance sheet showed (in thousands):

                  June 30, 2004  July 31, 2004  August 31, 2004
                  -------------  -------------  ---------------
   Total Assets        $387,594       $403,293         $390,052

   Total Current
      Liabilities       141,711        200,661          195,243

   Liabilities
      Subject to
      Compromise        282,709        231,899          231,899

   Shareholders'
      Deficit          $(78,983)      $(75,555)        $(79,087)


Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:

June 2004 Monthly Operating Report:
   http://www.sec.gov/Archives/edgar/data/66895/000006689504000032/exhibit99-11.htm

July 2004 Monthly Operating Report:
   http://www.sec.gov/Archives/edgar/data/66895/000006689504000032/exhibit99-21.htm

August 2004 Monthly Operating Report:
   http://www.sec.gov/Archives/edgar/data/66895/000006689504000032/exhibit99-31.htm


On May 15, 2003, Mississippi Chemical Corporation and its domestic
subsidiaries filed voluntary petitions for relief under Chapter 11
of Title 11 of the United States Code in the United States
Bankruptcy Court for the Southern District of Mississippi.


TOUCH AMERICA: Releases July 2004 Monthly Operating Report
----------------------------------------------------------
On June 19, 2003, Touch America Holdings, Inc., and subsidiaries
Touch America, Inc., Touch America Intangible Holding Company,
LLC, Touch America Purchasing Company, LLC, Entech, LLC, American
Fiber Touch, LLC, and Sierra Touch America, LLC, filed for Chapter
11 bankruptcy protection in the United States Bankruptcy Court for
the District of Delaware. These cases are jointly administered
under Touch America Holdings, Inc., case number 03-11915.

Touch America Holdings, Inc.'s balance sheet shows:

                               July 31, 2004
                              ---------------
         Current Assets       $686,409,961.89
         Total Assets          613,374,606.04
         Postpetition Debts     35,949,740.69
         Pre-petition Debts    252,752,914.51
         Total Liabilities     288,702,655.20
         Net Owner's Equity   $324,671,950.84


A full-text copy of the Debtors' July 2004 Monthly Operating
Reports is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1144835/000110465904028688/a04-10946_1ex99df.htm


Headquartered in Butte, Montana, Touch America Holdings, Inc.,
through its principal operating subsidiary, Touch America, Inc.,
develops, owns, and operates data transport and Internet services
to commercial customers. The Company filed for chapter 11
protection on June 19, 2003 (Bankr. D. Del. Case No. 03-11915).
Maureen D. Luke, Esq. and Robert S. Brady, Esq. at Young Conaway
Stargatt & Taylor, LLP represent the Debtor. When the Company
filed for bankruptcy protection, it listed $631,408,000 in total
assets and $554,200,000 in total debts.

On December 23, 2003, Touch America sold substantially all of its
Internet services, private line, and dark fiber assets to
360networks, a Vancouver, Canada based corporation for
$28,000,000. On December 23, 2003, Touch America also sold certain
dark fiber assets to Qwest Communications, Inc., for $8,000,000.  
With the exception of certain wireless services, Touch America
ceased operations as of February 29, 2004.

On July 12, 2004, Touch America filed its Joint Disclosure
Statement and Chapter 11 Liquidating Plan.

On February 25, 2004, an order was entered by the Bankruptcy Court
denying a motion of certain shareholders directing the United
States Trustee to appoint an Official Committee of Equity Security
Holders.  It is contemplated that funds will be available for
distribution to unsecured creditors, however the estimated amount
to be distributed and percentage of recovery to unsecured
creditors has not yet been determined. Touch America estimates
that the claims of creditors and costs of administration of its
bankruptcy will exceed the total amount of funds available to
Touch America's bankruptcy estate.


SPIEGEL INC: Reports $35.2 Million Net Loss for July 2004
---------------------------------------------------------

                   Spiegel, Inc., and Subsidiaries
                       Debtors-in-Possession
                Unaudited Consolidated Balance Sheet
                        As of July 31, 2004

                               ASSETS

Current assets:  
Cash and cash equivalents                           $182,261,000
Receivables, net                                      33,752,000
Inventories                                          161,385,000
Prepaid expenses                                      35,022,000
Assets of discontinued operations                     75,125,000
                                                  --------------
Total current assets                                 487,545,000
                                                  --------------
  
Property and equipment, net                          167,398,000
Intangible assets, net                               135,608,000
Other assets                                          26,843,000
                                                  --------------
Total assets                                        $817,394,000
                                                  ==============

               LIABILITIES and STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities            $196,873,000
Current portion of long-term debt                     48,000,000
Liabilities of discontinued operations               154,356,000
                                                  --------------
Total current liabilities                            399,229,000
                                                  --------------
Deferred lease obligation                             11,022,000

Liabilities subject to compromise                  1,392,668,000

Total liabilities                                  1,802,919,000
                                                  --------------

Stockholders' deficit:
Class A non-voting common stock,
      $1.00 par value; authorized 16,000,000
      shares; 14,945,144 shares issued
      and outstanding                                 14,945,000

Class B voting common stock, $1.00
      par value; authorized 121,500,000 shares;
      117,009,869 shares issued & outstanding        117,010,000
Additional paid-in capital                           329,489,000
Accumulated other comprehensive loss                 (25,277,000)
Accumulated deficit                               (1,421,692,000)
                                                  --------------
Total stockholders' deficit                         (985,525,000)
                                                  --------------
Total liabilities & stockholders' deficit           $817,394,000
                                                  ==============


                   Spiegel, Inc., and Subsidiaries
                        Debtors-in-Possession
           Unaudited Consolidated Statement of Operations
                    Four Weeks Ended July 31, 2004

Net sales and other revenues:
Net sales                                            $66,424,000
Other revenue                                          3,311,000
                                                  --------------
                                                      69,735,000

Cost of sales and operating expenses:
Cost of sales, including buying
      and occupancy expenses                          44,103,000
Selling, general & administrative expenses            27,290,000
                                                  --------------
                                                      71,393,000

Estimated loss of non-debtors                           (228,000)

Operating loss                                        (1,886,000)

Interest expense                                         414,000
                                                  --------------
Loss from operations before reorganization items      (2,300,000)
                                                  --------------
Reorganization items, net                              3,379,000
                                                  --------------
Loss from operations                                  (5,679,000)
                                                  --------------
Discontinued operations:
Loss from discontinued operations                    (29,612,000)
                                                  --------------
Net loss                                            ($35,291,000)
                                                  ==============


                   Spiegel, Inc., and Subsidiaries
                        Debtors-in-Possession
            Unaudited Consolidated Statement of Cash Flows
                    Four Weeks Ended July 31, 2004

Cash flows from operating activities:
Net loss                                            ($35,291,000)
Adjustments to reconcile net loss to net cash
      used in operating activities:
      Reorganization items, net                        3,379,000
      Depreciation and amortization                    2,704,000
      Change in assets and liabilities:
         (Increase) decrease in receivables, net       3,958,000
         (Increase) decrease in investments/advances     185,000
         (Increase) decrease in  inventories          (9,670,000)
         (Increase) decrease in prepaid expenses         729,000
         Increase (decrease) in accounts payable
            and other accrued liabilities              4,768,000
         Increase (decrease) in net liabilities of
            discontinued operations                   21,341,000
         (Increase) decrease in refundable
            income taxes                                (594,000)
                                                  --------------
Net cash used for operating activities                (8,491,000)
                                                  --------------
Net cash used for reorganization items                (1,784,000)

Cash flows from investing activities:
      Net additions to property and equipment         (1,264,000)
      Net additions to other assets                      (55,000)
                                                  --------------
Net cash provided by investing activities             (1,319,000)
                                                  --------------
Net cash provided by financing activities                      -
                                                  --------------
Effect of exchange rate changes on cash                 (141,000)
                                                  --------------
Net change in cash and cash equivalents              (11,735,000)
Cash & cash equivalents, beginning of period         193,996,000
                                                  --------------
Cash & cash equivalents, end of period              $182,261,000
                                                  ==============

Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general  
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


SPIEGEL INC: August 2004 Net Loss Narrows to $8.5 Million
---------------------------------------------------------

                   Spiegel, Inc., and Subsidiaries
                       Debtors-in-Possession
                Unaudited Consolidated Balance Sheet
                       As of August 28, 2004

                                ASSETS

Current assets:
Cash and cash equivalents                           $203,898,000
Receivables, net                                      30,403,000
Inventories                                          170,856,000
Prepaid expenses                                      36,509,000
Assets of discontinued operations                     77,737,000
                                                  --------------
Total current assets                                 519,403,000
                                                  --------------

Property and equipment, net                          125,070,000
Intangible assets, net                               135,608,000
Other assets                                          25,594,000
                                                  --------------
Total assets                                        $805,675,000
                                                  ==============

               LIABILITIES and STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities            $198,422,000
Current portion of long-term debt                     48,000,000
Liabilities of discontinued operations               151,454,000
                                                  --------------
Total current liabilities                            397,876,000
                                                  --------------
Deferred lease obligation                             10,756,000

Liabilities subject to compromise                  1,390,888,000

Total liabilities                                  1,799,520,000
                                                  --------------

Stockholders' deficit:
Class A non-voting common stock,
      $1.00 par value; authorized 16,000,000
      shares; 14,945,144 shares issued
      and outstanding                                 14,945,000

Class B voting common stock, $1.00
      par value; authorized 121,500,000 shares;
      117,009,869 shares issued & outstanding        117,010,000
Additional paid-in capital                           329,489,000
Accumulated other comprehensive loss                 (25,115,000)
Accumulated deficit                               (1,430,174,000)
                                                  --------------
Total stockholders' deficit                         (993,845,000)
                                                  --------------
Total liabilities & stockholders' deficit           $805,675,000
                                                  ==============


                   Spiegel, Inc., and Subsidiaries
                        Debtors-in-Possession
           Unaudited Consolidated Statement of Operations
                   Four Weeks Ended August 28, 2004

Net sales and other revenues:
Net sales                                            $74,020,000
Other revenue                                          2,876,000
                                                  --------------
                                                      76,896,000

Cost of sales and operating expenses:
Cost of sales, including buying
      and occupancy expenses                          46,709,000
Selling, general & administrative expenses            32,841,000
                                                  --------------
                                                      79,550,000

Estimated loss of non-debtors                           (354,000)

Operating loss                                        (3,008,000)

Interest expense                                         299,000
                                                  --------------
Loss from operations before reorganization items      (3,307,000)
                                                  --------------
Reorganization items, net                              4,066,000
                                                  --------------
Loss from operations                                  (7,373,000)
                                                  --------------
Discontinued operations:
Earnings from discontinued operations                 (1,109,000)
                                                  --------------
Net loss                                             ($8,482,000)
                                                  ==============


                   Spiegel, Inc., and Subsidiaries
                        Debtors-in-Possession
            Unaudited Consolidated Statement of Cash Flows
                   Four Weeks Ended August 28, 2004

Cash flows from operating activities:
Net loss                                             ($8,482,000)
Adjustments to reconcile net loss to net cash
      used in operating activities:
      Reorganization items, net                        4,066,000
      Depreciation and amortization                    2,647,000
      Loss on sale of property & equipment             2,937,000
      Change in assets and liabilities:
         (Increase) decrease in receivables, net       3,349,000
         (Increase) decrease in investments/advances     201,000
         (Increase) decrease in inventories           (9,471,000)
         (Increase) decrease in prepaid expenses        (862,000)
         Increase (decrease) in accounts payable
            and other accrued liabilities                974,000
         Increase (decrease) in net liabilities of
            discontinued operations                   (5,715,000)
         (Increase) decrease in refundable
            income taxes                                (624,000)
                                                  --------------
Net cash used for operating activities               (10,980,000)
                                                  --------------
Net cash used for reorganization items                (2,291,000)

Cash flows from investing activities:
      Net(additions) reductions to property and
         equipment                                    (2,671,000)
      Proceeds on sale of property and equipment      36,427,000
      Net reductions to other assets                     991,000
                                                  --------------
Net cash provided by investing activities             34,747,000
                                                  --------------
Net cash provided by financing activities                      -
                                                  --------------
Effect of exchange rate changes on cash                  161,000
                                                  --------------
Net change in cash and cash equivalents               21,637,000
Cash & cash equivalents, beginning of period         182,261,000
                                                  --------------
Cash & cash equivalents, end of period              $203,898,000
                                                  ==============

Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general  
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


UAL CORP: Posts $56.4 Million Net Loss in August 2004
-----------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, filed its August Monthly
Operating Report with the United States Bankruptcy Court.  The
company reported an operating loss of $12 million for August
2004.  Mainline passenger unit revenue decreased 5% year-over-
year.  Unit costs were up 4% over last year.  Excluding fuel, unit
costs improved 3% year-over-year.  The company reported a net loss
of $56 million, including $11 million in reorganization expenses.   
UAL met the requirements of its debtor-in-possession financing.  

"The weak domestic revenue environment, coupled with intense
competition and fuel prices still well above $40 a barrel  
continue to negatively impact United and the industry," said Jake  
Brace, executive vice president and chief financial officer.   
"The environment does not appear to be changing, so we must, if  
we are to be competitive.  The situation underscores our need to  
quickly reduce our cost structure even further and move forward  
with our restructuring work and our efforts to attract suitable  
exit financing."

Mr. Brace said fuel prices averaged $45 a barrel in August,  
compared with $32 a barrel in August 2003.  At the same time,  
average fares in August decreased substantially due to the highly  
competitive market.

UAL ended August with a cash balance of about $2.0 billion,  
which included $839 million in restricted cash (filing entities  
only).  The cash balance decreased approximately $77 million  
during the month of August.

United continued to deliver strong operational results in August,
with an on-time :14 arrival performance rate of 80.0% and a load
factor of 83.8%.  Employees also exceeded the company's goals for
August for customer satisfaction, as measured by definite intent
to repurchase.

A full-text copy of UAL Corporation's August 2004 Operating  
Report is available for free at the Securities and Exchange  
Commission at:

   http://www.sec.gov/Archives/edgar/data/100517/000010051704000033/sepmor.htm


             UAL Corporation and Subsidiary Companies
          Condensed Consolidating Statement of Operations
               For The Month Ended August 31, 2004
                         (In Thousands)

Total operating revenues                             $1,644,172

Total operating expenses                              1,656,336

Earnings (loss) from operations                         (12,164)

Non-operating income (expenses):
   Net interest expense                                 (33,292)
   Other income (expenses), net                            (173)
                                                     ----------
Total non-operating income (expenses)                   (33,466)

Net Earnings (loss) before Reorganization items         (45,630)

Reorganization items                                    (10,779)
                                                     ----------
Net earnings (loss)                                    ($56,409)
                                                     ==========

Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


WINSTAR COMMS: Releases July 2004 Monthly Operating Report
----------------------------------------------------------
Winstar Communications, Inc., delivered illegible copies of the  
balance sheet, income statement and statement of cash flows to  
the Bankruptcy Court Clerk.

Winstar posted a net profit of $2.4 million for July 2004.  Its  
balance sheet shows a $26.5 million net owners' equity as of
July 31, 2004.

A copy of Winstar's July 2004 Operating Report is available at no  
charge at:

    http://bankrupt.com/misc/july_2004_operating_report.pdf


                          *********

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.

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. Yvonne L.  
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo and Peter A. Chapman, Editors.

Copyright 2004.  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 $675 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
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                    *** End of Transmission ***