TCR_Public/050212.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, February 12, 2005, Vol. 9, No. 36

                          Headlines

360NETWORKS: Earns $7.8 Million of Net Income in September 2004
AMES DEPT: Monthly Operating Report for Period Ended Nov. 27, 2004
AMES DEPT: October 2004 Monthly Operating Report
ANC RENTAL: Posts $378,112 Net Loss in Fourth Quarter
ANC RENTAL: Restates December 31, 2002 Financial Statements

CATHOLIC CHURCH: Portland Files December 2004 Operating Reports
COVANTA: Post-Confirmation Quarterly Report Ending December 2004
COVANTA WTE: Earns $485,862 of Net Income in November 2004
FOOTSTAR INC: Revised December 2004 Monthly Operating Report
FRESH CHOICE: Posts $722,293 Net Loss for Period Ended Dec. 26

INTERSTATE BAKERIES: Files Financial Statements Ending Dec. 11
KAISER ALUMINUM: Earns $2 Million of Net Income in December 2004
MIRANT CORP: Posts $72.5 Million Net Loss in November 2004
MIRANT: MAGi Earns $59 Million of Net Income in November 2004
OWENS CORNING: Posts $6.6 Million Net Loss in November 2004

PARMALAT: Finanziaria Reports December 2004 Financial Results
PILLOWTEX CORP: Nov. 2004 Cash Receipts & Disbursements Report
SONICBLUE INC: Releases December 2004 Monthly Operating Report
TRINITY ENERGY: Releases December 2004 Operating Report
TRUMP HOTELS: Posts $72.6 Million Net Loss in December 2004

US AIRWAYS: Posts $188.9 Million Net Loss in October 2004
US AIRWAYS: Posts $58.4 Million Net Loss in November 2004
US AIRWAYS: Posts $87.8 Million Net Loss in December 2004

                          *********

360NETWORKS: Earns $7.8 Million of Net Income in September 2004
---------------------------------------------------------------

                      360networks Corporation
                     Consolidated Balance Sheet
                      As of September 30, 2004
                        Proforma - Unaudited

                              Assets


Current Assets
    Cash & Deposits                                 $26,002,772
    Restricted Cash                                     521,770
    Accounts Receivable                              11,346,677
    Prepaid & Others                                  5,373,459
    Intercompany                                              -
                                                    -----------
    Total Current Assets                             43,244,678

Fixed Assets                                         35,318,971
Fixed Assets - Intangibles                                    -
Assets Under Construction                             3,190,264
Assets Held for Resale                                1,459,827
Deferred Costs                                           42,437
                                                    -----------
TOTAL ASSETS                                        $83,256,177
                                                    ===========

                            Liabilities

Current Liabilities
    Accounts Payable & Accrued Liabilities          $42,640,223
    Income Taxes Payable                              4,114,427
    Deferred Revenue                                  3,861,144
                                                    -----------
    Total Current Liabilities                       $50,615,794

Deferred Revenue                                     45,969,960
Long-Term Debt                                                -
Other Long-term Liabilities                           9,795,391
                                                    -----------
Total Liabilities                                  $106,381,145

Shareholders' Equity (Deficit)
    Preferred Stock                                           -
    Share Capital                                  $137,509,620
    Retained Earnings                              (160,634,588)
                                                    -----------
Total Shareholders' Deficit                        ($23,124,968)
                                                    -----------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT         $83,256,177
                                                    ===========


                      360networks Corporation
                Consolidated Statement of Operations
                           (in thousands)

                                                        Nine
                                      Month Ended   Months Ended
                                       09/30/2004    09/30/2004
                                      -----------   ------------
Revenue                                   $16,852       $153,376

Operating costs                             3,954        107,930
Selling, general and administration         3,709         39,108
    Stock-based compensation                  174          2,304
    Provision for bad debts                (2,702)          (516)
Depreciation                                2,213         20,184
Accretion expense                             172          1,546
Restructuring expense                           -            487
                                         --------       --------
Operating income (loss)                     9,332        (17,667)
Net gain (loss) on sale of assets             (24)         1,624
Net gain (loss) on settlements                  -          3,840
Interest expense                           (1,403)       (11,477)
Interest income                                43            544
Other income (loss)                           (97)            (3)
                                         --------       --------
Income (loss) before income taxes           7,851        (23,139)
Provision for income taxes                     98            419
                                         --------       --------
NET INCOME (LOSS)                          $7,753       ($23,558)
                                         ========       ========


                      360networks Corporation
                Consolidated Statement of Cash Flows
                           (in thousands)

                                                        Nine
                                      Month Ended   Months Ended
                                      09/30/2004     09/30/2004
                                     ------------   ------------
Operating activities:
Net income (loss) for the period           $7,753       ($23,558)
Add items to reconcile net cash
    Stock-based compensation                  174          2,304
    Provision for bad debts                (2,702)          (516)
    Depreciation                            2,213         20,184
    Loss (gain) on sale of assets              24         (1,624)
    Loss (gain) on settlements                  -         (3,840)
    Changes in operating working
     capital items                         (9,399)       (18,800)
                                         --------       --------
Cash used by operating activities          (1,937)       (25,850)

Investing Activities:
Additions to property, equipment and
  network capacity                         (1,472)       (10,989)
Proceeds from sale of assets held for
  sale                                          -            607
Proceeds from sale of assets not in
  service                                      10          5,641
Change in restricted cash                     (17)           631
                                         --------       --------
Cash used by investing activities          (1,479)        (4,110)

Financing activities                            -              -

Net decrease in cash
  and cash equivalents                     (3,416)       (29,960)
Cash and cash equivalents
  - Beginning of period                    29,419         55,963
                                         --------       --------
  - End of period                         $26,003        $26,003
                                         ========       ========

Headquartered in Vancouver, British Columbia, 360networks, Inc. --
http://www.360.net/-- is a leading independent provider of fiber
optic communications network products and services worldwide. The
Company and its 22 debtor-affiliates filed for chapter 11
protection on June 28, 2001 (Bankr. S.D.N.Y. Case No. 01-13721),
obtained confirmation of a plan on October 1, 2002, and emerged
from chapter 11 on November 12, 2002. Alan J. Lipkin, Esq., and
Shelley C. Chapman, Esq., at Willkie Farr & Gallagher, represent
the Company before the Bankruptcy Court. When the Debtors filed
for protection from its creditors, they listed $6,326,000,000 in
assets and $3,597,000,000 in liabilities. (360 Bankruptcy News,
Issue No. 80; Bankruptcy Creditors' Service, Inc., 215/945-7000)


AMES DEPT: Monthly Operating Report for Period Ended Nov. 27, 2004
------------------------------------------------------------------

           Ames Department Stores, Inc., and Subsidiaries
           Unaudited Consolidated Condensed Balance Sheets
                        At November 27, 2004
                           (In Thousands)


ASSETS
Current Assets:
      Cash and cash equivalents                         $10,132
      Restricted cash                                    59,384
      Receivables                                         1,084
                                                     ----------
Total current assets                                     70,600
                                                     ----------
Fixed assets                                                  -
                                                     ----------
Total assets                                            $70,600
                                                     ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
      Accounts payable:
         Trade                                          $59,698
         Other                                           12,966
                                                     ----------
      Total accounts payable                             72,664

Self-insurance reserves                                  31,145
Accrued expenses                                         23,741
Liabilities subject to compromise                       848,701
                                                     ----------
Total liabilities                                       975,701

Stockholders' equity (deficit)
      Common stock                                          295
      Additional paid-in capital                        533,393
      Accumulated deficit                            (1,437,867)
      Treasury stock                                       (922)
                                                     ----------
Total stockholders' deficit                            (905,101)
                                                     ----------
Total liabilities and stockholders' deficit             $70,600
                                                     ==========


           Ames Department Stores, Inc., and Subsidiaries
     Unaudited Consolidated Condensed Statements of Operations
                For Five Weeks Ended October 2, 2004
                           (In Thousands)


Total revenue                                              $260

Costs and expenses
      Wind down expenses and other costs                    520
      Gain on sale of fixed assets                            -
      Professional fees                                      75
                                                     ----------
Loss before income taxes                                   (335)
                                                     ----------
Net Loss                                                  ($335)
                                                     ==========


           Ames Department Stores, Inc., and Subsidiaries
     Unaudited Consolidated Condensed Statements of Cash Flows
               For Four Weeks Ended November 27, 2004
                          (In Thousands)


Cash flows from operating activities:
      Net Income                                          ($335)
      Expenses not requiring the outlay of cash:
         Gain on sale of fixed assets                         -
                                                     ----------
Cash used by operations                                    (335)

Changes in working capital:
      Increase in receivables                               (70)
      Increase in accrued expenses & other liabilities       31

      Decrease in accounts payable                         (833)
      Increase in restricted cash                            (3)
                                                     ----------
Net cash provided by operating activities                (1,210)

Cash flows from financing activities:
      Change in liabilities subject to compromise           669
      Proceeds from the sale of fixed assets                  -
      Borrowings under DIP Credit Agreement                   -
                                                     ----------
Net cash provided by financing activities                  (669)

Decrease in cash and cash equivalents                      (541)
Cash and cash equivalents, beginning of period           10,673
                                                     ----------
Cash and cash equivalents, end of period                $10,132
                                                     ==========

Ames Department Stores filed for chapter 11 protection on
August 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217).  Albert
Togut, Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP
and Martin J. Bienenstock, Esq., and Warren T. Buhle, Esq., at
Weil, Gotshal & Manges LLP represent the Debtors in their
restructuring efforts.  When the Company filed for protection
from their creditors, they listed $1,901,573,000 in assets and
$1,558,410,000 in liabilities.


AMES DEPT: October 2004 Monthly Operating Report
------------------------------------------------

           Ames Department Stores, Inc., and Subsidiaries
           Unaudited Consolidated Condensed Balance Sheets
                        At October 30, 2004
                           (In Thousands)


ASSETS
Current Assets:
      Cash and cash equivalents                         $10,673
      Restricted cash                                    59,381
      Receivables                                         1,014
                                                     ----------
Total current assets                                     71,068
                                                     ----------
Fixed assets                                                  -
                                                     ----------
Total assets                                            $71,068
                                                     ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
      Accounts payable:
         Trade                                          $59,941
         Other                                           13,556
                                                     ----------
      Total accounts payable                             73,497

Self-insurance reserves                                  31,290
Accrued expenses                                         23,565
Liabilities subject to compromise                       848,482
                                                     ----------
Total liabilities                                       975,834

Stockholders' equity (deficit)
      Common stock                                          295
      Additional paid-in capital                        533,393
      Accumulated deficit                            (1,437,532)
      Treasury stock                                       (922)
                                                     ----------
Total stockholders' deficit                            (904,766)
                                                     ----------
Total liabilities and stockholders' deficit             $71,068
                                                     ==========


           Ames Department Stores, Inc., and Subsidiaries
     Unaudited Consolidated Condensed Statements of Operations
               For Four Weeks Ended October 30, 2004
                           (In Thousands)


Total revenue                                            $1,749

Costs and expenses
      Wind down expenses and other costs                    275
      Gain on sale of fixed assets                           --
      Professional fees                                      75
                                                     ----------
Income before income taxes                                1,399
                                                     ----------
Net Income                                               $1,399
                                                     ==========


           Ames Department Stores, Inc., and Subsidiaries
     Unaudited Consolidated Condensed Statements of Cash Flows
               For Four Weeks Ended October 30, 2004
                           (In Thousands)


Cash flows from operating activities:
      Net Income                                         $1,399

      Expenses not requiring the outlay of cash:
         Gain on sale of fixed assets                         -
                                                     ----------
Cash used by operations                                   1,399

Changes in working capital:
      Increase in receivables                               (63)
      Decrease in accrued expenses & other liabilities     (206)

      Decrease in accounts payable                         (722)
      Increase in restricted cash                             -
                                                     ----------
Net cash provided by operating activities                   408

Cash flows from financing activities:
      Change in liabilities subject to compromise        (1,258)
      Proceeds from the sale of fixed assets                  -
      Borrowings under DIP Credit Agreement                   -
                                                     ----------
Net cash provided by financing activities                (1,258)

Decrease in cash and cash equivalents                       850
Cash and cash equivalents, beginning of period           11,523
                                                     ----------
Cash and cash equivalents, end of period                $10,673
                                                     ==========


Ames Department Stores filed for chapter 11 protection on
August 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217).  Albert
Togut, Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP
and Martin J. Bienenstock, Esq., and Warren T. Buhle, Esq., at
Weil, Gotshal & Manges LLP represent the Debtors in their
restructuring efforts.  When the Company filed for protection
from their creditors, they listed $1,901,573,000 in assets and
$1,558,410,000 in liabilities.


ANC RENTAL: Posts $378,112 Net Loss in Fourth Quarter
-----------------------------------------------------

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

                                ASSETS


Current Assets
       Cash -- Operating                               $481,693
       Cash -- ANC Primary Disbursement                  10,288
       Cash -- Investment                            15,048,258
                                                    -----------
          Total Unrestricted Cash                    15,540,239

       Restricted Cash -- Tax Fee Escrow              5,134,268

       Accounts Receivable Other                        232,295
       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)
       Due to ANC Liquidating Trust                    (166,615)
                                                    -----------
          Total Receivables, net                         64,909
                                                    -----------
Total Current Assets                                 20,739,416

Other Assets -- Deposits                                 54,931
                                                    -----------
Total Assets                                        $20,794,347
                                                    ===========

                         LIABILITIES & CAPITAL

Administrative Liabilities
       Accounts Payable                                $584,889
       Reserve for Other Administrative Claims        1,525,000
                                                    -----------
Estimated Administrative and
Professional Fee Reserves                             2,109,889

Secured Liabilities
       Accrued Ad-Valorem Tax Reserve                 5,582,187

Priority Liabilities
       Accrued Prepetition Personal Property Taxes    2,472,582
       Other Priority Creditor Accruals                 444,127

General Unsecured Liabilities
       Reserves for General Unsecured Claims        458,583,411
                                                    -----------
Total Liabilities                                   469,192,197

Total Capital                                      (448,397,850)
                                                    -----------
Total Liabilities & Capital                         $20,794,347
                                                    ===========


                    ANC Rental Corporation, et al.
                       Statement of Operations
              For three months ending December 31, 2004


Total Revenues                                         $470,954

Expenses
       Citations                                              0
       Turnback Expense Charges                               0
       Damage Repair -- Collection                       (3,170)
       Unemployment Taxes -- State                            0
       Payroll Taxes -- Other                            (3,998)
       Bank Service Charges                                   0
       Consulting Fees                                  389,467
       Accounting -- Auditing Fees                            0
       Legal Fees                                       423,668
       Data Processing Services                          21,798
       Printed Forms/Stationery                             264
       Other Office Supplies                              1,465
       Courier/Overnight Delivery                            44
       Rent Expense                                           0
       Utilities                                              0
       Telephone/Communications                               0
       Personal Property Taxes                                0
       Non-Property Taxes                                14,945
       Business Licenses & Bonds                          2,896
       Environmental Costs                                    0
       Corporate Provision For Bad De                         0
       Travel -- Airfare                                    738
       Miscellaneous Other Expense (Operating)                0
       Interest Exp -- Other Notes                            0
       Interest Income                                      (15)
                                                    -----------
          Total Expenses                                849,066
                                                    -----------
Net Income                                            ($378,112)
                                                    ===========

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. 62; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ANC RENTAL: Restates December 31, 2002 Financial Statements
-----------------------------------------------------------
ANC Rental Corporation President John W. Chapman discloses in a
recent filing with the Securities and Exchange Commission that
the Company reported certain errors in its Dec. 31, 2002,
Consolidated Financial Statements.

On Feb. 1, 2005, ANC Rental determined to restate the Dec. 31,
2002, Financial Statements to correct those errors:


                                 AS PREVIOUSLY
                                    REPORTED     AS RESTATED
SELECTED DATA                    (in millions)  (in millions)
_____________                    _____________  _____________

BALANCE SHEET DATA

Liabilities:
   Accrued liabilities                  $235.7         $260.3
   Deferred income taxes                 253.7            0.0
   Total liabilities                   4,991.2        4,762.1

Shareholders' Deficit:
   Retained deficit                   (1,133.8)        (904.7)
Total shareholders' deficit             (285.6)         (56.5)

STATEMENT OF OPERATIONS DATA
Revenues                              $2,393.8       $2,530.6
Direct operating costs                 1,104.6        1,241.4


Mr. Chapman relates that ANC Rental reduced certain unreconciled
differences in accrued liability balances totaling $24 million
which relate to December 31, 2001, and prior periods.
Accordingly, the adjustment is reflected as a decrease in accrued
liabilities and a decrease in beginning retained deficit.

ANC Rental also adjusted the deferred income tax and other
liabilities accounts.  At December 31, 2002 and 2001, the Company
recorded a valuation allowance in excess of the total net
operating loss deferred tax asset amount.  Mr. Chapman says the
Company initially followed this approach because of concerns
regarding its ability to utilize its tax net operating losses to
offset deferred tax liabilities.  The Company recently determined
that a valuation allowance should have been recognized to the
extent that the Company's deferred tax assets exceed its deferred
tax liabilities.

Additionally, the Company reclassified certain of its tax
reserves to other liabilities in accordance with FASB No. 5
Accounting for Contingencies.  The effect on the consolidated
financial statements at December 31, 2002, is a decrease in the
valuation allowance of $185.5 million, a decrease in the deferred
tax liability of $68.2 million and an increase in accrued
liabilities of $48.6 million and a decrease in beginning retained
deficit of $205.1 million.

ANC Rental previously recorded certain airport-related charges
collected from customers as a reduction in direct operating
costs.  The Company has determined that these amounts should be
reflected as revenue, therefore, $136.8 million was reclassified
from directing operating costs to revenues.  This
reclassification had no impact on the loss from continuing
operations, net loss or shareholders' deficit.

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. 64; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


CATHOLIC CHURCH: Portland Files December 2004 Operating Reports
---------------------------------------------------------------

                         Pastoral Center
                Archdiocese of Portland in Oregon
                 Statement of Financial Position
                     As of December 31, 2004


ASSETS

Cash and cash equivalents                           $14,546,916
Accounts receivable, net                              2,873,692
Notes, estates and other receivables                 11,870,971
Loans receivable from Archdiocesan entities, net     11,675,159
Loans receivable from Archdiocesan housing entities     544,016
Interest receivable and other assets                    229,935
Inventories                                           1,393,474
Real Property                                           226,689
Deposits and prepaid expenses                           347,880
Investments                                          88,665,677
Advances to Archdiocesan housing entities             1,640,000
Land, buildings, and equipment, net                   8,211,271
                                                   ------------
Total Assets                                       $142,225,680
                                                   ============

LIABILITIES AND NET ASSETS

Liabilities:
   Prepetition
      Accounts payable                                 $777,185
      Accrued liabilities                             2,249,883
      Funds held for others
         Second Collections                              23,081
         Short-term investments payable              20,514,637
         Long-term pool investments payable          18,959,863
      Reserve for insurance claims                    2,343,946
      Notes payable                                  11,302,474
      Pre-need liability and reserve                    456,268
      Accrued port-retirement liability               7,607,264
                                                   ------------
   Total Prepetition Liabilities                    $64,234,601
                                                   ------------
   Postpetition
      Accounts payable                                  411,174
      Accrued liabilities                             1,742,587
      Funds held for others
         Second Collections                             224,662
         Short-term investments payable               1,418,797
         Long-term pool investments                   1,758,293
      Reserve for insurance claims                            -
      Notes payable                                           -
      Pre-need liability and reserve                     15,173
      Accrued port-retirement liability                       -
                                                   ------------
   Total Postpetition Liabilities                    $5,570,686
                                                   ------------
     Total Liabilities                              $69,805,287
                                                   ------------

Net Assets:
   Prepetition Net Assets:
      Charitable Trust Assets                       $69,520,682
      Other Assets                                   (3,280,248)
                                                   ------------
   Total Prepetition Net Assets                     $66,240,434
                                                   ------------

   Postpetition Net Assets:
      Charitable Trust Assets                         1,909,753
      Other Assets                                    4,270,206
                                                   ------------
   Total Postpetition Net Assets                     $6,179,959
                                                   ------------
      Total Net Assets                              $72,420,393
                                                   ------------
Total liabilities & net assets                     $142,225,680
                                                   ============


                         Pastoral Center
                Archdiocese of Portland in Oregon
                     Statement of Activities
             For the period ending December 31, 2004


Revenues, gains and other support
   Annual Catholic Appeal income                         $1,201
   Gross profit on cemetery sales                        54,276
   Contributions, gifts, annuities and bequests         152,897
   Operating support - Oregon Catholic Press                  -
   Investment income and realized gains (losses),
      net of expenses                                   508,254
   Change in unrealized losses                        2,016,732
   Insurance premiums, net                                    -
   Interest income from loans                            42,089
   Parish assessments                                   241,023
   Other income                                          76,041
   Departmental revenues                                 18,624
   Net assets released from restrictions                      -
                                                   ------------
   Total revenues, gains, and other support          $3,111,137
                                                   ------------

Expenses and program support:
   Program Services:
      Annual Catholic Appeal program support,
         grants and parish subsidies                   $120,829
      Clergy Services                                    42,748
      Catholic Schools                                   45,894
      Pastoral Services                                  40,974
      Evangelization Services                            54,132
      Public Services                                     8,935
      Tribunal Services                                  20,124
      Deposit and loan interest                         168,338
      Insurance program                                 198,686
      Cemetery operating expenses                        73,925
      High School grants/charitable annuities           (27,895)
      Other program expenses                            159,602
                                                   ------------
         Total program services                        $906,292
                                                   ------------
   Supporting Services:
      Archbishop, Vicar General
         and Chancellor Services                        $46,046
      Finance & Administration:
         Resource Development                            53,807
         Business Affairs                                 9,072
         Financial Services                              49,395
      Human Resources                                    26,795
      Shared Services                                    23,059
      Occupancy and physical plant expenses               9,547
      Designated funds expense                             (509)
      Bankruptcy expense                                304,194
      Depreciation expense                                    -
                                                   ------------
         Total supporting services                     $521,406
                                                   ------------
         Total expenses and program support          $1,427,698
                                                   ------------
Increase (decrease) in net assets before
   transfers and designations of net assets          $1,683,439

Fund transfers - in (out)                                     -

Designation of net assets                                     -
                                                   ------------
Increase (decrease) in net assets                    $1,683,439

Net assets at beginning of year                      70,736,954
                                                   ------------
Net assets at end of year                           $72,420,393
                                                   ============


                Archdiocese of Portland in Oregon
                            Cash Flow
             For the period ending December 31, 2004


Total Fixed Asset Expenditures & Development                  -
Total Contributions to General Fund                     $10,000
Total Cash Expenses                                     101,126
                                                   ------------
Total Cash Outlay                                      $111,126
                                                   ------------

Total Care withdrawal                                         -
Total Receivable Collection                              96,641
                                                   ------------
Total Cash In                                           $96,641
                                                   ------------
Investment Gain (Loss)                                 $330,669
                                                   ------------
Net Cash Flow Gain/(Loss)                              $316,184
                                                   ============

The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq. and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts.  In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities.  (Catholic
Church Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


COVANTA: Post-Confirmation Quarterly Report Ending December 2004
----------------------------------------------------------------

                         Liquidating Debtors
                  Post-Confirmation Quarterly Report
                   For Quarter Ending December 2004

                Disbursements     Disbursements
    Debtor      Under the Plan  to Professionals Other    Total
    ------      --------------  ---------------- -----  --------
Ogden New York      $623,866        $133,675      $49   $759,592
Services, Inc.                                             [sic]


Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad.  The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities.  On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation.  Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 74;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


COVANTA WTE: Earns $485,862 of Net Income in November 2004
----------------------------------------------------------
The WTE Debtors are:

      -- Covanta Warren Energy Resource Co., L.P.,
      -- Covanta Warren Holdings I, Inc.,
      -- Covanta Warren Holdings II, Inc., and
      -- Covanta Lake II, Inc.


                             WTE Debtors
                      Consolidated Balance Sheet
                       As of November 30, 2004

                                ASSETS


Cash                                                 $1,168,830
Inventory                                                     -
Accounts receivable                                  40,275,214
Land                                                          -
Machinery, fixtures and equipment                    96,808,955
Restricted funds                                      9,352,949
Other current assets                                      6,027
Other assets                                          3,371,793
                                                    -----------
Total assets                                       $150,983,768
                                                    ===========

                 LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Postpetition Liabilities:
   Subject to postpetition collateral
     or financing order                                       -
Advances from parent and affiliates                 $17,599,041
Accounts payable and other liabilities                9,423,726
                                                    -----------
Total postpetition liabilities                       27,022,767

Prepetition Liabilities:
Project Debt                                         78,966,819
Advances from parent and affiliates                  37,185,761
Liabilities Subject to Compromise                     3,526,638
Taxes/Others                                                  -
                                                    -----------
Total Prepetition Liabilities                       119,679,218
                                                    -----------

Shareholders' Equity:
Capital stock                                                 -
Capital surplus                                           5,820
Retained earnings - prepetition                      15,866,416
Retained earnings - postpetition                    (11,590,453)
                                                    -----------
Total Shareholders' Equity                            4,281,783
                                                    -----------
Total Liabilities and Shareholders' Equity         $150,983,768
                                                    ===========


                             WTE Debtors
                Consolidated Statements of Operations
                 From November 1 to November 30, 2004


INCOME:
Service, electric and construction revenue           $1,553,951
Waste-to-Energy project debt revenue                    982,604
                                                    -----------
            Total Income                              2,536,555

EXPENSES:
Operating and construction costs                      1,165,022
Waste-to-Energy project debt expense                    385,544
Depreciation and amortization expense                   337,924
Other - Net                                                   -
Cost allocations from parent & affiliates               160,000
Gain on sale of businesses                                    -
                                                    -----------
            Total Expenses                            2,048,490
                                                    -----------
NET OPERATING PROFIT/(LOSS)                             488,065

Non-Operating Income/(Expense)
Reorganization costs                                          -
Interest expense                                         (2,203)
                                                    -----------
Total Non-Operating Income (Expense)                     (2,203)
Income Taxes                                                  -
Income before cumulative effect of accounting
     Change                                             485,862
                                                    -----------
NET INCOME                                             $485,862
                                                    ===========


                             WTE Debtors
                  Consolidated Cash Flow Statements
                 From November 1 to November 30, 2004


Net income                                             $485,862
Depreciation and amortization                           316,161
Receivables                                          (2,302,507)
Other assets                                             22,340
Payables and accrued expenses                         1,024,561
Other liabilities                                             -
Property, plant and equipment expenditures             (139,952)
Restricted funds, net                                  (589,282)
(Repayments) issuance of debt, net                            -
Advances from parents & affiliates                     (165,765)
                                                    -----------
                                                     (1,348,582)

Cash, beginning balance                               2,517,412
                                                    -----------
Cash, ending balance                                 $1,168,830
                                                    ===========

Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad.  The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities.  On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation.  Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 74;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


FOOTSTAR INC: Revised December 2004 Monthly Operating Report
------------------------------------------------------------
On Jan. 31, 2005, Footstar, Inc., and its debtor-affiliates filed
with the U.S. Bankruptcy Court for the Southern District of New
York their monthly operating report for the month of December
2004.

On Feb. 4, 2005, the Debtors filed certain revised schedules to
the monthly report for the month of December 2004.  The Debtors
report a restated net income of $13.8 million from $16.5 million
for the same $90.9 million of net sales for December 2004.

At Jan. 1, 2004, Footstar, Inc.'s consolidated balance sheet
shows:

      Total Current Assets                       $345,200,000
      Total Assets                                394,300,000
      Current Liabilities                         102,700,000
      Total Liabilities Subject to Compromise     174,300,000
      Shareholders' Equity                        $61,100,000

A full-text copy of Footstar, Inc.'s December 2004 Monthly
Operating Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/1011308/000090951805000054/jd2-4ex_99
.txt


Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear.  As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores.  The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores.  The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350).  Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts.  When the Debtor filed for
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.  The Debtors remain in possession of
their assets and properties, and continue to operate their
businesses and manage their properties as debtors-in-possession
pursuant to sections 1107(a) and 1108 of the Bankruptcy Code.


FRESH CHOICE: Posts $722,293 Net Loss for Period Ended Dec. 26
--------------------------------------------------------------
On Feb. 4, 2005, Fresh Choice, Inc., filed with the United States
Bankruptcy Court for the Northern District of California its
monthly operating report for the four-week period ended Dec. 26,
2004.

The Company reported a $722,293 net loss in $4,741,695 of total
revenues for the period from Nov. 29, 2004 through Dec. 26, 2004.

At Dec. 26, 2004, Fresh Choice, Inc.'s balance sheet shows:

      Current Assets                      $6,346,037
      Total Assets                        21,749,048
      Current Liabilities                  6,813,563
      Total Prepetition Liabilities       12,493,324
      Total Liabilities                   21,434,041
      Total Equity                        $1,444,273

A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Dec. 26, 2004, is available at no charge at:


http://www.sec.gov/Archives/edgar/data/893741/000115752305001137/a4816910ex9
91.txt


Headquartered in Morgan Hill, California, Fresh Choice, Inc. --
http://www.freshchoice.com/-- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California.  The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318).  Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represents the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.


INTERSTATE BAKERIES: Files Financial Statements Ending Dec. 11
--------------------------------------------------------------

          Interstate Bakeries Corporation and Subsidiaries
                     Consolidated Balance Sheet
                      As of December 11, 2004

CURRENT ASSETS
    Accounts Receivable at end of period           $177,319,079
    Inc (Dec) in Accounts Receivable for period      (7,300,498)
    Inventory at end of period                       72,746,491
    Increase (Decrease) in Inventory for period      (1,293,932)
    Cash at end of period                            99,480,546
    Increase (decrease) in Cash for period           22,236,967

LIABILITIES
    Inc (Dec) in Liabilities Not
       Subject to Compromise                          8,736,946
    Inc (Dec) in Liabilities Subject to
       Compromise                                      (208,129)
    Taxes payable:
       Federal Payroll Taxes                         13,668,243
       State/Local Payroll Taxes                      4,124,346
       State Sales Taxes                                785,784
       Real Estate and Personal Property Taxes       10,156,140
       Other                                          5,832,520
                                                   ------------
       Total Taxes Payable                          $34,567,033
                                                   ============


          Interstate Bakeries Corporation and Subsidiaries
           Unaudited Consolidated Monthly Operating Report
                 Four Weeks Ended December 11, 2004


REVENUE

Gross Income                                       $252,622,065
Less Cost of Goods Sold
    Ingredients, Packaging, & Outside Purchasing     65,131,703
    Direct & Indirect Labor                          49,270,960
    Overhead & Production Administration             11,802,893
                                                   ------------
    Total Cost of Goods Sold                        126,205,556
                                                   ------------
       Gross Profit                                $126,416,509
                                                   ------------

OPERATING EXPENSES

Owner-Draws/Salaries                                          -
Selling & Delivery Employee Salaries                $63,185,446
Advertising and Marketing                             1,929,187
Insurance (Property, Casualty, & Medical)            15,736,900
Payroll Taxes                                         5,146,533
Lease and Rent                                        4,660,867
Telephone and Utilities                               1,370,944
Corporate Expense (Including Salaries)                7,500,000
Other Expenses                                       28,512,801
                                                   ------------
    Total Operating Expenses                       $128,042,678
                                                   ------------
EBITDA                                              ($1,626,169)

Restructuring Charges                                   272,018
Reorganization Professional Fees                      8,840,174
Depreciation and Amortization                         6,879,402
Other Income                                             (2,000)
Interest Expense                                      3,088,719
                                                   ------------
Operating Income (Loss)                             (20,704,482)
Income Tax Expense (Benefit)                         (6,226,862)
                                                   ------------
Net Income (Loss)                                  ($14,477,620)
                                                   ============

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation -- http://www.interstatebakeriescorp.com/-- is a
wholesale baker and distributor of fresh baked bread and sweet
goods, under various national brand names, including Wonder(R),
Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and
Drake's(R).  The Company employs approximately 32,000 in 54
bakeries, more than 1,000 distribution centers and 1,200 thrift
stores throughout the U.S.

The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts.


KAISER ALUMINUM: Earns $2 Million of Net Income in December 2004
----------------------------------------------------------------

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

                             ASSETS

Cash                                                    $55,544

Receivables:
   Trade                                                107,324
   Other                                                 17,397
                                                     ----------
Total Receivables                                       124,721

Inventories                                             127,892
Prepaid expenses and other current assets                45,429
                                                     ----------
Total current assets                                    353,586

Investments in and advances to subsidiaries              59,484
Intercompany receivables/payables, net                   (4,518)
Property, plant, and equipment - net                    214,681
Deferred income taxes                                         -
Other assets                                            769,324
                                                     ----------
Total Assets                                         $1,392,557
                                                     ==========


               LIABILITIES & STOCKHOLDERS' EQUITY


Liabilities not subject to compromise:
   Accounts Payable                                     $56,229
   Accrued interest                                         946
   Accrued salaries, wages and related expenses          32,168
   Accrued post retirement benefit -- current                 -
   Other accrued liabilities                             96,298
   Payable to affiliates                                 47,209
   Long term debt - current portion                       1,217
                                                     ----------
Total current liabilities                               234,067

Long-term liabilities                                    22,761
Accrued postretirement benefit obligation                     -
Long-term debt                                            2,212
Liabilities subject to compromise                     2,876,430
Minority interests                                          655

Stockholders' equity:
   Preference stock                                           -
   Common stock                                             789
   Additional capital                                   538,009

Accumulated deficit - As of filing date                (946,930)
Accumulated deficit - Post filing date               (1,327,854)
Accumulated other comprehensive income (loss)            (7,582)
Note receivable from parent                                   -
                                                     ----------
Total Liabilities & Stockholders' Equity             $1,392,557
                                                     ==========


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


Net Sales                                               $94,142

Costs and expenses:
   Cost of products sold                                 79,617
   Depreciation & amortization                            1,684
   Selling, administrative, R&D and general               8,407
   Other operating charges (benefits), net               (2,009)
                                                     ----------
Total costs and expenses                                 87,699
                                                     ----------
Operating income (loss)                                   6,443

Other income (expense):
   Interest expenses, net                                (1,080)
   Reorganization items                                  (1,765)
   Other-net                                               (963)
                                                     ----------
Income (loss) before
   income taxes and minority interest                     2,635

(Provision) benefit for income taxes                       (953)
Minority interests                                            -
Equity in income (loss) of subsidiaries                     337
                                                     ----------
Net income (loss)                                        $2,019
                                                     ==========


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


Receipts:
   Trade Receivables
      KACC Receivables                                  $72,044
      KAII Receivables                                   46,210
                                                     ----------
   Total Trade Receivables                              118,254

   COBRA receipts                                           659
   Proceeds from Hedging Settlement                         637
                                                     ----------
Total Receipts                                          119,550

Disbursements:
   Inventory/Raw Materials                               45,467
   Capital Expenditures                                   1,784
   Maintenance, Materials, etc.                           4,687
   Freight                                                3,448
   Utilities/Energy                                       5,346
   Hourly Payroll                                         7,593
   Salaried Payroll                                       3,708
   Hedging Activities                                       202
   VEBA Advances                                          1,900
   Medical - Current and Former Employees                 3,806
   Annual Insurance Premiums                                278
   Workmen's Compensation                                 1,029
   Credit Agreement Fees                                     38
   Corporate General and Administrative                   2,384
   JV Fundings - Alumina                                 12,362
   JV Fundings - Primary, Net of Minority Interest        8,798
   Other Disbursements                                    5,726
                                                     ----------
Total Operating and G&A Disbursements                   108,556

Reorganization Items                                      6,850
                                                     ----------
Total Disbursements                                     115,406
                                                     ----------
Net Cash Flow                                             4,144

Beginning Bank Cash Balances                             51,479
                                                     ----------
Ending Bank Cash Balances                                55,623

Reconciling Items                                           (79)
                                                     ----------
Ending Book Cash Balances                               $55,544
                                                     ==========

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, represent the Debtors in their restructuring efforts.  On
June 30, 2004, the Debtors listed $1.619 billion in assets and
$3.396 billion in debts.  (Kaiser Bankruptcy News, Issue No. 60;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


MIRANT CORP: Posts $72.5 Million Net Loss in November 2004
----------------------------------------------------------

              Mirant Corporation and Subsidiaries
                   Consolidated Balance Sheet
                    As of November 30, 2004


ASSETS

Cash and cash equivalents                        $1,483,160,766
Accounts receivable - net                           977,739,857
Assets from risk management activities              264,933,568
Derivative hedging instruments                                -
Inventories                                         365,996,539
Other                                               769,246,763
                                                ---------------
      Total Current Assets                        3,861,077,493


Property, plant and equipment                     5,164,559,336
Less: accumulated depreciation/depletion            788,418,029
Leasehold interests - net                         1,504,580,547
Construction work in progress                       110,224,480
Investment in suspended construction                249,739,876
                                                ---------------
      Total net property, plant and equipment     6,240,686,210

Investments                                         246,354,837
Long-term accounts receivable - net                  36,940,285
Notes receivable - net                                        -
Assets from risk management activities              125,279,416
Goodwill - net                                      587,304,353
Other intangibles - net                             270,509,509
Derivative hedging instruments                                -
Restricted cash, non-current                        209,986,865
Other long-term assets                                        1
Miscellaneous deferred charges                      412,162,768
                                                ---------------
      Total Non-current Assets                    1,888,538,034
                                                ---------------
      TOTAL ASSETS                              $11,990,301,737
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
   Debt                                          $1,392,700,315
   Accounts Payable                                 681,092,012
   Liabilities from risk management activities      480,068,261

   Obligations under energy deliveries               42,049,641
   Derivative hedging instruments                             -
   Other                                            407,768,972
   Miscellaneous deferred credits                   556,938,672
                                                ---------------
      Total postpetition liabilities              3,560,617,873

Prepetition Liabilities                           8,997,368,411
                                                ---------------
      TOTAL LIABILITIES                          12,557,986,284

EQUITY:
Minority interest in subsidiaries                   163,905,341
Mandatory redeemable securities                               -
Common stock                                          4,056,621
Additional paid-in capital                        4,917,963,428
Retained earnings                                (5,572,983,899)
Treasury stock, at cost                              (2,260,000)
Accumulated other comprehensive income              (78,366,038)
                                                ---------------
      Total Equity                                 (567,684,547)
                                                ---------------
      TOTAL LIABILITIES AND OWNERS' EQUITY      $11,990,301,737
                                                ===============


              Mirant Corporation and Subsidiaries
               Consolidated Statements of Income
            For the month ending November 30, 2004


REVENUES:
   Generation                                      $355,439,979
   Net trading revenue                               17,772,281
   Distribution                                      51,719,045
   Other                                                581,568
                                                ---------------
      Net Revenue                                   425,512,873

OPERATING EXPENSES:
   Energy cost                                      211,576,217
   Operations and maintenance                        88,075,828
   Depreciation and amortization                     25,450,420
   Gain on sale of property and investment              786,585
   Impairment loss                                    1,969,853
   Restructuring costs                                  287,800
                                                ---------------
      Total Operating Expenses                      328,146,703
                                                ---------------
      Income before non-operating income
      and expense                                    97,366,170

OTHER INCOME AND EXPENSES:
   Interest income                                    1,562,715
   Interest expense                                  (9,524,128)
   Equity in income of affiliates                     2,739,439
   Other                                              6,531,217
   Reorganization items                              (9,118,163)
   Minority interest                                 (1,762,943)
   Net income from discontinued operations              (94,251)
                                                ---------------
      Total Other Income                             (9,666,114)

Provision for income tax                            (15,176,531)
                                                ---------------
      NET PROFIT (LOSS)                            ($72,523,525)
                                                ===============


                       Mirant Corporation
         Unconsolidated Cash Receipts and Disbursements
            For the month ending November 30, 2004


Cash, beginning of month                           $229,272,008

Non-Operating Receipts:
   Loans & Advances                                  11,201,755
                                                ---------------
   Total non-operating receipts                      11,201,755
                                                ---------------
      Total receipts                                 11,201,755
                                                ---------------
      Total Cash Available                          240,473,763

Operating Disbursements                                       0

Reorganization Expenses                                  23,167
                                                ---------------
      Total disbursements                                23,167
                                                ---------------
Net Cash Flow                                        11,178,587
                                                ---------------
Cash, end of month                                 $240,450,595
                                                ===============


Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean.  Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D.
Tex. 03-46590).  Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


MIRANT: MAGi Earns $59 Million of Net Income in November 2004
-------------------------------------------------------------

       Mirant Americas Generation, LLC, and Subsidiaries
                   Consolidated Balance Sheet
                    As of November 30, 2004


ASSETS

Cash and cash equivalents                          $531,857,091
Accounts receivable - net                           484,593,741
Assets from risk management activities               87,559,992
Derivative hedging instruments                                -
Inventories                                         174,219,320
Other                                               178,891,781
                                                ---------------
      Total Current Assets                        1,457,121,925

Property, plant and equipment                     2,200,123,938
Less: accumulated depreciation/depletion            325,143,246
Leasehold interests - net                                     -
Construction work in progress                        50,807,326
Investment in suspended construction                174,273,603
                                                ---------------
      Total net property, plant and equipment     2,100,061,621

Investments                                              25,000
Long-term accounts receivable - net                  92,401,032
Notes receivable - net                              223,275,000
Assets from risk management activities                7,372,400
Other intangibles - net                             207,588,703
Derivative hedging instruments                                -
Restricted cash, non-current                          5,052,983
Other long-term assets                                        -
Miscellaneous deferred charges                      166,907,425
                                                ---------------
      Total Non-current Assets                      702,622,543
                                                ---------------
      TOTAL ASSETS                               $4,259,806,089
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
   Debt                                                      $0
   Accounts Payable                                 325,193,516
   Liabilities from risk management activities      193,373,011
   Obligations under energy deliveries                        -
   Derivative hedging instruments                             -
   Other                                            144,881,016
   Miscellaneous deferred credits                    16,335,080
                                                ---------------
      Total postpetition liabilities                679,782,623

Prepetition Liabilities                           3,441,420,956
                                                ---------------
      TOTAL LIABILITIES                           4,121,203,579

EQUITY:
Minority interest in subsidiaries                        35,002
Mandatory redeemable securities                               -
Common stock                                              1,000
Additional paid-in capital                        3,858,859,362
Retained earnings                                (3,720,292,854)
Treasury stock, at cost                                       -
Accumulated other comprehensive income                        -
                                                ---------------
      Total Equity                                  138,602,510
                                                ---------------
      TOTAL LIABILITIES AND OWNERS' EQUITY       $4,259,806,089
                                                ===============


       Mirant Americas Generation, LLC, and Subsidiaries
               Consolidated Statements of Income
             For the month ending November 30, 2004


REVENUES:
   Generation                                      $243,607,513
   Net trading revenue                                        -
   Distribution                                               -
   Other                                                 38,920
                                                ---------------
      Net Revenue                                   243,646,433

OPERATING EXPENSES:
   Energy cost                                      127,590,003
   Operations and maintenance                        44,828,084
   Depreciation and amortization                      7,492,273
   Gain on sale of property and investment                    -
   Impairment loss                                       18,249
   Restructuring costs                                  235,368
                                                ---------------
      Total Operating Expenses                      180,163,977
                                                ---------------
      Income before non-operating income
      and expense                                    63,482,456

OTHER INCOME AND EXPENSES:
   Interest income                                            -
   Interest expense                                    (720,356)
   Equity in income of affiliates                             -
   Other                                                 11,538
   Reorganization items                              (4,193,922)
   Minority interest                                          -
   Net income from discontinued operations                    -
                                                ---------------
      Total Other Income                             (4,902,740)

Provision for income tax                                346,891
                                                ---------------
NET PROFIT (LOSS)                                   $58,926,607
                                                ===============


       Mirant Americas Generation, LLC, and Subsidiaries
         Unconsolidated Cash Receipts and Disbursements
             For the month ending November 30, 2004


Cash, beginning of month                           $156,405,582

Non-Operating Receipts:
   Loans & Advances                                  (6,360,179)
                                                ---------------
   Total non-operating receipts                      (6,360,179)
                                                ---------------
      Total receipts                                 (6,360,179)
                                                ---------------
      Total Cash Available                          150,045,402

Operating Disbursements                                       0

Reorganization Expenses                                       0
                                                ---------------
      Total disbursements                                     0
                                                ---------------
Net Cash Flow                                        (6,360,179)
                                                ---------------
Cash, end of month                                 $150,045,402
                                                ===============


Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean.  Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D.
Tex. 03-46590).  Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


OWENS CORNING: Posts $6.6 Million Net Loss in November 2004
-----------------------------------------------------------

                  Owens Corning and Subsidiaries
                    Consolidated Balance Sheets
                      As of November 30, 2004
                          (In Thousands)


Current Assets:
   Cash and cash equivalents                           $625,522
   Receivables                                          371,585
   Receivables-Inter-company                            980,997
   Inventories                                          172,592
   Insurance for Asbestos Litigation Claims                   0
   Deferred Income Taxes                                    484
   Income Tax Receivable                                  6,476
   Other Current Assets                                  23,967
                                                     ----------
Total Current Assets                                 $2,181,623

Other Assets:
   Insurance for Asbestos Litigation Claims               4,220
   Restricted Cash                                      166,908
   Restricted cash and securities                             0
   Deferred Income Taxes                              1,015,215
   Goodwill                                              48,568
   Investment in Affiliates                              29,539
   Investment in Subsidiaries                         2,022,050
   Notes Receivable - Intercompany                        5,270
   Other Non-current Assets                             539,933
                                                     ----------
Total Other Assets                                    3,831,703

Plant & Equipment:
   Land                                                  35,665
   Buildings & Leasehold Improvements                   547,213
   Machinery & Equipment                              2,160,665
   Construction in Progress                              72,204
   Less: Accumulated Depreciation                     1,538,529
                                                     ----------
Net Plant and Equipment                               1,277,218
                                                     ----------
TOTAL ASSETS                                         $7,290,544
                                                     ==========

Liabilities not Subject to Compromise:
   Accounts Payable & Accrued Liabilities               502,132
   Inter-company Liabilities                            836,754
   Short-term debt                                            0
   Long-term debt - current portion                       1,918
                                                     ----------
Total Current Liabilities                             1,340,804

Long-Term Debt                                            6,177
Other Employee Benefits Liability                       210,906
Pension Plan Liability                                  580,574
Other Liability                                         154,029
                                                     ----------
Total Non-Current Liabilities                           945,509
                                                     ----------
Total Postpetition Liabilities                        2,292,490

Prepetition Liabilities:
   Accounts Payable and Accrued Liabilities             357,373
   Other Employee Benefits Liability                    210,903
   Pension Plan Liability                                     0
   Debt-US Bank Credit Facility                       1,450,986
   Debt-Bonds & Other                                 1,507,369
   Asbestos-Related Liability                         2,731,188
   Inter-company                                      2,452,666
   Other                                                      0
                                                     ----------
Total Prepetition Liabilities                         8,710,485
Total Liabilities                                    11,002,975
Minority Interest                                             0

Stockholder's Equity:
   Common Stock                                         695,958
   Retained Earnings (Deficit)                       (4,074,924)
   Accumulated Comprehensive Income (Loss)               (4,943)
   Other                                               (328,522)
                                                     ----------
Net Stockholder's Equity                             (3,712,431)
                                                     ----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY             $7,290,544
                                                     ==========


                  Owens Corning and Subsidiaries
               Consolidated Statements of Operations
               For the Month Ended November 30, 2004
                          (In Thousands)


Net sales                                              $337,292
Cost of Sales                                           271,355
                                                     ----------
Gross Margin                                             65,937

Operating Expenses:
   Marketing and Administrative Expenses                 39,688
   Science and Technology Expenses                        1,233
   Provision for Asbestos Litigation Claims                   0
   Insider Compensation                                     804
   Restructure Costs                                          0
   Other Expenses                                        13,834
                                                     ----------
Income (Loss) from Operations                            10,378

Other Expenses:
   Cost of Borrowed Funds                                   276
   Other                                                      0
                                                     ----------
Income (Loss) Before Reorganization Items                10,102

Reorganization Items:
   Professional Fees                                      7,191
   U.S. Trustee Quarterly Fees                                0
   Interest Earned on Accumulated Cash from Chapter 11     (320)
   (Gain) Loss from sale of equipment                         0
   (Gain) Loss from Settlement of Liabilities                 0
   Other Reorganization Expenses                          1,998
                                                     ----------
Total Reorganization Expenses                             8,869
                                                     ----------
Income (Loss) Before Income Taxes                         1,233

Provision (credit) for Income Tax                         8,097
                                                     ----------
Income (Loss) Before Minority Interest and
   Equity in Net Income (Loss) of Affiliates             (6,864)
Minority interest                                             0
Equity in net income (loss) of affiliates                   267
                                                     ----------
Net Income (Loss)                                       ($6,597)
                                                     ==========


                  Owens Corning and Subsidiaries
     Consolidated Statements of Cash Receipts & Disbursements
               For the Month Ended November 30, 2004
                          (In Thousands)


Cash, Beginning of Month                               $560,082

Receipts:
   Customer Receipts                                    357,274
   Inter-company Sales                                    3,328
   Loans and Advances                                         0
   Sale of Assets                                             0
   Other Receipts                                         2,495
   Inter-company Transfers                               99,419
   Transfers from DIP                                   395,389
                                                     ----------
Total Receipts                                         $857,905

Disbursements:
   Net Payroll                                           32,808
   Payroll Taxes                                             14
   Sales Use & Other Taxes                                6,299
   Inventory Purchases                                  122,523
   Insurance                                              5,462
   Administrative & Selling                              52,512
   Other                                                 92,125
   Inter-company Transfers                               81,342
   Transfers to DIP                                     395,389
   Professional Fees                                      3,991
   U.S. Trustee Quarterly Fees                                0
   Court costs                                                0
   Adjustment                                                 0
                                                     ----------
Total Disbursements                                     792,465

Net Cash Flow                                            65,440
                                                     ----------
Cash -- End of Month                                   $625,522
                                                     ==========

Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts.  The Company filed for
chapter 11 protection on October 5, 2000 (Bankr. Del. Case. No.
00-03837).  Mark S. Chehi, Esq., at Skadden, Arps, Slate,
Meagher & Flom, represents the Debtors in their restructuring
efforts.  At Sept. 30, 2004, the Company's balance sheet shows
$7.5 billion in assets and a $4.2 billion stockholders' deficit.
The company reported $132 million of net income in the
nine-month period ending Sept. 30, 2004. (Owens Corning
Bankruptcy News, Issue No. 99; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


PARMALAT: Finanziaria Reports December 2004 Financial Results
-------------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration reports
the operating and financial results for the Parmalat Group as at
December 31, 2004.

[The] announcement . . . provides information in a manner
consistent with the quarterly reporting guidelines provided in
Annex 3D to the Consob regulation set out in Resolution No.
11971/99.

                      Scope of Consolidation

The scope of consolidation has been defined applying principles
consistent with those adopted in preparing the income statement
and balance sheet as at June 30, 2004.  Non-Italian operations of
the Group classified as non-core that were consolidated line by
line at December 31, 2003 and which are currently subject to
certain restrictions on their management as a result of local
bankruptcy proceedings that have effectively placed them outside
the control of Parmalat Finanziaria SpA in Extraordinary
Administration, and companies in voluntary liquidation, are no
longer consolidated on a line-by-line basis.

Consequently, pro forma data for the previous year have been
restated to reflect the new scope of the line-by-line
consolidation.  [T]he restated data are compared with those for
the current fiscal year.

The results for 2004 do not include the contribution of companies
that were divested during 2004 (Parmalat Chile, Parmalat
Dominicana, Parmalat Argentina, and their subsidiaries) and of
companies that comprised the USA Bakery Division (Mother's
Cake & Cookies, Archway Cookies and three production units in
Canada) which were divested in January 2005.

                        Financial Highlights

                    Cumulative Through December
                         (in EUR millions)

                                           Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities            3,800.9        3,800.9  3,681.9
     Non Core Activities        1,853.9          783.6    243.8
                               --------  -------------  -------
     Total                      5,654.8        4,584.5  3,925.8
                               ========  =============  =======

                                             EBITDA
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities              210.0          210.0    273.2
     Non Core Activities          (82.8)         (45.2)    21.4
                               --------  -------------  -------
     Subtotal                     127.2          164.8    294.6
     Proceedings costs                                    (90.0)
     Writedowns of current
        assets & other
        provisions                                        (18.2)
     Total                        127.2          164.8    186.4
                               ========  =============  =======

                                          % of Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities              5.5          5.5       7.4
     Non Core Activities         (4.5)        (5.8)      8.8
                               --------  -------------  -------
     Subtotal                     2.2          3.6       7.5
     Total                        2.2          3.6       4.7[sic]
                               ========  =============  =======


                           Fourth Quarter
                         (in EUR millions)

                                           Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities            1,024.5        1,024.5    959.7
     Non Core Activities          474.2          202.3    157.7
                               --------  -------------  -------
     Total                      1,498.7        1,226.8  1,017.5
                               ========  =============  =======

                                            EBITDA
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities               47.9           47.9     80.3
     Non Core Activities          (16.9)          (9.9)    (3.4)
                               --------  -------------  -------
     Total                         31.0           38.0     76.9
                               ========  =============  =======

                                         % of Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities                4.7            4.7      8.4
     Non Core Activities           (3.6)          (4.9)    (5.8)
                               --------  -------------  -------
     Total                          2.1            3.1      7.6
                               ========  =============  =======

       * The Core Businesses include beverages (milk and fruit
         juices) and functional dairy products, focused on
         approximately 30 brands (global and strong local brands)
         primarily in high-potential countries where there is
         sustained demand for wellness products, consumers are
         willing to pay a premium price for Parmalat brands, and
         where there is access to leading-edge technologies.

      ** The Non-core Businesses are those that are located in
         countries or engaged in activities that are not
         strategically significant and have been earmarked for
         divestiture.

     *** Writedowns of current assets and other provisions
         include only adjustments made to items recognized after
         the start of the Extraordinary Adminsitration.

                         Core Businesses

The Group's Core Businesses reported revenues of EUR3,681.9
million at December 31, 2004, down slightly (-3.1%) from the
EUR3,800.9 million booked last year.  However, EBITDA increased
to EUR273.2 million, 30.0% higher than the EUR210.0 million
reported at December 31, 2003.

The combined impact of successful marketing initiatives and
efforts to reduce operating costs and overheads, which more than
offset the impact of lower unit sales, explains the markedly
improved operating performance.

Revenues for the fourth quarter of 2004 were EUR959.7 million,
6.3% lower than in the same period last year (EUR1,024.5 million).
However, EBITDA increased 67.6%, rising from EUR47.9 million to
EUR80.3 million.

[Parmalat provides an] analysis of the Group's results in
the main geographic regions in which it operates:

     -- Italy

        Cumulative 2004 revenues decreased to EUR1,367.1 million,
        7.9% less than the EUR1,484.3 million reported at
        December 31, 2003.  The revenue decrease was, however,
        accompanied by an increase in EBITDA, which grew to
        EUR90.3 million (6.6% of net revenues), compared with
        EUR69.8 million (4.7% of net revenues) at December 31,
        2003.

        In the fourth quarter of 2004, net revenues totaled
        EUR337.9 million and EBITDA came to EUR23.7 million (7.0%
        of revenues), compared with EUR357.7 million and EUR4.1
        million (1.1% of revenues), respectively, in the last
        quarter of 2003.  A strong performance by the Milk and
        Fresh Dairy Products Divisions (particularly in the
        yogurt segment) was the main reason for the improvement
        in cumulative results.  Despite lower unit sales of UHT
        and fresh milk, the Milk Division reported increased
        EBITDA thanks to a more favorable sales mix, higher sales
        of functional milks (Omega 3 and Zymil, which has become
        the fourth brand in its segment in Italy) and lower
        spending on promotions and advertising for conventional
        products.  The strongly positive unit sales and operating
        results achieved in the yogurt segment were made possible
        by strong demand for Parmalat branded products (whole
        milk and 0.1%), which continued in 2004 thanks to their
        excellent market position and successful promotional
        programmes.  The cumulative data for the fruit juice
        operations reflect the negative impact of weather
        conditions that were less favorable than in 2003.

        Demand should improve following the recent launch of a
        corporate advertising campaign, which is expected to
        produce benefits similar to those generated by the Kyr
        and Zymil campaigns.

     -- Spain

        At December 31, 2004, revenues totaled EUR222.6 million,
        or 2.4% less than the EUR228.0 million reported a year
        earlier.  EBITDA was also lower, down both in absolute
        terms (from EUR20.2 million to EUR14.8 million) and as a
        percentage of revenues (from 8.9% to 6.7%).

        Revenues and EBITDA for the fourth quarter of 2004 were
        down year on year, decreasing to EUR49.7 million (EUR50.6
        million in 2003) and EUR2.5 million (EUR2.6 million in
        2003), respectively.  The main reasons for the
        contraction in operating results compared with the data
        at December 31, 2003 were a rise in the cost of packaging
        plastics, higher prices paid for milk (although the
        upward trend was less pronounced in December than it was
        during the rest of the year) and aggressive promotions
        and price competition from competitors with a global
        reach in the yogurt (specifically in smoothies) and
        dessert segments.  Intensive advertising campaigns by
        Parmalat's competitors in the flavored milk segment also
        had a negative impact on the performance of the Group's
        Spanish operations.  Moreover, unit sales of seasonal
        products (Royne-branded ice creams, shakes and almond
        -flavored beverages) were down sharply due to the less
        favorable weather that characterised the summer of 2004
        compared with 2003.

        However, increased production of generic-brand yogurt and
        the 4.0% increase in retail milk prices that came into
        effect in October, coupled with a reduction in
        advertising expenses, has begun to reverse the trend that
        characterized operating results in the earlier part of
        the year.

     -- South Africa

        Annual revenues grew to EUR252.7 million this year, up
        22.9% compared with the EUR205.6 million reported in
        2003.

        EBITDA showed the same positive trend, rising from
        EUR20.1 million to EUR22.8 million (+13.4%).  The
        improvement in cumulative revenues and EBITDA over 2003
        was made possible by the appreciation of the South
        African rand versus the euro compared with December 2003
        (the average exchange rate was up 6.0% compared with
        2003) and by a sharp rise in unit sales of low-margin
        products (bulk cheese in particular), which provided
        better coverage for fixed production costs and helped
        reduce the excess inventory that had existed in South
        Africa.  At the same time, increased shipments of
        products such as fruit juices, desserts, yogurt and
        premium cheeses (the recent Simonsberg and Melrose
        acquisitions were a factor) helped boost EBITDA.

        The principal negative factors that affected the Group's
        operations in South Africa included higher transportation
        and distribution costs and the inability to raise the
        retail prices of dairy products.

        Fourth quarter revenues totaled EUR74.4 million (EUR68.2
        million in 2003).  At EUR8.6 million, EBITDA were
        slightly higher than the EUR8.2 million earned in the
        last three months of 2003.

     -- Venezuela

        In December, the Bolivar continued to lose value against
        the euro (-27.6% compared with the average exchange rate
        for the same month in 2003).  Against this backdrop
        cumulative revenues decreased to EUR145.0 million in
        2004, 26.9% lower than the EUR198.3 million booked in
        2003.  The same was true for EBITDA, which fell both in
        absolute terms (down from EUR20.9 million to EUR6.8
        million) and as a percentage of net revenues (from 10.6%
        to 4.7%).

        The financial difficulties experienced by the Group's
        Venezuelan operations, which resulted in a halt in the
        importation of numerous raw materials, the decision by
        the Venezuelan Government to regulate the markets for
        "basic" powdered milk, increases in the price paid for
        raw materials (especially milk) and packaging plastics
        were the principal negative factors underlying the
        deterioration in operating performance.

        On a more positive note, the sales data for the closing
        months of the year point to the beginnings of a recovery
        for the Venezuelan companies, made possible by the
        implementation of reorganization and refocusing programs.
        The product categories that enjoyed unit sales increases
        include pasteurized milk, fruit juices, yogurt and
        fermented milk.

        In the fourth quarter of 2004, revenues totaled EUR34.2
        million (EUR48.6 million in 2003) and EBITDA amounted to
        EUR3.0 million (EUR2.7 million in 2003).

     -- Canada

        Revenues totaled EUR1,187.2 million in 2004, up from
        EUR1,172.1 million in 2003.  The increase in net revenues
        produced a significant gain in EBITDA, which rose both in
        absolute terms (EUR86.8 million, up 29.0% from EUR67.3
        million at December 31, 2003) and as a percentage of net
        revenues (from 5.7% to 7.3%).

        These improvements were largely the result of a strong
        performance in the core ingredients, cheese and yogurt
        segments.  All three posted higher sales than in 2003.
        In the fruit juice segment, unit sales were relatively
        flat, but margins increased.  Additional factors that
        contributed to the positive operating results include
        reduced marketing expenses and lower overheads and the
        rapid implementation of some of the initiatives outlined
        in the Group's industrial plan.  These initiatives
        include: renegotiation of contracts with certain
        suppliers, expansion of the contract with Canada's
        largest retail chain, a reduction in distribution costs,
        reorganization of manufacturing processes and a
        streamlining of the product portfolio.  These positive
        factors more than offset the negative impact of a slight
        decrease in the value of the Canadian dollar versus the
        euro (-2.2% compared with the average exchange rate in
        December 2003).

        In the fourth quarter of 2004, revenues totaled EUR337.9
        million (EUR330.4 million in 2003) and EBITDA increased
        to EUR30.9 million (EUR18.8 million in 2003).

     -- Australia

        Helped in part by the appreciation of the Australian
        dollar versus the euro (+2.8% compared with the average
        rate through December 2003), revenues for 2004 grew to
        EUR384.7 million, up from EUR381.2 million in 2003.
        EBITDA totaled EUR33.0 million, or 0.6% less than the
        EUR33.2 million earned last year.

        Higher unit sales of pasteurized milk made possible by
        increased production for private labels, the start of a
        supply contract with a large local distributor and rising
        shipments of yogurt account for most of the revenue
        gain.  Additional positive factors include the
        containment of overhead and promotional and
        transportation expenses, a more effective raw materials
        procurement policy, and the streamlining of production
        facilities.

        In the fourth quarter of 2004, revenues totaled EUR107.1
        million (EUR111.7 million in 2003).  EBITDA amounted to
        EUR10.4 million, compared with EUR14.0 million in the
        last three months of 2003.

                       Non-core Businesses

In 2004, the Group's Non-core Businesses reported revenues of
EUR243.8 million, down 68.9% on the EUR783.6 million booked in
2003.

The favorable trend that started the year continued in December
with EBITDA remaining positive despite the decrease in net
revenues.  EBITDA totaled EUR21.4 million (negative EBITDA of
EUR45.2 million in 2003), due mainly to a change in the treatment
of certain items attributed to Parma F.C. that relate to the sale
of some of the team's players.

Revenues for the fourth quarter of 2004 decreased to EUR57.7
million (EUR202.3 million in 2003), but EBITDA improved to a
negative EUR3.4 million (negative EUR9.9 million in 2003).

Foreign companies that were divested in 2004 and are no longer
consolidated line by line had revenues of EUR439.0 million
and negative EBITDA of EUR20.8 million in 2003.

The year-on-year improvement in cumulative EBITDA is
attributable primarily to the success of programs implemented by
certain Italian businesses.

                              Italy

The operations of Parmalat SpA designated as Non-core Businesses
had lower revenues than at December 31, 2003.  Nevertheless,
EBITDA improved, rising from a negative EUR16.5 million to a
negative EUR3.0 million.  The decision to discontinue the water
business and the implementation of deep cuts in promotional and
advertising spends for bakery goods and fruit juices mainly
explain the improved results.

                           Divestitures

During 2004, the Group divested its investments in MCC Spa,
Capitalia Spa, Fondo di Investimento Alfieri, Parmalat Thailand
Ltd, Parmalat Trading Thailand Ltd, Parmalat Chile SA, Parmalat
Dominicana SA and Parmalat Argentina SA (99.99%), and their
subsidiaries; it sold the assets of Parmalat de Mexico SA and, in
January 2005, the companies that comprised the USA Bakery
Division (Mother's Cake & Cookies, Archway Cookies and three
production units in Canada).  It also disposed of certain real
estate assets and sold the Coca-Cola bottling franchise owned by
Parmalat Australia Ltd.

These divestitures enabled the Group to generate proceeds
amounting to EUR53.0 million and to deconsolidate indebtedness
totaling about EUR121.0 million.

The Group is currently in the process of divesting the
following assets: the Italy Bakery Division, Streglio Spa
in Extraordinary Administration, Parma F.C. Spa, companies in
Uruguay and China, a building owned by Eurolat, and an equity
investment in NOM AG.

                        NET FINANCIAL POSITION

                    Highlights (in EUR millions)

                                Balance
               Balance      as at    Balance   Balance   Balance
                 as at   12/31/03      as at     as at     as at
              12/31/03  Pro-Forma   06/30/04  11/30/04  12/31/04
              --------  ---------   --------  --------  --------
Short term
financial
assets         (121.4)    (104.7)    (130.5)   (356.8)   (368.2)

broken down as:

   Financial
   assets not
   held as
   fixed
   assets       (20.9)     (20.9)      (5.4)     (0.4)     (0.4)

   Liquid
   assets      (100.5)     (83.8)    (125.1)   (356.4)   (367.7)

Financial
accrued
income and
prepaid
expenses
(incl.
intra-Group)    (61.9)     (57.2)     (55.0)    (25.0)    (25.6)
               -------   --------    -------   -------   -------
Total
short-term
financial
assets         (183.3)    (161.9)    (185.5)   (381.9)   (393.8)
               =======   ========    =======   =======   =======

Financial
debts         13,457.5   11,402.6   11,408.0  11,480.8  11,386.7

Financial
accrued
expenses &
deferred
income           256.2      200.8      246.6     231.2     231.2
               -------   --------    -------   -------   -------

Total
financial
liabilities   13,713.7   11,603.4   11,654.6  11,712.0  11,617.9

Indebtedness
owed to
lenders
outside
the Group/
(Financial
assets) of
companies
consolidated
line-by-line  13,530.4   11,441.5   11,469.1  11,330.2  11,224.1

Indebtedness
owed by
companies
consolidated
line-by-line
to companies
that are
parties to
local
composition-
with-
creditors
proceedings          -      745.8      745.8     745.8     728.0

Indebtedness/
(Financial
assets)
of companies
consolidated
line-by-line  13,530.4   12,187.3   12,214.9  12,076.0  11,952.2

Indebtedness/
(Financial
assets) of
companies not
consolidated
line-by-line      49.4        4.3        4.3       4.3       6.9
               -------   --------    -------   -------   -------
Total
indebtedness/
(financial
assets)       13,579.8   12,191.6   12,219.2  12,080.3  11,959.0
              ========   ========   ========  ========  ========

At December 31, 2004, the Group's total indebtedness had fallen to
EUR11,959.0 million, or EUR121.3 million less than the EUR12,080.3
million it owed at November 30, 2004.  The deconsolidation of
divested businesses (Parmalat Argentina and its subsidiaries and
the companies that comprised the USA Bakery Division), an increase
in liquid assets, a reduction in indebtedness and the impact of
foreign exchange differences account for this improvement.

The combined indebtedness owed to lenders outside the Group by
subsidiaries that are parties to local composition-with-creditors
proceedings and, consequently, have been deconsolidated, is not
reflected in the net financial position.  At December 31, 2004,
these borrowings totaled EUR2,484.4 million (EUR2,437.3 million at
June 30, 2004).  Because some of these borrowings are secured by
guarantees provided Parmalat SpA and Parmalat Finanziaria SpA to
the amount of EUR1,668.1 million (EUR1,753.4 million at June 30,
2004), a reserve for risks of an amount equal to the guaranteed
indebtedness (EUR1,675.2 million) was established in the
consolidated financial statements at June 30, 2004.  Based on
currently available information, it is considered reasonable to
adjust the reserve amount to an amount of EUR1,657.1 million.  The
consolidated financial statements also show that indebtedness owed
by the Group to companies in special proceedings that are not
consolidated line by line amounted to EUR728.0 million (EUR745.8
million at June 30, 2004).

As of today, no amount has been drawn down from the EUR105.8-
million line of credit provided to Parmalat SpA by a pool of banks
on March 4, 2004.

A breakdown of the net indebtedness owed to lenders outside
the Group by companies consolidated line by line:

                        (in EUR millions)

                        Balance
                        as at      Balance   Balance   Balance
                        12/31/03   as at     as at     as at
                        Pro-Forma  06/30/04  11/30/04  12/31/04
                        ---------  --------  --------  --------
Companies in EA
   subject to proposed
   composition with
   creditors             10,055.3  10,084.0   9,011.0   9,928.8

Other companies in EA        56.9      42.8      67.3     106.7

Other companies           1,329.3   1,342.3   1,351.9   1,188.6
                        ---------  --------  --------  --------
Total indebtedness/
(financial assets)       11,441.5  11,469.1  11,330.2  11,224.1
                        =========  ========  ========  ========

           Companies Under Extraordinary Administration

The net indebtedness incurred by companies under Extraordinary
Administration towards lenders outside the Group prior to their
becoming eligible for Extraordinary Administration is all short-
term, since all of these companies are in default of the
covenants of the respective loan agreements.

A noteworthy development is the increase in liquid assets held
by the companies included in the Proposal of Composition with
Creditors.  These assets rose from EUR24.0 million at
December 31, 2003 to EUR235.3 million at December 31, 2004.  The
main reason for this improvement is the inflow of EUR160.0
million received under a settlement agreement with Nextra
Investment Management - Societa di Gestione del Risparmio S.p.A.
The decrease in liquid assets compared with November 30, 2004
(EUR248.5 million) reflects primarily the disbursement of loans
to Group companies that are not under Extraordinary
Administration and unusually high payments to suppliers and
consultants.

The increase in total indebtedness owed to lenders outside the
Group by other companies under Extraordinary Administration
is due to the following additional companies becoming eligible
for Extraordinary Administration proceedings: Emmegi Agro
Industriale S.r.l., Parmalat Malta Holding Limited, Parmalat
Trading Limited and Boschi Luigi e Figli S.p.A.

                         Other Companies

The net indebtedness owed to lenders outside the Group by the
remaining operating and financial companies consolidated line
by line that are not included in the Extraordinary Administration
proceedings fell from EUR1,329.3 million at December 31, 2003 to
EUR1,188.6 million (including EUR669.0 million in long-term debt)
at December 31, 2004.  The reasons for the decrease of EUR163.3
million compared with the balance at the end of the previous
month (EUR1,351.9 million) include: reclassifications of the debt
positions of companies declared eligible for Extraordinary
Administration amounting to EUR38.4 milliion; deconsolidation of
EUR32.9 million in indebtedness owed by divested Argentinian
companies; deconsolidation of EUR25.5 million in indebtedness
owed by divested companies that comprised the USA Bakery
Division; and liquid asset increases, reductions in indebtedness
and foreign exchange differences totaling EUR66.5 million.

Some Group companies are currently in the process of
renegotiating their indebtedness in order to restructure it.

      Principal Companies Under Extraordinary Administration

Financial highlights of the principal Italian companies under
extraordinary administration:

                      Parmalat Finanziaria SpA
                   (Amounts in millions of Euros)

                         (in EUR millions)

                         Balance   Balance   Balance   Balance
                         as at     as at     as at     as at
                         12/31/03  06/30/04  11/30/04  12/31/04
                         --------  --------  --------  --------
Short-term
   financial assets        (140.8)   (140.0)    (18.1)    (17.8)
   broken down as:

   Intra-Group loans
   receivable              (138.8)   (138.8)    (17.1)    (17.1)

   Financial assets
   not held as
   fixed assets              (2.0)     (0.0)        -         -

   Liquid assets             (0.0)     (1.1)     (1.0)     (0.7)

Financial accrued income
and prepaid expenses
(including intra-Group)      (0.6)        -      (0.1)     (0.1)
                         --------  --------  --------  --------
Total short-term
financial assets           (141.4)   (140.0)    (18.2)    (18.0)
                         ========  ========  ========  ========

Financial liabilities
(including intra-Group)   1,269.9   1,272.9   1,278.9   1,278.8
   broken down as:

   Intra-Group
   loans payable          1,007.8   1,010.9   1,016.9   1,016.8

   Other financial
   liabilities              262.1     262.0     262.0     262.0

Financial accrued expenses
and deferred income
(including intra-Group)       4.8       4.7       4.7       4.7
                         --------  --------  --------  --------
Total financial
liabilities               1,274.7   1,277.6   1,283.6   1,283.5
                         --------  --------  --------  --------
Total indebtedness/
(financial assets)        1,133.3   1,137.6   1,265.3   1,265.6
                         ========  ========  ========  ========

The indebtedness of Parmalat Finanziaria SpA at December 31, 2004
was unchanged compared with that reported for the previous
month.

                            Parmalat SpA
                   (Amounts in millions of Euros)

                         (in EUR millions)

                         Balance   Balance   Balance   Balance
                         as at     as at     as at     as at
                         12/31/03  06/30/04  11/30/04  12/31/04
                         --------  --------  --------  --------
Short-term
   financial assets         (54.3)    (61.7)   (216.7)   (155.7)
   broken down as:

   Intra-Group
   loans receivable         (28.0)    (38.6)    (38.2)    (36.5)

   Financial assets not
   held as fixed assets     (19.7)        -         -         -

   Liquid assets             (6.6)    (23.2)   (178.5)   (119.2)

Financial accrued income
and prepaid expenses
(including intra-Group)       0.0         -      (0.1)     (0.1)
                         --------  --------  --------  --------
Total short-term
financial assets            (54.3)    (61.7)   (216.8)   (155.8)
                         ========  ========  ========  ========

Financial liabilities
(including intra-Group)   4,149.0   4,144.1   3,887.2   3,891.6
   broken down as:

   Intra-Group
   loans payable          1,266.2   1,266.2   1,007.3   1,007.0

   Other financial
   liabilities            2,882.8   2,877.9   2,879.9   2,884.6

Financial accrued expenses
and deferred income
(including intra-Group)       0.0         -         -         -
                         --------  --------  --------  --------
Total financial
liabilities               4,149.0   4,144.1   3,887.2   3,891.6
                         --------  --------  --------  --------
Total indebtedness/
(financial assets)        4,094.7   4,082.4   3,670.4   3,735.7
                         ========  ========  ========  ========

The change in indebtedness at December 31, 2004 compared with the
previous month is due mainly to the decrease in liquid assets
caused by the reallocation of the EUR160.0 million settlement
received from Nextra Investment Management - Societa di Gestione
del Risparmio S.p.A.  Originally, the full amount had been
collected by Parmalat SpA in Extraordinary Administration
acting on behalf of all Group companies that were parties to the
settlement.

In December 2004 certain intra-Group loans receivable were
written down by EUR1.7 million.  Indebtedness owed to lenders
outside the Group increased due to adjustments made following a
review of verified claims.

                            Eurolat SpA
                   (Amounts in millions of Euros)

                         (in EUR millions)

                         Balance   Balance   Balance   Balance
                         as at     as at     as at     as at
                         12/31/03  06/30/04  11/30/04  12/31/04
                         --------  --------  --------  --------
Short-term
financial assets            (13.6)    (23.2)    (22.8)     (8.7)
   broken down as:

   Intra-Group
   loans receivable             -         -         -         -

   Financial assets not
   held as fixed assets         -         -         -         -

   Liquid assets            (13.6)    (23.2)    (22.8)     (6.5)

Financial accrued income
and prepaid expenses
(including intra-Group)         -         -      (0.1)     (0.1)
                         --------  --------  --------  --------
Total short-term
financial assets            (13.6)    (23.2)    (22.9)     (8.8)
                         ========  ========  ========  ========

Financial liabilities
(including intra-Group)     191.9     189.3     188.2     188.2
   broken down as:

   Intra-Group
   loans payable             45.8      45.8      43.8      43.8

   Other financial
   liabilities              146.1     143.5     144.4     144.4

Financial accrued expenses
and deferred income
(including intra-Group)       1.5       0.7         -         -
                         --------  --------  --------  --------
Total financial
liabilities                 193.4     190.0     188.2     188.2
                         --------  --------  --------  --------
Total indebtedness/
(financial assets)          179.7     166.8     165.3     179.4
                         ========  ========  ========  ========

The indebtedness of Eurolat SpA increased in December 2004, due
mainly to a payment of EUR10.5 million made to Parmalat SpA to
cover costs related to the Extraordinary Administration
proceedings that were attributable to Eurolat SpA.  In addition,
financing totaling EUR2.2 million was provided to the subsidiary
Centrale del Latte di Roma S.p.A.

                             Lactis SpA
                   (Amounts in millions of Euros)

                         (in EUR millions)

                         Balance   Balance   Balance   Balance
                         as at     as at     as at     as at
                         12/31/03  06/30/04  08/31/04  09/30/04
                         --------  --------  --------  --------
Short-term
financial assets             (0.4)     (3.7)     (4.4)     (4.4)
   broken down as:

   Intra-Group
   loans receivable             -         -         -         -

   Financial assets not
   held as fixed assets         -         -         -         -

   Liquid assets             (0.4)     (3.7)     (4.4)     (4.4)

Financial accrued income
and prepaid expenses
(including intra-Group)      (0.0)     (0.0)     (0.0)     (0.0)
                         --------  --------  --------  --------
Total short-term
financial assets             (0.4)     (3.7)     (4.4)     (4.4)
                         ========  ========  ========  ========

Financial liabilities
(including intra-Group)      20.5      19.1      19.1      19.1
   broken down as:

   Intra-Group
   loans payable              8.6       8.6       8.6       8.6

   Other financial
   liabilities               11.9      10.5      10.5      10.5

Financial accrued expenses
and deferred income
(including intra-Group)       0.0         -       0.0       0.0
                         --------  --------  --------  --------
Total financial
liabilities                  20.5      19.1      19.1      19.1
                         --------  --------  --------  --------
Total indebtedness/
(financial assets)           20.2      15.4      14.7      14.7
                         ========  ========  ========  ========

The indebtedness of Lactis SpA at December 31, 2004 was unchanged
compared with that reported in the previous month.

                        Significant Events

  October 7         Extraordinary Commissioner filed a complaint
                    with the United States District Court for the
                    Western District of North Carolina asking it
                    to order Bank of America and certain of its
                    subsidiaries to pay damages on various
                    grounds.

  October 14        Following approval by the Italian Ministry of
                    Production Activities, acting with the input
                    of the Oversight Committee of the
                    Extraordinary Administration proceedings, the
                    settlement proposal put forth on October 6,
                    2004 by Nextra Investment Management -
                    Societa di gestione del risparmio S.p.A. was
                    accepted and the settlement amount collected.

  December 2        By decree of Italy's Minister of Production
                    Activities, Emmegi Agro Industriale S.r.l.
                    was declared eligible for Extraordinary
                    Administration Proceedings and Dr. Enrico
                    Bondi was appointed Extraordinary
                    Commissioner of the company.  On November 11,
                    2004, Emmegi Agro Industriale S.r.l. filed an
                    application for insolvency status with the
                    Civil Court of Parma.  The Court accepted the
                    request on December 17, 2004, declaring the
                    company to be insolvent.

  December 2        By decree of Italy's Minister of Production
                    Activities, Parmalat Malta Holding Limited
                    and Parmalat Trading Limited were declared
                    eligible for Extraordinary Administration
                    Proceedings and Dr. Enrico Bondi was
                    appointed Extraordinary Commissioner of these
                    companies.  On November 19, 2004, Parmalat
                    Malta Holding Limited and Parmalat Trading
                    Limited filed an application for insolvency
                    status with the Civil Court of Parma.  The
                    Court accepted the request on December 17,
                    2004, declaring the company to be insolvent.

  December 16       The Extraordinary Commissioner filed an
                    action to void pursuant to Article 67 of the
                    Italian Bankruptcy Law against 45 credit
                    institutions.  Additional actions are being
                    prepared.  The purpose of these actions is to
                    render null and void payments made during the
                    year before the date when the plaintiffs were
                    declared insolvent, when permitted under the
                    Italian Bankruptcy Law.

  December 16       The enforceable lists of creditors with
                    verified, conditional and contested claims
                    against the companies included in the
                    Proposal of Composition with Creditors was
                    filed with the Office of the Clerk of the
                    Bankruptcy Court of Parma.  The lists were
                    available to be viewed at the Office of the
                    Clerk of the Court of Parma or by accessing
                    the Web site http://web.ltt.it/tribunale/home.htm
                    as from December 23, 2004.  On December 20,
                    2004, a notice of this filing was published
                    in certain Italian and international
                    newspapers, together with an announcement
                    indicating that the lists could be viewed and
                    inviting creditors and the insolvent
                    enterprises to view the lists.  The same
                    notice was also published in the Official
                    Gazette of the Italian Republic.  With regard
                    to creditor bondholders, only the claims of
                    holders of the bonds and debt issues included
                    in the list published by the Court of Parma
                    constitute verified liabilities of the
                    Company.  Starting from the date of
                    publication in the Official Gazette of the
                    Italian Republic of the notice of the filing
                    of the enforceable lists, creditors residing
                    in Italy had 15 days and creditors residing
                    abroad had 30 days (election of domicile in
                    Italy is irrelevant in this case) within
                    which (i) creditors with  partially or fully
                    contested claims or conditional claims could
                    object to such classifications by petitioning
                    one of the Italian bankruptcy judges (Giudici
                    Delegati) and (ii) creditors with verified
                    claims could challenge the classification of
                    other creditors with verified claims.

  December 22       Parmalat SpA in Extraordinary Administration
                    sold a 99.99% interest in the capital stock
                    of Parmalat Argentina SA.  The parties also
                    signed a five-year licensing agreement that
                    covered the use of trademarks owned by
                    Parmalat.  This transaction, which was
                    authorized by the Ministry of Production
                    Activities, in consultation with the
                    Oversight Committee, will provide Parmalat
                    SpA in Amministrazione Straordinaria with a
                    stream of future revenues.

  December 28       A notice that the enforceable lists of
                    creditors with verified, conditional and
                    contested claims against the companies
                    included in the Proposal of Composition with
                    Creditors had been filed with the Office of
                    the Clerk of the Bankruptcy Court of Parma
                    was published and these lists, in their
                    entirety, were published in the Official
                    Gazette of the Italian Republic.

  December 31       By decree of Italy's Minister of Production
                    Activities, Boschi Luigi e Figli S.p.A. was
                    declared eligible for Extraordinary
                    Administration proceedings and Dr. Enrico
                    Bondi was appointed Extraordinary
                    Commissioner of the company.  On December 17,
                    2004, Boschi Luigi e Figli S.p.A. filed an
                    application for insolvency status with the
                    Civil Court of Parma.

     2005:

  January 13        Boschi Luigi e Figli S.p.A. was declared
                    insolvent by the Court of Parma.

  January 28        The Canadian subsidiary Parmalat Dairy &
                    Bakery sold its USA Bakery Division (Mother's
                    Cake & Cookies, Archway Cookies and three
                    production units in Canada).  It also signed
                    a licensing agreement that will allow the
                    disposal of its remaining inventory.  This
                    transaction, which was authorized by the
                    Italian Ministry of Production Activities, in
                    consultation with the Oversight Committee,
                    allows full repayment of a loan that Parmalat
                    SpA in Amministrazione Straordinaria provided
                    at the beginning of 2004 and will furnish the
                    Canadian subsidiary with a stream of future
                    revenues.

  January 31        The Italian Antitrust Agency notified its
                    decisions in the two investigative
                    proceedings it launched against Parmalat in
                    matters involving the Group's status with
                    respect to Carnini S.p.A. and Newlat S.r.l.

  February 1        The Extraordinary Commissioner filed an
                    action to void pursuant to Article 67 of the
                    Italian Bankruptcy Law against Morgan Stanley
                    Limited and Morgan Stanley Bank.


Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/-- generates more than 7 billion
euros in annual revenue.  The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents.  The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. When the U.S. Debtors filed for bankruptcy
protection, they reported more than $200 million in assets and
debts. (Parmalat Bankruptcy News, Issue No. 43; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PILLOWTEX CORP: Nov. 2004 Cash Receipts & Disbursements Report
--------------------------------------------------------------
Pillowtex Corporation and its debtor-affiliates did not file
their Consolidated Balance Sheets and Consolidated Statements of
Operations for the period ended November 30, 2004.  Per agreement
with the Office of the United States Trustee, both financial
reports will be provided quarterly.

                         Pillowtex, et al.
                         Actual Cash Flow
                   For the Month of November 2004


Accounts Receivable Collections                          $6,000
Brown & Joseph/Atwell Fees                               (6,000)
Accounts Receivable Personnel                           (16,000)
Inventory Bulk Sales                                    160,000
Property Tax Related to Asset Sale                            -
Property (Net)                                           (7,000)
Miscellaneous Proceeds                                   (5,000)
                                                     ----------
Total Proceeds                                          132,000

Prepetition Cure Cost of Capital Leases                       -
Balance of 2003 Personal Property Tax                         -
Alliance Street Production                                    -
Interest Expense (Term and Revolver)                          -
Idle Facility Cost                                      (89,000)
Electric Demand Charge                                        -
Retail Store Operating Costs                                  -
Warehousing, Shipping & Billing                               -
Freight & Duty                                                -
Manufacturing                                                 -
Inventory Cleanup                                             -
Accrued Employee Expenses                                     -
Critical Vendor Payments                                      -
Continuing Medical                                            -
Terminated Medical                                            -
Product Liability/D&O/Workers Comp. Insurance            22,000
Corporate                                                78,000
Severance/Retention                                           -
Warehouse Vacation Pay                                        -
SB Capital Estate Charge Back                                 -
Early Termination Fee                                         -
DIP Fees                                                      -
Professional Fees                                       362,000
Miscellaneous Expenses                                  (37,000)
                                                     ----------
Total Expenses                                          336,000
                                                     ----------
Net Cash Flow                                         ($204,000)
                                                     ==========

                         Pillowtex, et al.
                        Disbursement Report
                   For the Month of November 2004


Net Payroll & Payroll Taxes Paid                       $160,447
Sales, Use & Other Taxes Paid                                 -
Inventory Purchases                                           -
Interest on Long Term Debt                                    -
Secured/Rental/Lease                                        500
Utilities                                                 8,452
Insurance                                                52,173
Administrative                                           15,515
Professional Fees                                       373,589
U.S. Trustee's Fees                                           -
Others                                                   19,526
                                                    -----------
Total for U.S. Trustee Fees                            $630,202
                                                    ===========

Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to
virtually every major retailer in the U.S. and Canada.  The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339).  The second chapter 11 filing triggered
sales of substantially all of the Company's assets.  David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors.  On
July 30, 2003, the Company listed $548,003,000 in assets and
$475,859,000 in debts.  (Pillowtex Bankruptcy News, Issue No. 75;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


SONICBLUE INC: Releases December 2004 Monthly Operating Report
--------------------------------------------------------------
At Dec. 31, 2004, SONICblue Incorporated reports that it is
sitting on $79,533,514 of cash, has accrued $634,115 in
postpetition liabilities and faces a $236,904,166 mountain of
prepetition debts.

A full-text copy of SONICblue Inc.'s December 2004 Operating
Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/850519/000095013405002278/f05439exv99
w1.txt


Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets.  The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed voluntary petitions for bankruptcy under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Northern District of California,
San Jose Division (Case No. 03-51775).


TRINITY ENERGY: Releases December 2004 Operating Report
-------------------------------------------------------
On Jan. 26, 2005, Trinity Energy Resources, Inc., filed its
monthly operating report for the month ended December 2004 with
the United States Bankruptcy Court for the Southern District of
Texas, Houston Division.

At Dec. 31, 2004, the Debtor's balance sheet showed:

      Total Current Assets          $  410,060
      Total Assets                   1,240,381
      Total Liabilities              1,794,150
      Total Owner's Equity          $ (553,769)

A full-text copy of Trinity Energy's December 2004 monthly
operating report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/1082292/000101540205000466/ex99_1.htm


Headquartered in Houston, Texas, Trinity Energy Resources, Inc.,
develops and operates proven oil and gas reserves in the Rocky
Mountains, Texas, and Louisiana, with international interests in
the African Republic of Chad.  The Company filed for chapter 11
protection on Jan. 31, 2003 (Bankr. S.D. Tex. Case No. 03-31453).
John William Mahoney, Esq., at Williams Birnberg & Andersen
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$1,009,626 in total assets and $1,619,031 in total debts as of
Sept. 30, 2002.  On April 23, 2003, the Bankruptcy Court appointed
Elizabeth M. Guffy as the Chapter 11 Trustee.


TRUMP HOTELS: Posts $72.6 Million Net Loss in December 2004
-----------------------------------------------------------

             Trump Hotels & Casino Resorts, Inc., et al.
                     Consolidated Balance Sheet
                          December 31, 2004
                           (In Thousands)

                               ASSETS


Current Assets
    Cash & cash equivalents                            $105,266
    Trade receivables, net                               28,693
    Accounts receivables, other                          13,326
    Inventories                                          11,226
    Prepaid & other current                              13,072
    Advances to affiliates                                    -
    Mortgage notes receivable                                 -
                                                     ----------
                                                        171,583

Investment in affiliates                                 28,599

Land and improvements                                   266,095
Building and improvements                             1,738,848
Riverboat and improvements                               36,089
Furniture, fixtures & equipment                         466,237
Leasehold improvements                                   11,346
Construction in progress                                 14,262
                                                     ----------
                                                      2,532,877
Less: Accumulated depreciation                         (816,679)
                                                     ----------
Property & Equipment, net                             1,716,198

Due from affiliates                                           -
Deferred loan costs                                           4
Other assets                                             75,386
                                                     ----------
Total Assets                                         $1,991,770
                                                     ==========


                        LIABILITIES & EQUITY


Current Liabilities
    Current portion of long-term debt                   $68,554
    Accounts payable                                     20,098
    Accrued payroll                                      25,563
    Self insurance reserves                              11,027
    Accrued interest                                    103,894
    Accrued federal/state tax                            35,436
    Accrued real estate tax                               7,490
    Due to City of Gary                                   3,704
    Other current liabilities                            37,726
    Due to (from) affiliates                              4,488
                                                     ----------
Total current liabilities                               317,980

Mortgage Notes Payable                                1,779,555
Mortgage Notes Payable - DJT                             16,367
Long-term debt, others net of discount                   33,282
Deferred income taxes                                         -
Other long term liabilities                              23,622
                                                     ----------
Total Liabilities                                     2,170,806

Common stock                                                321
Common stock - class B                                        -
Preferred stock                                               -
Treasury stock                                          (20,200)
Contributed capital - June 1995                          48,925
Contributed capital - pre June 12,1995                    3,214
Phantom stock                                               933
Contributed capital - Taj merger                        405,740
Contributed capital - TCA merger                              -
Contributed capital - TCH                                     -
Contributed capital - THCR preferred                     14,921
Additional contributions - 2002                               -
Contribution from THCR Holdings                               -
Contribution TACA discount                                    -
Distributions to THCR                                         -
Partnership distribution                                      -
DJT note writedown                                       (3,167)
Accumulated earnings (deficit)                         (445,110)
Current year net income (loss)                         (184,613)
Accumulated other comp. Income (loss)                         -
                                                     ----------
Total equity                                           (179,036)
                                                     ----------
Total liabilities & equity                           $1,991,770
                                                     ==========


             Trump Hotels & Casino Resorts, Inc., et al.
                   Consolidated Operating Results
                For the Month Ended December 31, 2004
                           (In Thousands)


Revenue
    Tables                                              $22,119
    Slots                                                63,483
    Other                                                 2,647
                                                     ----------
    Total Casino                                         88,249

    Rooms                                                 5,521
    Food & beverage                                       8,978
    Entertainment                                           159
    Other                                                 3,922
                                                     ----------
    Gross Revenues                                      106,829
    Less: Promotional allowance                          10,937
                                                     ----------
    Net Revenues                                         95,892

Expenses
    Payroll                                              32,471
    Cost of goods sold                                    3,199
    Coin/table coupons                                   12,180
    Promotional expenses                                  4,171
    Advertising                                             880
    Marketing/entertainment                               5,089
    Gaming tax & regulatory fees                         10,353
    Property tax, rent & insurance                        5,833
    Utilities                                             3,276
    Allowance - doubtful accounts                           316
    General admin & other expenses                       68,280
                                                     ----------
    Total Operating Expenses                            146,048
                                                     ----------
Gross Operating Income                                  (50,156)

    Interest income                                         261
    Interest expense                                    (18,259)
    Depreciation & amortization                          (8,264)
    Loss in joint venture                                  (196)
    Other non-operating income (expense)                  5,593
    Income tax provision                                 (1,562)
                                                     ----------
Net Income (Loss)                                      ($72,583)
                                                     ==========


             Trump Hotels & Casino Resorts, Inc., et al.
                Consolidated Statement of Cash Flows
                For the Month Ended December 31, 2004
                           (In Thousands)


EBITDA before corporate expenses                        $12,145

Capital expenditures                                     (2,277)

Debt service:
    DIP financing                                        10,008
    Mortgage interest                                   (13,414)
    Payment of DIP interest/fees                              8
    Capital lease repayments                             (3,245)
    Other BHPA debt, Plaza warehouse                          -
    Debt renegotiation costs                               (146)

Non-operating charges:
    CRDA, WF utilities                                        -
    Corporate charges                                      (591)

Timing differences:
    Rea estate, state taxes                                 953
    Other                                               (44,355)

Advances (to) from affiliates:
    THCR working capital                                      -
    TAC interest payment                                      -
    TCH interest payment                                      -
    Other                                                     -

Other interest income                                       261
                                                     ----------
Increase (decrease) in cash                             (40,653)

Beginning cash - working capital                         62,463
                                                     ----------
Ending cash - working capital                           $21,810
                                                     ==========

Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc. -- http://www.thcrrecap.com/-- through its
subsidiaries, owns and operates four properties and manages one
property under the Trump brand name.  The Company and its debtor-
affiliates filed for chapter 11 protection on Nov. 21, 2004
(Bankr. D. N.J. Case No. 04-46898 through 04-46925).  Robert A.
Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at
Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey
T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia,
Stanziale, Sedita & Campisano, P.A., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed more than
$500 million in total assets and more than $1 billion in total
debts.


US AIRWAYS: Posts $188.9 Million Net Loss in October 2004
---------------------------------------------------------

                      US Airways Group, Inc.
                    Consolidated Balance Sheet
                       At October 31, 2004
                          (in thousands)


Current Assets:
   Cash and cash equivalents                           $790,965
   Restricted cash                                      119,168
   Receivables, net                                     346,992
   Materials and supplies, net                          181,551
   Prepaid expenses and other                           181,818
                                                     ----------
      Total Current Assets                           $1,620,494

Property and Equipment:
   Flight equipment                                   3,178,537
   Ground property and equipment                        378,588
   Less accumulated depreciation and amortization      (289,189)
                                                     ----------
                                                     $3,267,936

   Purchase deposits for flight equipment               138,010
                                                     ----------
      Total Property and Equipment                   $3,405,946

Other Assets:
   Goodwill                                           2,489,638
   Other intangibles, net                               536,546
   Restricted cash                                      657,931
   Other assets, net                                     42,424
                                                     ----------
      Total Other Assets                             $3,726,539
                                                     ----------
Total Assets                                         $8,752,979
                                                     ==========

Current Liabilities:
   Current maturities of long-term debt
   and capital lease obligations                       $700,820
   Accounts payable                                     278,962
   Traffic balances payable and unused tickets          952,022
   Accrued aircraft rent                                 75,459
   Accrued salaries, wages and vacation                 170,363
   Other accrued expenses                               275,685
                                                     ----------
      Total Current Liabilities                      $2,453,311

Noncurrent Liabilities and Deferred Credits:
  Long-term debt and capital lease
  obligations, net of current maturities                      0
  Deferred gains and credits, net                        45,061
  Postretirement benefits other than pensions             1,592
  Employee benefit liabilities and other                245,958
                                                     ----------
Total Noncurrent Liabilities and Deferred Credits      $292,611

Liabilities Subject to Compromise                     6,231,305

Commitments and Contingencies:

Stockholders' Deficit:
   Class A Common Stock                                  50,614
   Class B Common Stock                                   5,000
   Paid-in capital                                      409,508
   Accumulated deficit                                 (638,889)
   Common stock held in treasury, at cost                (2,815)
   Deferred compensation                                (19,199)
   Accumulated other comprehensive loss                 (28,467)
                                                     ----------
Total Stockholders' Deficit                           ($224,248)
                                                     ----------
Total Liabilities & Stockholders' Equity (Deficit)   $8,752,979
                                                     ==========


                     US Airways Group, Inc.
               Consolidated Statement of Operations
              September 12, 2004 to October 31, 2004
                         (in thousands)


Operating Revenues:
   Passenger transportation                            $812,447
   Cargo and freight                                     16,598
   Other                                                 90,323
                                                     ----------
Total Operating Revenues                               $919,368

Operating Expenses:
   Personnel costs                                      342,066
   Aviation fuel                                        165,851
   US Airways Express capacity purchases                117,447
   Aircraft rent                                         62,936
   Other rent and landing fees                           56,277
   Selling expenses                                      54,439
   Aircraft maintenance                                  35,926
   Depreciation and amortization                         37,222
   Other                                                191,207
                                                     ----------
Total Operating Expenses                             $1,063,371

Operating Loss                                         (144,003)

Other Income (Expense):
   Interest income                                        2,801
   Interest expense, net                                (38,363)
   Reorganization items, net                            (12,063)
   Other, net                                            (4,657)
                                                     ----------
      Other Income (Expense), Net                      ($52,282)

Loss Before Income Taxes                               (196,285)
   Income Tax Benefit                                     7,347
                                                     ----------
Net Loss                                              ($188,938)
                                                     ==========


                      US Airways Group, Inc.
               Consolidated Statement of Cash Flows
                  Month ended October 31, 2004
                         (in thousands)


Net cash from operating activities
before reorganization items                             $79,343
Reorganization items, net                                     0
                                                     ----------
      Net cash provided by operating activities         $79,343

Cash flows from investing activities:
   Capital expenditures and purchase deposits
   for flight equipment, net                             (2,893)
   Proceeds from dispositions of property                   832
   Decrease in short-term investments                    79,983
   Increase in restricted cash                          (43,753)
                                                     ----------
      Net cash provided by investing activities         $34,169

Cash flows from financing activities:
   Proceeds from issuance of long-term debt                   0
   Principal payments on long-term debt
   and capital lease obligations                              0
                                                     ----------
      Net cash provided by financing activities               0


Net increase in Cash and cash equivalents               113,512
                                                     ----------
Cash and cash equivalents at beginning of period       $677,453
                                                     ----------
Cash and cash equivalents at end of period             $790,965
                                                     ==========


Headquartered in Arlington, Virginia, US Airways' primary business
activity is the ownership of the common stock of:

            * US Airways, Inc.,
            * Allegheny Airlines, Inc.,
            * Piedmont Airlines, Inc.,
            * PSA Airlines, Inc.,
            * MidAtlantic Airways, Inc.,
            * US Airways Leasing and Sales, Inc.,
            * Material Services Company, Inc., and
            * Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts.  In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts.  (US Airways Bankruptcy News, Issue
No. 81; Bankruptcy Creditors' Service, Inc., 215/945-7000)


US AIRWAYS: Posts $58.4 Million Net Loss in November 2004
---------------------------------------------------------

                      US Airways Group, Inc.
                    Consolidated Balance Sheet
                       At November 30, 2004
                          (in thousands)


Current Assets:
   Cash and cash equivalents                           $822,869
   Restricted cash                                      104,169
   Receivables, net                                     294,502
   Materials and supplies, net                          168,398
   Prepaid expenses and other                           127,421
                                                     ----------
      Total Current Assets                           $1,517,359

Property and Equipment:
   Flight equipment                                   3,179,214
   Ground property and equipment                        380,662
   Less accumulated depreciation and amortization      (304,997)
                                                     ----------
                                                     $3,392,879

   Purchase deposits for flight equipment               138,010
                                                     ----------
      Total Property and Equipment                   $3,392,889

Other Assets:
   Goodwill                                           2,489,638
   Other intangibles, net                               534,145
   Restricted cash                                      653,250
   Other assets, net                                     43,761
                                                     ----------
      Total Other Assets                             $3,720,794
                                                     ----------
Total Assets                                         $8,631,042
                                                     ==========

Current Liabilities:
   Current maturities of long-term debt
   and capital lease obligations                       $701,104
   Accounts payable                                     349,862
   Traffic balances payable and unused tickets          916,409
   Accrued aircraft rent                                 59,894
   Accrued salaries, wages and vacation                 169,091
   Other accrued expenses                               276,667
                                                     ----------
      Total Current Liabilities                      $2,473,027

Noncurrent Liabilities and Deferred Credits:
  Long-term debt and capital lease
  obligations, net of current maturities                      0
  Deferred gains and credits, net                        44,537
  Postretirement benefits other than pensions             1,592
  Employee benefit liabilities and other                245,298
                                                     ----------
Total Noncurrent Liabilities and Deferred Credits      $291,427

Liabilities Subject to Compromise                     6,164,627

Commitments and Contingencies:

Stockholders' Deficit:
   Class A Common Stock                                  50,615
   Class B Common Stock                                   5,000
   Paid-in capital                                      410,050
   Accumulated deficit                                 (697,262)
   Common stock held in treasury, at cost                (2,815)
   Deferred compensation                                (16,670)
   Accumulated other comprehensive loss                 (46,957)
                                                     ----------
Total Stockholders' Deficit                            (298,039)
                                                     ----------
Total Liabilities & Stockholders' Equity (Deficit)   $8,631,042
                                                     ==========


                     US Airways Group, Inc.
               Consolidated Statement of Operations
                 November 1, to November 30, 2004
                         (in thousands)


Operating Revenues:
   Passenger transportation                            $494,724
   Cargo and freight                                     11,368
   Other                                                 49,652
                                                     ----------
Total Operating Revenues                               $555,744

Operating Expenses:
   Personnel costs                                      167,569
   Aviation fuel                                        108,105
   US Airways Express capacity purchases                 62,322
   Aircraft rent                                         37,703
   Other rent and landing fees                           34,469
   Selling expenses                                      28,484
   Aircraft maintenance                                  30,429
   Depreciation and amortization                         18,411
   Other                                                 95,641
                                                     ----------
Total Operating Expenses                               $583,133

Operating Loss                                          (27,389)

Other Income (Expense):
   Interest income                                        1,543
   Interest expense, net                                (23,591)
   Reorganization items, net                            (10,372)
   Other, net                                             1,436
                                                     ----------
      Other Income (Expense), Net                      ($30,984)

Loss Before Income Taxes                                (58,373)
   Income Tax Benefit                                         0
                                                     ----------
Net Loss                                               ($58,373)
                                                     ==========


                      US Airways Group, Inc.
               Consolidated Statement of Cash Flows
                 For Month ended November 30, 2004
                         (in thousands)


Net cash from operating activities
before reorganization items                             $17,756
Reorganization items, net                                  (665)
                                                     ----------
      Net cash provided by operating activities         $17,091

Cash flows from investing activities:
   Capital expenditures and purchase deposits
   for flight equipment, net                             (2,842)
   Proceeds from dispositions of property                    67
   Decrease in restricted cash                           19,680
                                                     ----------
      Net cash provided by investing activities         $16,905

Cash flows from financing activities:
   Principal payments on long-term debt
   and capital lease obligations                         (2,092)
                                                     ----------
      Net cash provided by financing activities         ($2,092)


Net increase in Cash and cash equivalents                31,904
                                                     ----------
Cash and cash equivalents at beginning of period       $790,965
                                                     ----------
Cash and cash equivalents at end of period             $822,869
                                                     ==========

Headquartered in Arlington, Virginia, US Airways' primary business
activity is the ownership of the common stock of:

            * US Airways, Inc.,
            * Allegheny Airlines, Inc.,
            * Piedmont Airlines, Inc.,
            * PSA Airlines, Inc.,
            * MidAtlantic Airways, Inc.,
            * US Airways Leasing and Sales, Inc.,
            * Material Services Company, Inc., and
            * Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts.  In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts.  (US Airways Bankruptcy News, Issue
No. 81; Bankruptcy Creditors' Service, Inc., 215/945-7000)


US AIRWAYS: Posts $87.8 Million Net Loss in December 2004
---------------------------------------------------------

                      US Airways Group, Inc.
                    Consolidated Balance Sheet
                      At December 31, 2004
                          (in thousands)

Current Assets:
   Cash and cash equivalents                           $738,032
   Restricted cash                                       99,227
   Receivables, net                                     252,172
   Materials and supplies, net                          176,540
   Prepaid expenses and other                           146,742
                                                     ----------
      Total Current Assets                           $1,142,713

Property and Equipment:
   Flight equipment                                   3,175,836
   Ground property and equipment                        371,796
   Less accumulated depreciation and amortization      (315,539)
                                                     ----------
                                                     $3,232,093

   Purchase deposits for flight equipment               138,010
                                                     ----------
      Total Property and Equipment                   $3,370,103

Other Assets:
   Goodwill                                           2,489,638
   Other intangibles, net                               531,478
   Restricted cash                                      527,208
   Other assets, net                                     90,179
                                                     ----------
      Total Other Assets                             $3,631,699
                                                     ----------
Total Assets                                         $8,421,589
                                                     ==========

Current Liabilities:
   Current maturities of long-term debt
   and capital lease obligations                       $721,306
   Accounts payable                                     352,760
   Traffic balances payable and unused tickets          820,464
   Accrued aircraft rent                                 51,237
   Accrued salaries, wages and vacation                 162,479
   Other accrued expenses                               274,888
                                                     ----------
      Total Current Liabilities                      $2,383,134

Noncurrent Liabilities and Deferred Credits:
  Long-term debt and capital lease
  obligations, net of current maturities                      0
  Deferred gains and credits, net                        43,809
  Postretirement benefits other than pensions             1,906
  Employee benefit liabilities and other                248,184
                                                     ----------
Total Noncurrent Liabilities and Deferred Credits      $293,899

Liabilities Subject to Compromise                     6,178,818

Commitments and Contingencies:

Stockholders' Deficit:
   Class A Common Stock                                  50,616
   Class B Common Stock                                   5,000
   Paid-in capital                                      409,954
   Accumulated deficit                                 (785,094)
   Common stock held in treasury, at cost                (2,815)
   Deferred compensation                                (14,141)
   Accumulated other comprehensive loss                 (97,782)
                                                     ----------
Total Stockholders' Deficit                           ($434,426)
                                                     ----------
Total Liabilities & Stockholders' Equity (Deficit)   $8,421,589
                                                     ==========


                     US Airways Group, Inc.
               Consolidated Statement of Operations
                 December 1, to December 31, 2004
                         (in thousands)


Operating Revenues:
   Passenger transportation                            $460,447
   Cargo and freight                                     11,039
   Other                                                 54,720
                                                     ----------
Total Operating Revenues                               $526,206

Operating Expenses:
   Personnel costs                                      161,521
   Aviation fuel                                         98,821
   US Airways Express capacity purchases                 69,669
   Aircraft rent                                         38,015
   Other rent and landing fees                           35.035
   Selling expenses                                      23,470
   Aircraft maintenance                                  35,611
   Depreciation and amortization                         23,285
   Other                                                 99,494
                                                     ----------
Total Operating Expenses                               $584,921

Operating Loss                                          (58,715)

Other Income (Expense):
   Interest income                                        1,965
   Interest expense, net                                (25,807)
   Reorganization items, net                             (5,917)
   Other, net                                             2,429
                                                     ----------
      Other Income (Expense), Net                       (31,260)

Loss Before Income Taxes                                (89,975)
   Income Tax Benefit                                    (2,143)
                                                     ----------
Net Loss                                               ($87,832)
                                                     ==========


                      US Airways Group, Inc.
               Consolidated Statement of Cash Flows
                  Month ended December 31, 2004
                         (in thousands)


Net cash from operating activities
before reorganization items                           ($173,770)
Reorganization items, net                                (1,139)
                                                     ----------
      Net cash provided by operating activities       ($174,909)

Cash flows from investing activities:
   Capital expenditures and purchase deposits
   for flight equipment, net                             (3,147)
   Proceeds from dispositions of property                 1,455
   Decrease in restricted cash                           73,611
   Other                                                    407
                                                     ----------
      Net cash provided by investing activities         $72,326

Cash flows from financing activities:
   Proceeds from issuance of long-term debt              19,919
   Principal payments on long-term debt
   and capital lease obligations                         (2,173)
                                                     ----------
      Net cash provided by financing activities         $17,746


Net decrease in Cash and cash equivalents               (84,837)
                                                     ----------
Cash and cash equivalents at beginning of period       $822,869
                                                     ----------
Cash and cash equivalents at end of period             $738,032
                                                     ==========


Headquartered in Arlington, Virginia, US Airways' primary business
activity is the ownership of the common stock of:

            * US Airways, Inc.,
            * Allegheny Airlines, Inc.,
            * Piedmont Airlines, Inc.,
            * PSA Airlines, Inc.,
            * MidAtlantic Airways, Inc.,
            * US Airways Leasing and Sales, Inc.,
            * Material Services Company, Inc., and
            * Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts.  In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts.  (US Airways Bankruptcy News, Issue
No. 81; Bankruptcy Creditors' Service, Inc., 215/945-7000)

                          *********

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, Dylan
Carlo L. Gallegos, Jazel P. Laureno, Cherry Soriano-Baaclo,
Marjorie Sabijon, Terence Patrick F. Casquejo and Peter A.
Chapman, Editors.

Copyright 2005.  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
Beard at 240/629-3300.

                    *** End of Transmission ***