TCR_Public/050305.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, March 5, 2005, Vol. 9, No. 54

                          Headlines

ACCEPTANCE INSURANCE: Posts $1,879 Net Loss in January 2005
ADELPHIA COMMS: Reports $44.1 Million Net Loss in January 2005
ADELPHIA: Century/ML's January 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson Files Jan. 2005 Monthly Operating Report
COMMERCE ONE: Posts $45,006 Net Loss in January 2005

FRESH CHOICE: Posts $937,262 Net Loss for Period Ended Jan. 23
HAWAIIAN AIRLINES: Posts $588,000 Net Income for January 2005
INTERMET CORP: Posts $3,149,000 Net Loss in January 2005
INTERSTATE BAKERIES: Files Financial Statements Ending Jan. 8
PARMALAT: Finanziaria Reports January 2005 Financial Results

PARMALAT: Releases Monthly Operating Report Ended Dec. 25, 2004
PARMALAT: Milk Products' December 2004 Monthly Operating Report
PARMALAT: Farmland Dairies' December 2004 Monthly Operating Report
SOLUTIA INC: Posts $3 Million Net Loss for January 2005
SPIEGEL INC: Earns $144 Million of Net Income in January 2005

UAL CORP: Posts $326 Million Net Loss for January 2005
WESTPOINT STEVENS: Posts $42 Million Net Loss in December 2004
WESTPOINT STEVENS: WP Stevens I Posts $4MM Net Income in December
WESTPOINT STEVENS: JP Stevens & Co.'s December Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' Dec. Operating Report

WESTPOINT STEVENS: WP Stevens Stores' December Operating Report
YUKOS OIL: Files Monthly Operating Report for December 2004
YUKOS OIL: Files Monthly Operating Report for January 2005

                          *********

ACCEPTANCE INSURANCE: Posts $1,879 Net Loss in January 2005
-----------------------------------------------------------
On Feb. 15, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for January 2005, with the U.S.
Bankruptcy Court for the District of Nebraska.

The Debtor reports a $1,879 net loss for January 2005.

At Jan. 31, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:

      Total Current Assets                      $2,860,639
      Total Assets                              33,113,639
      Total Liabilities                        138,156,314
      Total Shareholders' Equity             $(105,042,675)

A full-text copy Acceptance Insurance Companies Inc.'s January
2005 Monthly Operating Report is available at no charge at:

   http://sec.gov/Archives/edgar/data/74783/000119312505038259/dex991.htm


Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/ -- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.  The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059).  The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed chapter 7
petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-80058).  John
J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its
restructuring efforts.  When the Debtor filed for protection from
its creditors, it listed $33,069,446 in total assets and
$137,120,541 in total debts.


ADELPHIA COMMS: Reports $44.1 Million Net Loss in January 2005
--------------------------------------------------------------

           Adelphia Communications Corporation, et al.
              Unaudited Consolidated Balance Sheet
                   As of January 31, 2005
                     (Dollars in thousands)

                              ASSETS


Cash and cash equivalents                              $382,990
Restricted cash                                           5,176
Accounts receivables - net                              107,924
Other current assets                                    175,123
                                                    -----------
Total current assets                                    671,213

Restricted cash                                           4,641
Investments in equity affiliates                        229,953
Related party receivables                                21,940
Property, plant and equipment - net                   4,321,004
Intangible assets - net                               7,495,155
Other noncurrent assets - net                           107,430
                                                    -----------
Total Assets                                        $12,851,336
                                                    ===========

              LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                       $156,223
Subscriber advance payments and deposits                 33,996
Accrued and other liabilities                           449,914
Deferred revenue                                         30,913
Current portion of parent and subsidiary debt           707,633
                                                    -----------
Total current liabilities                             1,378,679

Other liabilities                                       120,640
Deferred revenue                                         83,183
Deferred income taxes                                   619,844
                                                    -----------
Total noncurrent liabilities                            823,667

Liabilities subject to compromise                    18,058,472
                                                    -----------
Total liabilities                                    20,260,818

Minority interests                                       90,263

Stockholders' equity:
   Series preferred stock                                   397
   Class A and Class B common stock                       2,548
   Additional paid-in capital                         9,567,022
   Accumulated other comprehensive loss                     826
   Accumulated deficit                              (16,256,470)
   Treasury stock, at cost                              (27,937)
                                                    -----------
Total                                                (6,713,614)

Amounts due from Rigas family entities                 (786,131)
                                                    -----------
Total stockholders' equity                           (7,499,745)
                                                    -----------
Total liabilities and stockholders' equity          $12,851,336
                                                    ===========


           Adelphia Communications Corporation, et al.
         Unaudited Consolidated Statements of Operations
                Month Ended January 31, 2005
                     (Dollars in thousands)


Revenue                                                $333,138
Cost and expenses:
   Direct operating and programming                     207,080
   Selling, general and administrative:
      Third party                                        28,069
      Investigation and re-audit related fees             5,932
   Depreciation and amortization                         86,503
   Impairment of long-lived and other assets                  -
   Non-recurring professional fees                            -
                                                    -----------
Operating income (loss)                                   5,554

Other income (expense):
   Interest expense                                     (44,029)
   Impairment of cost & available for sale investments        -
   Other income (expense) - net                              49
                                                    -----------
      Total other expense - net                         (43,980)
                                                    -----------
Loss from continuing operations before
   Reorganization expenses                              (38,426)

Reorganization expenses due to bankruptcy                (6,774)
                                                    -----------
Loss from continuing operations before income taxes     (45,200)
Income tax (expense) benefit                                  -
Share of losses of equity affiliates - net                 (130)
Minority's interest in subsidiary losses - net            1,215
                                                    -----------
Net loss                                                (44,115)
Beneficial conversion feature                              (583)
                                                    -----------
Net loss applicable to common stockholders             $(44,698)
                                                    ===========


           Adelphia Communications Corporation, et al.
         Unaudited Consolidated Statements of Cash Flows
                 Month Ended January 31, 2005
                     (Dollars in thousands)


Cash flows from operating activities:
   Net loss                                            $(44,115)
   Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:
      Depreciation and amortization                      86,503
      Amortization of debt financing costs                4,670
      Impairment of cost & available for sale investments     -
      Reorganization expenses due to bankruptcy           6,774
      Deferred tax expense (benefit)                          -
      Share in losses (earnings) of equity affiliates       130
      Minority interest in losses of subsidiaries        (1,215)
      Depreciation, amortization and other non-cash
         items from discontinued operations                   -
      Change in operating assets & liabilities            3,882
                                                    -----------
Net cash provided by operating activities before
payment of reorganization expenses                       56,629

Reorganization expenses paid during the period           (5,093)
                                                    -----------
Net cash provided by (used in) operating activities      51,536

Cash flows from investing activities:
   Expenditures for property, plant and equipment       (51,174)
   Changes in restricted cash                             1,139
   Other                                                  3,189
                                                    -----------
Net cash used in investing activities                   (46,846)

Cash flows from financing activities:
   Proceeds from extended DIP facility & DIP facility    45,000
   Repayments of debt                                    (4,972)
   Payment of bank financing costs                            -
                                                    -----------
Net cash provided by financing activities                40,028

Change in cash and cash equivalents cash                 44,718

Cash, beginning of period                               338,272
                                                    -----------
Cash, end of period                                    $382,990
                                                    ===========

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors.  (Adelphia Bankruptcy News, Issue No.
81; Bankruptcy Creditors' Service, Inc., 215/945-7000)


ADELPHIA: Century/ML's January 2005 Monthly Operating Report
------------------------------------------------------------

                     Century-ML Cable Venture
                      (Debtor-In-Possession)
                     Unaudited Balance Sheet
                      As of January 31, 2005
                      (Dollars in thousands)

                               ASSETS


Cash and cash equivalents                               $17,953
Subscriber receivables, net                                 262
Investment in Century-ML Corporation                    136,348
Related party receivables                                   231
Other current assets                                        388
                                                       --------
Total current assets                                    155,182

Property, plant and equipment, net                        6,003
Intangible assets, net                                    1,528
                                                       --------
    Total assets                                       $162,713
                                                       ========

              LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                            $12
Subscriber advance payments and deposits                     89
Accrued expenses and other liabilities                    1,912
Intercompany payables                                     2,423
                                                       --------
Total current liabilities                                 4,436
                                                       --------

Long-term accrued and other liabilities                      15
Deferred revenues                                           149
Deferred income taxes                                        45
                                                       --------
Total non-current liabilities                               209

Liabilities subject to compromise:
    Accounts payable                                         20
    Accrued expenses and other liabilities                1,281
    Intercompany payables                                10,872
                                                       --------
       Total liabilities subject to compromise           12,173
                                                       --------
       Total liabilities                                 16,818
                                                       --------
Partners' equity:
    Partners' contributions                              56,800
    Partners' retained earnings                          89,095
                                                       --------
    Total partners' equity                              145,895
                                                       --------
    Total liabilities and partners' equity             $162,713
                                                       ========


                     Century-ML Cable Venture
                      (Debtor-In-Possession)
                Unaudited Statement of Operations
              For the Month Ended December 31, 2004
                      (Dollars in thousands)


Revenue                                                  $1,023

Cost and expenses:
    Direct operating and programming                        522
    Selling, general and administrative                      21
    Management fees                                          43
    Non-recurring professional fees                           -
    Depreciation                                             71
                                                       --------
    Operating income before reorganization
       expenses due to bankruptcy                           366

Reorganization expenses due to bankruptcy                    71
                                                       --------
Operating income                                            295
    Interest income, net                                     20
    Equity in net income of Century-ML Cable
       Corporation, net of taxes                          1,260
                                                       --------
Income before income taxes                                1,575
    Income tax expense                                     (174)
                                                       --------
Net income                                               $1,401
                                                       ========


                     Century-ML Cable Venture
                      (Debtor-In-Possession)
                Unaudited Statement of Cash Flows
              For the Month Ended December 31, 2004
                      (Dollars in thousands)


Cash flow from operating activities:
Net income                                               $1,401
    Adjustments to reconcile net income
        to net cash provided by (used in)
        operating activities:
    Depreciation                                             71
    Reorganization expenses due to bankruptcy                71
    Non-recurring professional fees                           -
    Equity in net income of Century-ML Cable
       Corp., net of taxes                               (1,260)
    Change in assets and liabilities:
       Subscriber receivables, net                           (5)
       Prepaid expenses and other assets, net               (52)
       Accounts payable                                      12
       Subscriber advance payments and deposits               5
       Accrued expenses and other liabilities                29
       Intercompany receivables and payables - net           77
                                                       --------
Net cash provided by operating activities                   349
                                                       --------
Cash flows from investing activities:
    Expenditures from property, plant and equipment         (65)
                                                       --------
Net cash used in investing activities                       (65)
                                                       --------
Change in cash and cash equivalents                         284
Cash and cash equivalents, beginning of period           17,669
                                                       --------
Cash and cash equivalents, end of period                $17,953
                                                       ========

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729. Willkie
Farr & Gallagher represents the ACOM Debtors.  (Adelphia
Bankruptcy News, Issue No. 81; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


CATHOLIC CHURCH: Tucson Files Jan. 2005 Monthly Operating Report
----------------------------------------------------------------

        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
           (Unaudited) Statement of Financial Condition
                     As of January 31, 2005


ASSETS                                    Total   Diocese-Owned
                                          -----   -------------
Cash on hand                             $1,500          $1,500
Cash in Banks                         1,198,329         223,540
Cash Equivalents                      2,814,340       1,989,472
Accounts receivable, net              1,553,824       1,553,824
Allowance for doubtful accounts      (1,183,239)     (1,183,239)
Grants receivable                       377,750         377,750
Pledges receivable                        6,000           6,000
A/R held in trust for others             70,571               0
Due from administered funds             122,519               0
Prepaid expenses & other assets         696,323         696,323
Investments in businesses             5,810,341       4,510,257
Corp. & Gov't. bond investments       2,391,103       1,626,103
Investment in BPIC                       80,850          80,850
Notes receivable, net                 2,089,942         310,992
Allowance for doubtful
   notes receivable                    (329,288)         (5,411)
Assets securing 2002 settlement       3,000,000       3,000,000
Construction in progress                 48,867          48,867
Land, buildings, and equipment          525,868         525,868
Assets held for sale                     60,226          60,226
Land held for future parish sites       817,460         817,460
                                 --------------  --------------
                                    $20,153,286     $14,640,382
                                 ==============  ==============

LIABILITIES AND NET ASSETS

Liabilities:
   Accounts payable - post              648,313         648,313
   Accounts payable - pre                40,743          40,743
   Accrued expenses - post               28,927          28,927
   Accrued expenses - pre               157,682         157,682
   Due to Diocese                       122,519         122,519
   Accrued insurance claims             354,225         354,225
   Unsecured long-term debt - pre     2,061,455       2,061,455
   Unsecured long-term debt - post      100,000         100,000
   Unrestricted parish deposits       6,975,561       6,962,867
   Restricted parish deposits         3,579,124               0
   Secured long-term debt             2,604,414       2,604,414
   Custodial funds                    1,921,086               0
                                 --------------  --------------
      Total Liabilities              18,594,049      13,081,145
                                 --------------  --------------

Net Assets:
   Unrestricted/temporarily
     restricted                        (349,651)       (349,651)
   Permanently restricted             1,908,888       1,908,888
                                 --------------  --------------
Total liabilities & net assets      $20,153,286     $14,640,382
                                 ==============  ==============


        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
        Statement of Operations and Charges in Net Assets
            January 1, 2005 through January 31, 2005


Revenues
   Contributions, grants and bequests                    $6,700
   Chancery assessment                                  137,998
   Priests salary subsidy                                18,530
   Fees for services                                     13,010
   Advertising revenue                                    5,649
   Retreat fees                                             500
   Rental Income                                          4,397
   Insurance                                             60,165
   Investment Income                                      1,389
   Miscellaneous                                          1,207
                                                 --------------
   Total Support & Revenue                              249,546

Expense
   Program Services:
      Archives                                            2,470
      Catholic Commitments & Social Services             12,635
      Evangelization & Hispanic Ministry                  5,433
      Catechesis Office                                   6,230
      Formation Office                                    5,402
      Department of Catholic Schools                     19,383
      Clergy, religious & seminarian advancement         73,704
      Parish Assistance                                  22,922
      Catholic Social Mission                             3,778

   Supporting Services:
      Office of Bishop Emeritus                           2,010
      Offices of the Bishop, et al.                      28,153
      Office of Women Religious                           1,126
      General & Administrative                            4,450
      Fiscal & Employee Services                         41,319
      Office of Child, Adolescent, et al. Protection      7,803
      Communications & Community Relations               15,398
      Property Management                                33,308
      Insurance Administration                          (31,872)
      Reorganization                                     78,456

Imputed interest on settlement                           14,095
Provision for doubtful accounts                           5,833
Depreciation                                              3,643
                                                 --------------
   Total Expenses                                       355,681
                                                 --------------
Excess (deficiency) of revenues over expenses         ($106,135)
                                                 ==============


        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
            Current Month's Receipts and Disbursements
            January 1, 2005 through January 31, 2005


Cash and Bank Balance:
   Beginning of Month                                  $444,035

Receipts
   Cash Sales                                            15,795
   Accounts Receivable -- Prepetition                    62,732
   Accounts Receivable -- Postpetition                  382,802
   Loans and Advances                                         0
   Sale of Assets                                             0
   Transfers in from other accounts                     125,596
   Other -- Custodial Funds                              27,808
   Other -- Payroll Reimbursements                            0
   Credit Adjustments                                         0
                                                 --------------
   Total Receipts                                       614,733

Disbursements:
   Business -- Ordinary Operations                      689,922
   Capital Improvements                                       0
   Prepetition Debt                                           0
   Transfers to other DIP Accounts                      125,596
   Other -- Custodial Funds                               4,312
   Other -- TRF to Wells Fargo Investment                     0
   Other -- Payroll Reimbursement                        10,399

Reorganization Expenses:
   Attorney Fees                                              0
   Accountant Fees                                            0
   Other Professional Fees                                    0
   Other (Advertising)                                        0
   U.S. Trustee Quarterly Fee                             5,000
   Court Costs                                                0
                                                 --------------
   Total Disbursements                                  835,228
                                                 --------------
Cash & Bank Balance -- End of Month                    $223,540
                                                 ==============


The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day.  Susan G. Boswell, Esq., Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese.  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. of
Sussman Shank LLP represent the Portland Archdiocese in its
restructuring efforts.  Portland's 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. 19;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


COMMERCE ONE: Posts $45,006 Net Loss in January 2005
----------------------------------------------------
On Feb. 22, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed its monthly operating report for the month ending Jan. 31,
2005, with the United States Bankruptcy Court for the Northern
District of California.

The Company posted a $45,006 net loss on $57,962 of net
sales for one month.

At Jan. 31, 2005, Commerce One's balance sheet showed:

      Current Assets                $14,760,626
      Total Assets                   14,760,626
      Current Liabilities               847,770
      Total Liabilities              34,341,557
      Total Stockholder's Deficit  ($19,580,931)

A full-text copy of Commerce One's January 2005 Monthly Operating
Report is available at no charge at:

   http://sec.gov/Archives/edgar/data/1131806/000113180605000005/exh99-1.htm


Headquartered in San Francisco, California, Commerce One, Inc.
(n/k/a CO Liquidation, Inc.) -- http://www.commerceone.com/ --
provides software services that enable businesses to conduct
commerce over the Internet.  Commerce One, Inc., and its wholly
owned subsidiary, Commerce One Operations, Inc., filed for chapter
11 protection on Oct. 6, 2004 (Bankr. N.D. Calif. Case Nos. 04-
32820 and 04-32821).  Doris A. Kaelin, Esq., and Lovee Sarenas,
Esq., at the Murray and Murray, represent the Debtors.  When the
Debtors filed for bankruptcy, they listed $14,531,000 in total
assets and $12,442,000 in total debts.  As of December 2, 2004,
Commerce One estimates that its liabilities owed to creditors
total approximately $9.7 million, including approximately $5.1
million owed to ComVest.  The company expects that total
liabilities will continue to increase over time.


FRESH CHOICE: Posts $937,262 Net Loss for Period Ended Jan. 23
--------------------------------------------------------------
On Feb. 18, 2005, Fresh Choice, Inc., filed its monthly operating
report for the four-week period ended Jan. 23, 2005, with the
United States Bankruptcy Court for the Northern District of
California.

The Company reported a $937,262 net loss in $4,772,534 of total
revenues for the period from Dec. 27, 2004, through Jan. 23, 2005.

At Jan. 23, 2005, Fresh Choice, Inc.'s balance sheet shows:

      Current Assets                         $6,392,186
      Total Assets                           21,627,670
      Current Liabilities                     7,242,452
      Total Prepetition Liabilities          13,070,361
      Total Liabilities                      22,242,042
      Total Stockholders' Equity Deficit     $ (614,372)

A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Jan. 23, 2005, is available at no charge at:


http://sec.gov/Archives/edgar/data/893741/000115752305001769/a4828362ex991.t
xt


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.


HAWAIIAN AIRLINES: Posts $588,000 Net Income for January 2005
-------------------------------------------------------------
On Feb. 18, 2005, Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its unaudited January 2005
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii.

The carrier reports earning $588,000 on $62,901,000 of revenues
for the month of January 2005.

For the month ending January 31, 2005, Hawaiian Airlines' balance
sheet showed:

      Total Current Assets                   $235,760,000
      Total Assets                            347,910,000
      Total Current Liabilities               221,819,000
      Total Liabilities                       418,440,000
      Liabilities Subject to Compromise       216,668,000
      Shareholder's Deficit                 ($287,198,000)

A full-text copy of Hawaiian Airlines' January 2005 Monthly
Operating Report is available at no charge at:

   http://sec.gov/Archives/edgar/data/1172222/000095013605000965/file002.htm


On March 21, 2003, Hawaiian Airlines, Inc., filed a voluntary
petition for reorganization under Chapter 11 of the United States
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Hawaii (Case No. 03-00827).  Joshua Gotbaum serves as the chapter
11 trustee for Hawaiian Airlines, Inc.  Mr. Gotbaum is represented
by Tom E. Roesser, Esq., and Katherine G. Leonard at Carlsmith
Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua
D. Morse, Esq., and John L. Jones, II, Esq., at Hennigan, Bennett
& Dorman LLP.


INTERMET CORP: Posts $3,149,000 Net Loss in January 2005
--------------------------------------------------------
On Feb. 28, 2005, Intermet Corporation and its debtor-affiliates
delivered its January 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.

For the month ending Jan. 31, 2005, Intermet Corporation reported
net loss of $3,149,000 against $59,550,000 net sales.

On Jan. 31, 2005, Intermet's balance sheet showed:

      Current Assets                          $150,932,000
      Total Assets                             464,516,000
      Postpetition Debts                        19,317,000
      Total Liabilities                        571,208,000
      Total Stockholders' Equity Deficit     ($106,692,000)

A full-text copy of Intermet Corporation's January 2005 Monthly
Operating Report is available at no charge at:


http://sec.gov/Archives/edgar/data/745287/000095012405001100/k92469exv99w1.t
xt


Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/ -- provides machining and tooling
services for the automotive and industrial markets specializing
in the design and manufacture of highly engineered, cast
automotive components for the global light truck, passenger car,
light vehicle and heavy-duty vehicle markets.  Intermet, along
with its debtor-affiliates, filed for chapter 11 protection on
Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614).  Salvatore A. Barbatano, Esq., at Foley & Lardner LLP,
represents the Debtors.  When the Debtors filed for protection
from their creditors, they listed $735,821,000 in total assets
and $592,816,000 in total debts.


INTERSTATE BAKERIES: Files Financial Statements Ending Jan. 8
-------------------------------------------------------------

           Interstate Bakeries Corporation and Subsidiaries
            Unaudited Consolidated Monthly Operating Report
                   Four Weeks Ended January 8, 2005


REVENUE

Gross Income                                       $238,181,434
Less Cost of Goods Sold
     Ingredients, Packaging, & Outside Purchasing    56,897,640
     Direct & Indirect Labor                         46,092,413
     Overhead & Production Administration            12,867,560
                                                   ------------
     Total Cost of Goods Sold                       115,857,613
                                                   ------------
        Gross Profit                               $122,323,821
                                                   ------------

OPERATING EXPENSES

Owner-Draws/Salaries                                          -
Selling & Delivery Employee Salaries                $60,402,147
Advertising and Marketing                             2,169,984
Insurance (Property, Casualty, & Medical)            14,815,006
Payroll Taxes                                         5,216,177
Lease and Rent                                        4,700,160
Telephone and Utilities                               1,691,941
Corporate Expense (Including Salaries)                7,499,999
Other Expenses                                       29,152,952
                                                   ------------
     Total Operating Expenses                      $125,648,366
                                                   ------------
EBITDA                                              ($3,324,545)

Restructuring Charges                                   299,715
Reorganization Professional Fees                      3,538,429
Depreciation and Amortization                         6,868,669
Other Income                                             (2,000)
Interest Expense                                      3,236,949
                                                   ------------
Operating Income (Loss)                             (17,266,307)
Income Tax Expense (Benefit)                         (5,281,851)
                                                   ------------
Net Income (Loss)                                  ($11,984,456)
                                                   ============

CURRENT ASSETS
    Accounts Receivable at end of period           $174,905,405
    Increase (Decrease) in Accounts Receivable       (2,413,674)
    Inventory at end of period                       72,256,564
    Increase (Decrease) in Inventory for period        (489,927)
    Cash at end of period                            90,095,807
    Increase (decrease) in Cash for period           (9,384,739)

LIABILITIES
    Increase (Decrease) in Liabilities
       Not Subject to Compromise                        507,029
    Increase (Decrease) in Liabilities
       Subject to Compromise                            298,503
    Taxes payable:
       Federal Payroll Taxes                         12,728,346
       State/Local Payroll Taxes                      5,279,942
       State Sales Taxes                                675,558
       Real Estate and Personal Property Taxes       11,125,999
       Other                                          6,323,787
                                                   ------------
       Total Taxes Payable                          $36,133,632
                                                   ------------

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation 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.  (Interstate Bakeries
Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


PARMALAT: Finanziaria Reports January 2005 Financial Results
------------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration reports
the operating and financial results for the Parmalat Group as at
January 31, 2005.

                      Scope of Consolidation

The scope of consolidation has been defined using principles
that are consistent with those adopted in preparing the statement
of income and balance sheet at December 31, 2004.  Companies that
are 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.

The current scope of consolidation no longer includes companies in
which the Group held equity investments that were sold after
January 1, 2005.  The corresponding 2004 data have been restated
accordingly on a pro forma basis.  The operations divested in 2005
include the companies that comprised the USA Bakery Division
(Mother's Cake & Cookies, Archway Cookies and three production
units in Canada), which were sold in January 2005, and Parmalat
Uruguay, which was sold in February 2005.

                        Financial Highlights

                     Cumulative Through January
                         (in EUR millions)

                                           Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities              267.5          267.5    287.6
     Non Core Activities           48.5           46.0     36.4
                               --------  -------------  -------
     Total                        316.0          313.5    324.0
                               ========  =============  =======

                                             EBITDA
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities               16.2           16.2     17.6
     Non Core Activities           (8.9)          (8.9)    (2.2)
                               --------  -------------  -------
     Subtotal                       7.4            7.4     15.4
     Proceedings costs             (4.9)          (4.9)    (5.0)
                               --------  -------------  -------
     Total                          2.5            2.5     10.4
                               ========  =============  =======

                                         % of Revenues
                               --------------------------------
                               Previous  Previous year  Current
                               year      Pro-Forma      year
                               --------  -------------  -------
     Core Activities                6.1            6.1      6.1
     Non Core Activities        (18.3)       (19.3)     (6.0)
                               --------  -------------  -------
     Subtotal                       2.3            2.4      4.8
     Total                          0.8            0.8   3.2[sic]
                               ========  =============  =======

      * The Core Businesses include beverages (milk and fruit
        juices) and functional dairy products, which are sold
        under approximately 30 brands primarily in high-potential
        countries in which there is sustained demand for wellness
        products, consumers are willing to pay a premium price
        for Parmalat brands and 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.

                         Core Businesses

The Group's Core Businesses had revenues of EUR287.6 million at
January 31, 2005, up 7.5% from the EUR267.5 million booked in
the same period last year.  At EUR17.6 million, EBITDA were 8.6%
higher than the EUR16.2 million earned in January 2004.

These data do not reflect the impact of the nonrecurring
charges incurred in connection with the extraordinary
administration proceedings, which amounted to about EUR5.0
million, in line with January 2004.

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

     -- Italy

        Revenues totaled EUR100.7 million in January 2005, or
        8.1% less than the EUR109.6 million booked in the same
        month last year.

        The shortfall in net revenues was accompanied by a
        decrease in EBITDA, which declined both in absolute
        terms (from EUR9.4 million in January 2004 to EUR8.1
        million in January 2005) and as a percentage of net
        revenues (from 8.5% to 8.0%).

        A drop in unit sales by the Milk Division (fresh milk in
        particular) and the Produce Division is the main reason
        for the decline in net revenues.  In addition, higher
        promotional and advertising expenses contributed to the
        EBITDA deterioration as compared with January 2004,
        which, however, should be temporary.

     -- Spain

        At EUR14.1 million, January 2005 revenues were 12.4% less
        than the EUR16.1 million reported in the same month last
        year. EBITDA totaled EUR0.7 million, a slight improvement
        over the EUR0.6 million earned in January 2004.  Margins
        were also up, with EBITDA rising from 3.7% to 4.8% of
        revenues.

        An across-the-board decrease in unit sales, which
        reflects unfavorable business conditions in the domestic
        market, is among the main reasons for the decrease in net
        revenues.

     -- South Africa

        In January 2005, revenues rose to EUR20.2 million, or
        13.5% more than the EUR17.8 million booked in the same
        month last year.

        However, EBITDA decreased both in absolute terms (from
        EUR1.9 million in January 2004 to EUR1.3 million this
        year) and as a percentage of net revenues (from 10.6% to
        6.5% of revenues).

        The main reasons for the improvement in revenues include
        the appreciation of the South African rand versus the
        euro (average exchange rate up 10.7% compared with
        January 2004) and an increase in total unit sales
        (shipments of pasteurized milk, fruit juices and yogurt
        were up, but deliveries of UHT milk and cheese were
        down).  The result for January 2005 was adversely
        affected by inefficiencies in the distribution network
        and higher promotional expenses.

     -- Venezuela

        In January 2005, the Venezuelan operations reported
        revenues of EUR12.1 million, a gain of 30.1% compared
        with the EUR9.3 million booked in January 2004.  EBITDA
        also improved, rising both in absolute terms (from a
        negative EUR0.5 million at January 31, 2004 to a positive
        EUR0.8 million this year) and on a percentage basis (from
        a negative 5.2% of revenues to a positive 6.8% of
        revenues).

        This positive performance was achieved despite the
        negative impact of a weak bolivar, which continued to
        lose value versus the euro (-24.8% compared with the
        average exchange rate for January 2004).

        The results reported in January, along with those for the
        preceding few months, point to the beginning of a
        turnaround for the Venezuelan companies, made possible by
        the recent implementation of reorganization and
        refocusing programs.  In the coming months, additional
        changes in the social policies pursued by the
        Venezuelan government will require a further revision of
        the business model used by the Group's local companies.

     -- Canada

        Revenues totaled EUR101.5 million in January 2005, up
        sharply from the EUR75.0 million reported in the same
        month last year.

        The revenue gain had a positive impact on EBITDA, which
        rose both in absolute terms (from EUR2.8 million in
        January 2004 to EUR5.6 million this year) and on a
        percentage basis (from 3.8% of revenues to 5.6% of
        revenues).  Higher unit sales and sales prices for all
        Canadian products, and an increase in sales days
        compared with January 2004 account for this improvement.

     -- Australia

        In January 2005, revenues decreased to EUR29.6 million,
        or 7.2% less than the EUR31.9 million booked in January
        2004, but EBITDA held steady at EUR1.6 million.

        The Australian operations were able to hold total unit
        sales at about the same level as in January 2004
        (lower shipments of yogurt, desserts and tea were offset
        by higher sales of pasteurized and UHT milk), but their
        performance was adversely affected by a modest
        depreciation of the Australian dollar versus the
        euro (-4.7% compared with the average rate in January
        2004).

                        Non-core Businesses

In January 2005, the Group's Non-core Businesses reported revenues
of EUR36.4 million, a decrease of 20.9% from pro forma revenues of
EUR46.0 million in January 2004.

However, even though net revenues were down, EBITDA improved
from a negative EUR8.9 million to a negative EUR2.2 million, due
mainly to a sharp reduction in the losses reported by Parma F.C.

                       NET FINANCIAL POSITION

                    Highlights (in EUR millions)

                             Balance      Balance      Balance
                             as at        as at        as at
                             06/30/04     12/31/04     01/31/05
                             --------     --------     --------
Short term financial assets    (130.5)      (368.2)      (369.5)
   broken down as:

   Financial assets not
   held as fixed assets          (5.4)        (0.4)        (0.3)

   Liquid assets               (125.1)      (367.7)      (369.2)

Financial accrued income
and prepaid expenses
(incl. intra-Group)             (55.0)       (25.6)       (17.1)
                             --------     --------     --------
Total short-term
financial assets               (185.5)      (393.8)      (386.6)
                             ========     ========     ========

Financial debts              11,408.0     11,386.7     11,273.5

Financial accrued expenses
& deferred income               246.6        231.2        225.9
                             --------     --------     --------

Total financial liabilities  11,654.6     11,617.9     11,499.4

Indebtedness owed to
lenders outside the Group/
(Financial assets) of
companies consolidated
line-by-line                 11,469.1     11,224.1     11,112.8

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

Indebtedness/(Financial
assets) of companies
consolidated line-by-line    12,214.9     11,952.2     11,840.8

Indebtedness/(Financial
assets) of companies not
consolidated line-by-line         4.3          6.9          6.9
                             --------     --------     --------
Total indebtedness/
(financial assets)           12,219.2     11,959.0     11,847.7
                             ========     ========     ========

At January 31, 2005, the Group's total indebtedness had decreased
to EUR11,847.7 million, or EUR111.4 million less than the
EUR11,959.0 million it owed at December 31, 2004.  The
deconsolidation of divested businesses (Parmalat Uruguay) and a
restatement of debt positions booked to reflect changes in the
verified claims included in the lists of unsecured creditors
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 by Parmalat SpA and Parmalat
Finanziaria SpA in 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
recognized in the consolidated financial statements at June 30,
2004.  Based on currently available information, it would seem
reasonable to adjust the reserve amount to EUR1,657.1 million.
The consolidated financial statements also show that indebtedness
owed by the Group to companies in special proceedings who 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 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      Balance      Balance
                             as at        as at        as at
                             06/30/04     12/31/04     01/31/05
                             --------     --------     --------
Companies in EA
   subject to proposed
   composition with
   creditors                 10,084.0      9,928.8      9,819.2

Other companies in EA            42.8        106.7         99.6

Other companies               1,342.3      1,188.6      1,194.1
                             --------     --------     --------
Total indebtedness/
(financial assets)           11,469.1     11,224.1     11,112.8
                             ========     ========     ========

           Companies Under Extraordinary Administration

The net indebtedness incurred by companies under extraordinary
administration toward 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.

Liquid assets held by the companies included in the Proposal of
Composition with Creditors were relatively unchanged (EUR230.1
million at January 31, 2005, compared with EUR235.3 million at
December 31, 2004).

The decrease in total indebtedness owed to lenders outside the
Group by other companies under extraordinary administration
is due mainly to an increase in liquid assets held by 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 totaled EUR1,194.1 million (including EUR685.5
million in long-term debt) at January 31, 2005, little changed
from the EUR1,188.6 million owed at December 31, 2004, following
the deconsolidation of the indebtedness of Parmalat Uruguay and
the sale of the equity investment in that company for EUR22.0
million.

Some Group companies are currently 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
                             as at        as at        as at
                             06/30/04     12/31/04     01/31/05
                             --------     --------     --------
Short-term financial assets    (140.0)       (17.8)       (18.4)
   broken down as:

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

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

   Liquid assets                 (1.1)        (0.7)        (1.3)

Financial accrued income
and prepaid expenses
(including intra-Group)             -         (0.1)           -
                             --------     --------     --------
Total short-term
financial assets               (140.0)       (18.0)       (18.4)
                             ========     ========     ========

Financial liabilities
(including intra-Group)       1,272.9      1,278.8      1,281.3
   broken down as:

   Intra-Group loans payable  1,010.9      1,016.8      1,014.8

   Other financial debts        262.0        262.0        266.5

Financial accrued expenses
and deferred income
(including intra-Group)           4.7          4.7            -
                             --------     --------     --------
Total financial
liabilities                   1,277.6      1,283.5      1,281.3
                             --------     --------     --------
Total indebtedness/
(financial assets)            1,137.6      1,265.6      1,262.9
                             ========     ========     ========

At January 31, 2005, the indebtedness of Parmalat Finanziaria SpA
had declined compared with the previous month thanks to an
increase in liquid assets and a decrease in intra-Group loans
payable, following the repayment of a EUR2.0-million
loan owed to Parmalat SpA.

                            Parmalat SpA
                   (Amounts in millions of Euros)

                         (in EUR millions)

                             Balance      Balance      Balance
                             as at        as at        as at
                             06/30/04     12/31/04     01/31/05
                             --------     --------     --------
Short-term financial assets     (61.7)      (155.7)      (143.5)
   broken down as:

   Intra-Group
   loans receivable             (38.6)       (36.5)       (33.7)

   Financial assets not
   held as fixed assets             -            -            -

   Liquid assets                (23.2)      (119.2)      (109.7)

Financial accrued income
and prepaid expenses
(including intra-Group)             -         (0.1)           -
                             --------     --------     --------
Total short-term
financial assets                (61.7)      (155.8)      (143.5)
                             ========     ========     ========

Financial liabilities
(including intra-Group)       4,144.1      3,891.6      3,776.6
   broken down as:

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

   Other financial debts      2,877.9      2,884.6      2,769.6

Financial accrued expenses
and deferred income
(including intra-Group)             -            -            -
                             --------     --------     --------
Total financial
liabilities                   4,144.1      3,891.6      3,776.6
                             --------     --------     --------
Total indebtedness/
(financial assets)            4,082.4      3,735.7      3,633.1
                             ========     ========     ========

The decrease in indebtedness at January 31, 2005 compared with the
previous month is due mainly to the January restatement of debt
positions booked to reflect changes in the verified claims
included in the final lists of unsecured creditors approved by the
Court.

In January 2005, the amount of intra-Group loans receivable was
adjusted to reflect the repayment of a EUR2.0 million loan by
Parmalat Finanziaria and the recognition of write-downs totaling
EUR0.7 million.

                            Eurolat SpA
                   (Amounts in millions of Euros)

                         (in EUR millions)

                             Balance      Balance      Balance
                             as at        as at        as at
                             06/30/04     12/31/04     01/31/05
                             --------     --------     --------
Short-term financial assets     (23.2)        (8.7)       (12.3)
   broken down as:

   Intra-Group
   loans receivable                 -         (2.2)        (2.2)

   Financial assets not
   held as fixed assets             -            -            -

   Liquid assets                (23.2)        (6.5)       (10.1)

Financial accrued income
and prepaid expenses
(including intra-Group)             -         (0.1)        (0.0)
                             --------     --------     --------
Total short-term
financial assets                (23.2)        (8.8)       (12.3)
                             ========     ========     ========

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

   Intra-Group loans payable     45.8         43.8         43.8

   Other financial debts        143.5        144.4        144.4

Financial accrued expenses
and deferred income
(including intra-Group)           0.7            -            -
                             --------     --------     --------
Total financial
liabilities                     190.0        188.2        188.2
                             --------     --------     --------
Total indebtedness/
(financial assets)              166.8        179.4        175.9
                             ========     ========     ========

The liquid assets held by Eurolat SpA increased in January 2005.

                             Lactis SpA
                   (Amounts in millions of Euros)

                         (in EUR millions)

                             Balance      Balance      Balance
                             as at        as at        as at
                             06/30/04     12/31/04     01/31/05
                             --------     --------     --------
Short-term financial assets      (3.7)        (4.4)        (4.4)
   broken down as:

   Intra-Group
   loans receivable                 -            -            -

   Financial assets not
   held as fixed assets             -            -            -

   Liquid assets                 (3.7)        (4.4)        (4.4)

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

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

   Intra-Group
   loans payable                  8.6          8.6          8.6

   Other financial
   liabilities                   10.5         10.5         10.5

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

The indebtedness of Lactis SpA at January 31, 2005, was unchanged
compared with the previous month.

                        Significant Events

  January 13        Boschi Luigi e Figli S.p.A. is declared
                    insolvent.

  January 28        The Canadian subsidiary Parmalat Dairy &
                    Bakery sells its USA Bakery Division
                    (Mother's Cake & Cookies, Archway Cookies and
                    three production units in Canada).  It also
                    signs 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 hands down 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 files an
                    action to void pursuant to Article 67 of the
                    Italian Bankruptcy Law against Morgan Stanley
                    Limited and Morgan Stanley Bank.

  February 16       Lacteria SA sells Parmalat Uruguay.


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.  On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT: Releases Monthly Operating Report Ended Dec. 25, 2004
---------------------------------------------------------------

                      Parmalat USA Corporation
                            Balance Sheet
                       As of December 25, 2004


Assets

Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                 --------------
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                 --------------
Net Fixed Assets                                              0

Other Assets                                        191,119,549
Intercompany Receivables                             10,392,497
                                                 --------------
Total Assets                                       $201,512,046
                                                 ==============

Liabilities Subject to Compromise
   Long Term Debt & Interest                        $20,110,681
   Intercompany payables                            216,824,527
                                                 --------------
Total Liabilities Subject to Compromise             236,935,208

Liabilities
   Accounts Payable                                           0
   Notes & Loans Payable                                      0
   Accrued Expenses                                           0
   Intercompany Payables                                      0
                                                 --------------
Total Liabilities                                   236,935,208

Equity
Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                              (154,130,331)
                                                 --------------
Total Equity                                        (35,423,162)
                                                 --------------
Total Liabilities & Owners' Equity                 $201,512,046
                                                 ==============


                      Parmalat USA Corporation
                          Income Statement
            From November 21, 2004, to December 25, 2004


Revenues
   Gross sales                                                -
   Less: Returns & discounts                                  -
                                                 --------------
   Net sales                                                 $0

Expenses
   Raw Materials & Ingredients                                -
   Packaging                                                  -
   Direct Labor                                               -
   Power                                                      -
   Freight                                                    -
   Distribution                                               -
   Industrial Depreciation                                    -
   Production Overhead                                        -
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                     (703,737)
   Goodwill/trademarks                                   18,226
   Extraordinary                                              -
   Corporate Allocation                                       -
   Depreciation                                               -
   Amortization                                               -
   Income Taxes                                               -
                                                 --------------
   Total Expenses                                      (685,511)

Reorganization Expenses                             153,711,045
                                                 --------------
Net Profit (Loss)                                 ($153,025,534)
                                                 ==============

Parmalat USA Corporation received no cash nor made disbursements
from November 21, 2004, to December 25, 2004.

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.  On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT: Milk Products' December 2004 Monthly Operating Report
---------------------------------------------------------------

                    Milk Products of Alabama, LLC
                            Balance Sheet
                      As of December 25, 2004


Assets

Cash & Cash Equivalents                              $8,313,560
Accounts Receivable-Net                                  47,558
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                 --------------
Total Current Assets                                  8,361,118

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                 --------------
Net Fixed Assets                                              0

Other Assets                                                  0
Intercompany Receivables                              2,705,407
                                                 --------------
Total Assets                                        $11,066,525
                                                 ==============

Liabilities Subject to Compromise
   Accrued Expenses                                  $3,910,679
   Intercompany payables                              4,967,846
                                                 --------------
Total Liabilities Subject to Compromise               8,878,525

Liabilities
   Accounts Payable                                           0
   Accrued Expenses                                      75,591
                                                 --------------
Total Current Liabilities                                75,591

Long Term Notes Payable -- Intercompany                       -
Other                                                 2,441,401
                                                 --------------
Total Long Term Liabilities                           2,441,401

Intercompany Payables                                         0
                                                 --------------
Total Liabilities                                    11,395,517

Equity
Retained Earnings                                        18,414
YTD Net Income/(Loss)                                  (347,406)
                                                 --------------
Total Equity                                           (328,992)
                                                 --------------
Total Liabilities & Owners' Equity                  $11,066,525
                                                 ==============


                    Milk Products of Alabama, LLC
                          Income Statement
            From November 21, 2004, to December 25, 2004


Revenues
   Gross sales                                               $0
   Less: Returns & discounts                                  0
                                                 --------------
   Net sales                                                  0

Expenses
   Raw Materials & Ingredients                                0
   Packaging                                                  0
   Direct Labor                                               0
   Power                                                      0
   Freight                                                    0
   Industrial Depreciation                                    0
   Production Overhead                                        0
   Warehouse (Cooler)                                         0
   Marketing Costs                                            0
   Sales Admin Expenses                                       0
   General Expenses                                           0
   Financial Costs                                       (1,598)
   Other (Income) Expense                                     0
   Extraordinary                                        (44,327)
   Corporate Allocation                                       0
   Income Taxes                                               0
                                                 --------------
   Total Expenses                                       (45,925)

Reorganization Expenses
   Professional Fees                                    293,542
   U.S. Trustee Fees                                          -
   Other                                              9,565,335
                                                 --------------
   Total Reorganization Expenses                      9,858,877
                                                 --------------
Net Profit (Loss)                                   ($9,812,952)
                                                 ==============


                    Milk Products of Alabama, LLC
                   Cash Receipts and Disbursements
            From November 21, 2004, to December 25, 2004


Cash - Beginning of Month                           $10,982,076

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                0
   Postpetition                                         179,604
                                                 --------------
   Total Operating Receipts                             179,604

Non - Operating Receipts
   Transfers                                                  0
   Other                                                 50,669
                                                 --------------
   Total Non-Operating Receipts                          50,669
                                                 --------------
   Total Receipts                                       230,273
                                                 --------------
Total Cash Available                                 11,212,349

Operating Disbursements
   Purchased Products                                         -
   Consulting Fees                                            -
   Ingredients                                              417
   Licenses & Taxes                                           -
   Packaging                                                  -
   R & M, Parts, Supplies                                     -
   Other                                                     25
   Utilities                                                  -
   Marketing Costs                                            -
   Securitization Payment                             2,631,650
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Title Fees                                                 -
   Employee-related                                           -
   Freight/Transportation                                 1,385
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                 --------------
   Total expenses                                     2,633,476

Reorganization Expenses
   Professional Fees                                    265,312
   U.S. Trustee Fees                                          -
   DIP Interest & Fees                                        -
                                                 --------------
   Total Reorganization Expenses                        265,312
                                                 --------------
Total Disbursements                                   2,898,788
                                                 --------------
Net Cash Flow                                        (2,668,515)
                                                 --------------
Cash - End of Month                                  $8,313,560
                                                 ==============


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.  On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT: Farmland Dairies' December 2004 Monthly Operating Report
------------------------------------------------------------------

                        Farmland Dairies, LLC
                            Balance Sheet
                       As of December 25, 2004


Assets

Cash & Cash Equivalents                             $11,973,550
Accounts Receivable-Trade                            36,169,505
Accounts Rec.-Securitization                        (29,393,350)
Notes Receivable                                        161,968
Inventory                                            11,377,301
Prepaid Expenses                                      8,196,035
Other Current Assets                                  5,817,304
                                                 --------------
Total Current Assets                                 44,302,313

Fixed Assets                                        176,712,690
Accumulated Depreciation                             98,188,458
                                                 --------------
Net Fixed Assets                                     78,524,232

Other Assets                                          8,462,659
Intercompany Receivables                             14,347,591
                                                 --------------
Total Assets                                       $145,636,795
                                                 ==============

Liabilities Subject to Compromise:
   Accounts Payable                                  21,125,765
   Accrued Expenses                                           0
   Intercompany Payables                             21,627,999
   Capital Lease                                     96,226,490
                                                 --------------
Total Liabilities Subject to Compromise             138,980,254

Liabilities:
   Notes & Loans Payable                                      0
   Capital Leases - Short Term                                0
   Accounts Payable                                  13,943,701
   Accrued Expenses                                  25,089,512
                                                 --------------
Total Current Liabilities                            39,033,213
Notes & Loans Payable                                32,240,852
Capital Leases - Long Term                               37,646
Other                                                 5,143,375
                                                 --------------
Total Long Term Liabilities                          37,421,873

Intercompany Payables                                         0
                                                 --------------
Total Liabilities                                   215,435,340

Equity
Paid In Capital                                     161,506,590
Accum Comprehensive Income                           (4,009,205)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                              (238,619,623)
                                                 --------------
Total Equity                                        (69,798,545)
                                                 --------------
Total Liabilities & Owners' Equity                 $145,636,795
                                                 ==============


                        Farmland Dairies, LLC
                          Income Statement
             From November 21, 2004, to December 25, 2004

Revenues
   Gross sales                                      $38,044,547
   Less: Returns & discounts                            888,406
                                                 --------------
   Net sales                                         37,156,141

Expenses
   Raw Materials & Ingredients                       24,106,242
   Packaging                                          2,908,807
   Direct Labor                                         997,145
   Power                                                528,286
   Freight                                              353,336
   Distribution                                       2,978,163
   Industrial Depreciation                              432,823
   Production Overhead                                2,785,380
   Warehouse (Cooler)                                 3,703,976
   Marketing Costs                                      664,787
   Sales Admin Expenses                                 419,657
   General Expenses                                   7,880,886
   Financial Costs                                   (3,749,421)
   Goodwill/trademarks                                    8,446
   Extraordinary                                        114,409
   Corporate Allocation                                       0
   Provision for Income Taxes                              (885)
                                                 --------------
   Total Expenses                                    44,132,037

Reorganization Expenses                             185,479,563
                                                 --------------
Net Profit (Loss)                                 ($192,455,459)
                                                 ==============


                        Farmland Dairies, LLC
                   Cash Receipts and Disbursements
            From November 21, 2004, to December 25, 2004


Cash - Beginning of Month                            $9,738,595

Receipts From Operations
   Cash Sales                                                 0

Collection of Accounts Receivable
   Prepetition                                          184,645
   Postpetition                                      38,775,827
                                                 --------------
   Total Operating Receipts                          38,960,472

Non - Operating Receipts
   Payments from/(to) GE Capital                      1,000,000
   Voided Checks (Prepetition)                                -
   Adjustments                                            2,422
   Deposits -- Other                                    140,279
   Transfers                                                  0
                                                 --------------
   Total Non-Operating Receipts                       1,142,702
                                                 --------------
   Total Receipts                                    40,103,173
                                                 --------------
Total Cash Available                                 49,841,768

Operating Disbursements
   Chemicals                                            603,187
   Commissions                                          100,227
   Consulting/Legal                                     143,147
   Co-packing                                           802,085
   Employee & Employee-related expenses               1,133,468
   Equipment Leases                                     415,044
   Freight & Postage                                    252,851
   Fuel                                                 176,021
   Transportation                                       739,233
   Ingredients                                        1,099,927
   Insurance                                            122,184
   Lab Fees                                              45,326
   Licenses & Taxes                                     102,316
   Marketing                                             69,458
   Other                                                592,707
   Packaging                                          2,696,483
   Pallets/Cases/Bossies                                265,502
   Milk Producers                                    15,469,600
   Marketing Administrator                              604,358
   Purchased Products                                 1,069,249
   R & M, Parts, Supplies                             1,314,754
   Raw Milk                                           1,527,021
   Rebates                                              191,148
   Rent                                                 394,929
   Security                                             181,752
   Temporary Labor                                      129,066
   Travel & Entertainment                                50,664
   Utilities                                            852,106
   Securitization Payments                            2,326,148
   Payroll                                            3,849,236
   Payroll Taxes                                        524,738
   Voided Checks (Postpetition)                      (1,747,907)
                                                 --------------
   Total expenses                                    36,187,164

Reorganization Expenses
   Professional Fees                                  1,485,132
   U.S. Trustee Fees                                          0
   DIP Interest & Fees                                  195,923
                                                 --------------
   Total Reorganization Expenses                      1,681,055
                                                 --------------
Total Disbursements                                  37,868,219
                                                 --------------
Net Cash Flow                                         2,234,955
                                                 --------------
Cash - End of Month                                 $11,973,550
                                                 ==============


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.  On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


SOLUTIA INC: Posts $3 Million Net Loss for January 2005
-------------------------------------------------------

                     Solutia Chapter 11 Debtors
       Unaudited Statement of Consolidated Financial Position
                      As of January 31, 2005


                              ASSETS


Current Assets:
    Cash                                            $42,000,000
    Trade Receivables, net                          154,000,000
    Account Receivables-Unconsolidated subsidiaries  53,000,000
    Inventories                                     158,000,000
    Other Current Assets                             82,000,000
                                                  -------------
Total Current Assets                                489,000,000


Property, Plant and Equipment, net                  697,000,000
Investments in Affiliates                           502,000,000
Intangible Assets, net                              101,000,000
Other Assets                                         99,000,000
                                                  -------------
TOTAL ASSETS                                     $1,888,000,000
                                                  =============

               LIABILITIES AND SHAREHOLDERS' DEFICIT

Current Liabilities
    Accounts Payable                               $172,000,000
    Short Term Debt                                 305,000,000
    Other Current Liabilities                       172,000,000
                                                  -------------
Total Current Liabilities                           649,000,000

Other Long-Term Liabilities                         210,000,000
                                                  -------------
Total Liabilities Not Subject to Compromise         859,000,000
Liabilities Subject to Compromise                 2,298,000,000
Shareholders' Deficit                            (1,269,000,000)
                                                  -------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT        $1,888,000,000
                                                  =============


                     Solutia Chapter 11 Debtors
          Unaudited Consolidated Statement of Operations
                For the Month Ended January 31, 2005


Total Net Sales                                    $197,000,000
Total Cost Of Goods Sold                            175,000,000
                                                  -------------
Gross Profit                                         22,000,000
Total MAT Expense                                    16,000,000
                                                  -------------
Operating Income                                      6,000,000

Equity Income from Affiliates                         3,000,000
Interest Expense, net                                (5,000,000)

Reorganization Items:
    Professional fees                                (3,000,000)
    Adjustments to allowed claim amounts             (4,000,000)
                                                  -------------
    Total Reorganization Items                       (7,000,000)
                                                  -------------
Loss Before Taxes                                    (3,000,000)
Income Tax                                                    -
                                                  -------------
NET LOSS                                            ($3,000,000)
                                                  =============

Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/ -- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications.  The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts.  (Solutia Bankruptcy News,
Issue No. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000)


SPIEGEL INC: Earns $144 Million of Net Income in January 2005
-------------------------------------------------------------

                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
               Unaudited Consolidated Balance Sheet
                      As of January 1, 2005

                             ASSETS


Current assets:
Cash and cash equivalents                          $348,478,000
Receivables, net                                     42,004,000
Inventories                                         152,296,000
Prepaid expenses                                     29,081,000
Assets of discontinued operations                    54,355,000
                                                 --------------
Total current assets                                626,214,000
                                                 --------------

Property and equipment, net                         120,775,000
Intangible assets, net                              135,608,000
Other assets                                         24,355,000
                                                 --------------
Total assets                                       $906,952,000
                                                 ==============

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities           $201,602,000
Current portion of long-term debt                    48,000,000
Liabilities of discontinued operations               78,326,000
                                                 --------------
Total current liabilities                           327,928,000
                                                 --------------
Deferred lease obligation                            12,253,000

Liabilities subject to compromise                 1,397,203,000

Total liabilities                                 1,737,384,000
                                                 --------------

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

Class B voting common stock, $1.00
   par value; authorized 121,500,000 shares;
   117,009,869 shares issued & outstanding          117,010,000
Additional paid-in capital                          329,489,000
Accumulated other comprehensive loss                (27,672,000)
Accumulated deficit                              (1,264,204,000)
                                                 --------------
Total stockholders' deficit                        (830,432,000)
                                                 --------------
Total liabilities & stockholders' deficit          $906,952,000
                                                 ==============


                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
          Unaudited Consolidated Statement of Operations
                 Five Weeks Ended January 1, 2005


Net sales and other revenues:
Net sales                                          $209,642,000
Other revenue                                        10,772,000
                                                 --------------
                                                    220,414,000

Cost of sales and operating expenses:
Cost of sales, including buying
   and occupancy expenses                           103,410,000
Selling, general & administrative expenses           50,733,000
                                                 --------------
                                                    154,143,000

Estimated income of non-debtors                      35,854,000

Operating Income                                    102,125,000

Interest expense                                        981,000
                                                 --------------
Income from operations before reorganization        101,144,000
items
                                                 --------------
Reorganization items, net                            (7,147,000)

Income Tax                                          (18,959,000)
                                                 --------------
Income from operations                              127,250,000
                                                 --------------
Discontinued operations:
Income from discontinued operations                  17,020,000
                                                 --------------
Net Income                                         $144,270,000
                                                 ==============


                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
          Unaudited Consolidated Statement of Cash Flows
                 Five Weeks Ended January 1, 2005


Cash flows from operating activities:
Net Income                                         $144,270,000
Adjustments to reconcile net loss to net cash
   used in operating activities:
   Reorganization items, net                         (7,147,000)
   Depreciation and amortization                      4,345,000
   Change in assets and liabilities:
      (Increase) decrease in receivables, net         2,156,000
      (Increase) decrease in investments/advances   (16,151,000)
      (Increase) decrease in inventories             49,509,000
      (Increase) decrease in prepaid expenses         7,584,000
      Increase (decrease) in accounts payable
         and other accrued liabilities                8,164,000
      Increase (decrease) in net liabilities of
         discontinued operations                    (39,270,000)
      (Increase) decrease in income taxes            (2,786,000)
                                                 --------------
Net cash used for operating activities              150,674,000
                                                 --------------
Net cash used for reorganization items                 (702,000)

Cash flows from investing activities:
   Net (additions) reductions to property and
      equipment                                      (1,533,000)
   Net (additions) reductions to other assets        (1,643,000
                                                 --------------
Net cash used in investing activities                (3,176,000)
                                                 --------------
Net cash provided by financing activities                     -
                                                 --------------
Effect of exchange rate changes on cash              (4,177,000)
                                                 --------------
Net change in cash and cash equivalents             142,619,000
Cash & cash equivalents, beginning of period        205,859,000
                                                 --------------
Cash & cash equivalents, end of period             $348,478,000
                                                 ==============

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


UAL CORP: Posts $326 Million Net Loss for January 2005
------------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, Thursday filed its January
Monthly Operating Report with the U.S. Bankruptcy Court.

The company reported an operating loss of $151 million for
January 2005.  Mainline passenger unit revenue in January
increased 3% over the same period a year ago, outperforming the
industry.  Unit costs (CASM) in January increased 1% over the
same month last year on flat capacity.  Excluding fuel, unit
costs in January decreased 6% year-over-year.  The company
reported a net loss of $326 million, including $138 million of
reorganization expenses.

"While we made progress in our restructuring during the month by
getting in place a portion of the long-term cost savings we need,
we still have work to do, including further lowering our costs,
concluding our labor negotiations, and the difficult but
necessary work of resolving our pension issues," said Jake Brace,
executive vice president and chief financial officer.

January is historically a seasonally weak month, and this year has
been additionally impacted by the weak domestic revenue
environment and very high fuel prices.  Fuel expense for the
month was $63 million higher than January 2004 on flat capacity.

UAL ended January with a cash balance of $2.0 billion, which
included $855 million in restricted cash (filing entities only).
The cash balance decreased approximately $108 million during the
month of January, driven by a quarterly Success Sharing reward to
employees of $22 million and seasonally weak cash flow.  The
company received a waiver from its DIP lenders for the January
monthly EBITDAR covenant, as well as an extension of the maturity
date of its DIP loan from June 30, 2005, through September 30,
2005, a reduction in the interest rates United must pay under the
loan, and a potential reduction in the minimum cash balance
requirement from $750 million to $600 million if United meets a
certain EBITDAR milestone.

A full-text copy of UAL Corporation's January 2005 Operating
Report is available for free at the Securities and Exchange
Commission at:


http://www.sec.gov/Archives/edgar/data/100517/000010051705000002/janmor.htm


             UAL Corporation and Subsidiary Companies
         Condensed Consolidating Statement of Operations
              For The Month Ended January 31, 2005
                         (In Thousands)


Total operating revenues                             $1,387,883

Total operating expenses                              1,538,821

Earnings (loss) from operations                        (150,968)

Non-operating income (expenses):
   Net interest expense                                 (35,152)
   Other income (expenses), net                          (2,430)
                                                     ----------
Total non-operating income (expenses)                   (37,582)

Net Earnings (loss) before Reorganization items        (188,550)

Reorganization items                                   (137,601)
                                                     ----------
Net earnings (loss)                                   ($326,151)
                                                     ==========

Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier.  The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191).  James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts.  (United Airlines
Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


WESTPOINT STEVENS: Posts $42 Million Net Loss in December 2004
--------------------------------------------------------------

                        WESTPOINT STEVENS, INC.
                             Balance Sheet
                          At December 31, 2004
                            (in thousands)

                                 Assets


Current Assets
     Cash and cash equivalents                           $4,008
     Short-term investments                                   -
     Accounts receivable, net                           202,286
     Inventories                                        289,515
     Prepaid expenses and other current assets           21,234
                                                      ---------
Total current assets                                    517,043

Total investments and other assets                      118,834
Goodwill                                                      -
Property, Plant and Equipment, net                      504,158
                                                      ---------
TOTAL ASSETS                                         $1,140,035
                                                      =========


              Liabilities and Stockholders' Equity (Deficit)


Liabilities Not Subject to Compromise:
     Senior Credit Facility                            $438,208
     DIP Credit Agreement                                58,149
     Second lien facility                               165,000
     Accrued interest payable                               507
     Accounts payable - trade                            48,825
     Accounts payable - intercompany                    183,553
     Other accrued liabilities                          120,345
     Deferred income taxes                                5,190
     Pension and other liabilities                      144,739
                                                      ---------
Total liabilities not subject to compromise           1,164,516

Liabilities Subject to Compromise
     Senior notes                                     1,000,000
     Deferred financing fees                             (4,647)
     Accrued interest payable on Senior Notes            36,313
     Accounts payable                                    27,554
     Other payables and accrued liabilities               8,233
     Pension and other liabilities                       18,923
                                                      ---------
Total liabilities not subject to compromise           1,086,376
                                                      ---------
Total Liabilities                                     2,250,892

Shareholders' Equity (Deficit)
     Equity of subsidiaries                            (123,757)
     Common stock                                           711
     Capital surplus/Treasury Stock                      51,436
     Retained earnings (deficit)                       (925,772)
     Minimum pension liability adjustment              (109,403)
     Other adjustments                                   (4,072)
     Unearned compensation                                    -
                                                      ---------
Stockholders' Equity (Deficit)                       (1,110,857)
                                                      ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)   $1,140,035
                                                      =========


                        WESTPOINT STEVENS, INC.
                        Statement of Operations
                     Month Ended December 31, 2004
                             (in thousands)


Total sales                                            $134,650
Cost of sales                                           117,167
                                                      ---------
     Gross profit                                        17,483

Selling and administrative expenses
     Selling expenses                                    (1,459)
     Warehousing and shipping                             5,024
     Advertising                                             42
     Division administrative expense                        475
     MIS expense                                           (344)
     Corporate administrative expense                     1,621
                                                      ---------
Total selling and administrative expense                  5,359
Restructuring and impairment charge                      33,859
Fixed asset impairment charge                                 -
Goodwill impairment charge                                    -
                                                      ---------
     Profit (loss) from operations                      (21,735)

Interest expense
     Interest expense - outside                           7,910
     Capitalized interest expense                          (476)
     Interest expense - intercompany                        503
     Interest income                                         25
     Interest income - intercompany                           -
                                                      ---------
Net interest expense                                      7,912


Other expense
     Miscellaneous                                        2,359
     Royalties - intercompany                             3,700
     Transaction gain/loss                                    -
                                                      ---------
     Total other expense                                  6,059

Other income
     Royalties - intercompany                                 -
     Dividends                                                -
     Sale of assets                                        (221)
     Miscellaneous                                            4
                                                      ---------
     Total other income                                    (217)
                                                      ---------
Net other expense                                         6,276
                                                      ---------
Income (loss) before Chapter 11 reorganization
     expenses and income taxes (benefit) and
     extraordinary items                                (35,923)

Chapter 11 reorganization expenses                        7,835

Income tax expense (benefit)                             (1,610)

Extraordinary item - net of taxes                             -
                                                      ---------
Net Income (loss)                                      ($42,148)
                                                      =========


                        WESTPOINT STEVENS, INC.
                        Statement of Cash Flows
                     Month Ended December 31, 2004
                             (in thousands)

Cash flows from operations:
Net income (loss)                                      ($42,148)
     Restructuring                                            -
     Equity adjustments                                  (1,865)

Non-cash items
     Depreciation and amortization expense                8,949
     Fixed asset impairment charge                            -
     Gain/(loss) on sale of assets                          221
Working Capital Changes
     Decrease/(increase) - accounts receivable           14,045
     Decrease/(increase) - inventories                   33,658
     Decrease/(increase) - other current assets          (8,643)
     Decrease/(increase) - other non-current
        assets & debts                                      987
     Increase/(decrease) - accounts payable (trade)       1,085
     Increase/(decrease) - a/p (intercompany)            (7,332)
     Increase/(decrease) - accrued liabilities           22,524
     Increase/(decrease) - accrued interest payable      (5,901)
     Increase/(decrease) - pension and other liabilities  5,903
     Increase/(decrease) - deferred federal income tax    5,190
                                                      ---------
Total cash flows from operations                         26,673

Cash flows from investing activities:
     Decrease/(increase) - short-term investments             -
     Capital expenditures                                (1,797)
     Transfers                                               16
     Net proceeds from sale of assets                        10
                                                      ---------
Total cash flows from investing                          (1,771)

Cash flows from financing activities:
     Increase/(decrease)- DIP Credit Agreement          (22,000)
                                                      ---------
Total cash flows from financing                         (22,000)

Beginning cash balance                                    1,106
Change in cash                                            2,902
                                                      ---------
Ending cash balance                                      $4,008
                                                      =========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.)  It also has nearly 60
outlet stores.  The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.


WESTPOINT STEVENS: WP Stevens I Posts $4MM Net Income in December
-----------------------------------------------------------------

                      WESTPOINT STEVENS, INC., I
                            Balance Sheet
                         At December 31, 2004
                           (in thousands)

                                Assets


Current Assets
     Cash and cash equivalents                              $37
     Short-term investments                                   -
     Accounts receivable - intercompany                  28,992
     Accounts receivable - customers                          -
     Total Inventories                                    3,676
     Prepaid expenses and other current assets                -
                                                      ---------
Total current assets                                     32,705

Total investments and other assets                      124,052
Property, Plant and Equipment, net                       12,093
Goodwill                                                      -
                                                      ---------
TOTAL ASSETS                                           $168,850
                                                      =========

             Liabilities and Stockholders' Equity (Deficit)

Liabilities Not Subject to Compromise
     Senior Credit Facility                                   -
     DIP Credit Agreement                                     -
     Long-term debt classified as current                     -
     Accrued interest payable                                 -
     Accounts payable - trade                            $2,197
     Accounts payable - intercompany                          -
     Other accrued liabilities                            5,111
     Deferred income taxes                                    -
     Pension and other liabilities                            -
                                                      ---------
Total Liabilities Not Subject to Compromise               7,308


Liabilities Subject to Compromise
     Senior notes                                             -
     Deferred financing fees                                  -
     Accrued interest payable on Senior Notes                 -
     Accounts payable                                         -
     Other payables and accrued liabilities                   -
     Pension and other liabilities                            -
                                                      ---------

Total Liabilities Subject to Compromise                       -
                                                      ---------
Total Liabilities                                         7,308

Shareholders' Equity (Deficit)
     Equity of subsidiaries                                   -
     Common stock                                             1
     Capital surplus/Treasury Stock                      70,559
     Retained earnings (deficit)                         90,982
     Minimum pension liability adjustment                     -
     Other adjustments                                        -
     Unearned compensation                                    -
                                                      ---------
Shareholders' Equity (Deficit)                          161,542
                                                      ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)     $168,850
                                                      =========


                       WESTPOINT STEVENS, INC., I
                         Statement of Operations
                      Month Ended December 31, 2004
                             (in thousands)


Net sales                                                $7,476
Cost of goods sold                                        4,996
                                                      ---------
     Gross earnings                                       2,480

Selling and administrative expenses
     Selling expenses                                         2
     Warehousing and shipping                                67
     Advertising                                              -
     Division administrative expense                          -
     MIS expense                                              -
     Corporate administrative expense                       170
                                                      ---------
Total selling and administrative expense                    239

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                      ---------
     Operating earnings (loss)                            2,241

Interest expense
     Interest expense - outside                               -
     Capitalized interest expense                             -
     Interest expense - intercompany                          -
     Interest income                                          -
     Interest income - intercompany                         567
                                                      ---------
Net interest expense                                       (567)

Other expense
     Miscellaneous                                            -
     Royalties - intercompany                               190
     Transaction gain/loss                                    -
                                                      ---------
Total other expense                                         190

Other income
     Royalties - intercompany                             3,811
     Dividends                                                -
     Sale of assets                                           -
     Miscellaneous                                            -
                                                      ---------
Total other income                                        3,811
                                                      ---------
Net other expense                                        (3,621)
                                                      ---------
Income (loss) before Chapter 11 reorganization
     expenses and income taxes (benefit) and
     extraordinary items                                  6,429

Chapter 11 reorganization expenses                            -

Income tax expense (benefit)                              2,253

Extraordinary item - net of taxes                             -
                                                      ---------
      Net Income (loss)                                  $4,176
                                                      =========


                       WESTPOINT STEVENS, INC., I
                         Statement of Cash Flows
                      Month Ended December 31, 2004
                             (in thousands)


Cash flows from operations:
Net income (loss)                                        $4,176
Non-cash items
     Depreciation and amortization                           65
Working Capital Changes
     Decrease/(increase) - a/r (customers)                    -
     Decrease/(increase) - a/r (intercompany)             6,128
     Decrease/(increase) - inventories                    2,252
     Decrease/(increase) - other current assets               -
     Decrease/(increase) - other non-current assets           -
     Increase/(decrease) - accounts payable (trade)        (223)
     Increase/(decrease) - a/p (intercompany)                 -
     Increase/(decrease) - accrued liabilities          (12,686)
     Increase/(decrease) - accrued interest payable           -
     Increase/(decrease) - pension & other liabilities        -
     Increase/(decrease) - deferred federal income tax        -
                                                      ---------
Total cash flows from operations                           (288)

Cash flows from investing activities:
    Decrease/(increase) short term investments                -
    Capital expenditures                                      2
    Transfers                                               (16)
    Net proceeds from sale of assets                          -
                                                      ---------
Total cash flows from investing                             (14)

Cash flows from financing activities:
     Increase/(decrease)- DIP Credit Agreement                -
                                                      ---------
Total cash flows from financing                               -

Beginning cash balance                                      339
Change in cash                                             (302)
                                                      ---------
Ending cash balance                                         $37
                                                      =========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.)  It also has nearly 60
outlet stores.  The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.


WESTPOINT STEVENS: JP Stevens & Co.'s December Operating Report
---------------------------------------------------------------

                       J.P. STEVENS & CO., INC.
                            Balance Sheet
                         At December 31, 2004
                            (in thousands)

                                Assets

Current Assets
     Cash and cash equivalents                                -
     Short-term investments                                   -
     Accounts receivable - customers                          -
     Accounts receivable - intercompany                $110,749
     Prepaid expenses and other current assets                -
                                                      ---------
Total current assets                                    110,749

Total investments & other assets                          2,697
Goodwill                                                      -
                                                      ---------
TOTAL ASSETS                                           $113,446
                                                      =========

             Liabilities and Stockholders' Equity (Deficit)

Liabilities Not Subject to Compromise
     Accounts payable - intercompany                          -
     Other accrued liabilities                                -
     Deferred income taxes                                    -
     Pension and other liabilities                            -
                                                      ---------
Total Liabilities Not Subject to Compromise                   -

Liabilities Subject to Compromise                             -

Shareholders' Equity (Deficit)
     Equity of subsidiaries                             $10,503
     Common stock                                             -
     Capital surplus/Treasury Stock                           -
     Retained earnings (deficit)                        102,943
     Minimum pension liability adjustment                     -
     Other adjustments                                        -
     Unearned compensation                                    -
                                                      ---------
Stockholders' Equity (Deficit)                          113,446
                                                      ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)     $113,446
                                                      =========

J.P. Stevens & Co., Inc., reports no income and cash flow for
December 2004.

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.)  It also has nearly 60
outlet stores.  The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.


WESTPOINT STEVENS: JP Stevens Enterprises' Dec. Operating Report
----------------------------------------------------------------

                     J.P. STEVENS ENTERPRISES, INC.
                             Balance Sheet
                          At December 31, 2004
                             (in thousands)

                                 Assets


Current Assets
     Cash and cash equivalents                              $12
     Short-term investments                                   -
     Accounts receivable - customers, net                     -
     Accounts receivable - intercompany                  17,125
     Prepaid expenses and other current assets                -
                                                      ---------
Total current assets                                     17,137

Total investments & other assets                              -
Goodwill                                                      -
                                                      ---------
TOTAL ASSETS                                            $17,137
                                                      =========

            Liabilities and Stockholders' Equity (Deficit)

Liabilities Not Subject to Compromise:
     Accounts payable - intercompany                          -
     Other accrued liabilities                             $191
     Deferred income taxes                                    -
     Pension and other liabilities                            -
                                                      ---------
Total Liabilities Not Subject to Compromise                 191

Liabilities Subject to Compromise                             -
                                                      ---------
Total Liabilities                                           191

Shareholders' Equity (Deficit)
     Equity of subsidiaries                                   -
     Common stock                                             2
     Capital surplus/Treasury Stock                           -
     Retained earnings (deficit)                         16,944
     Minimum pension liability adjustment                     -
     Other adjustments                                        -
     Unearned compensation                                    -
                                                      ---------
Stockholders' Equity (Deficit)                           16,946
                                                      ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)      $17,137
                                                      =========


                     J.P. STEVENS ENTERPRISES, INC.
                        Statement of Operations
                     Month Ended December 31, 2004
                             (in thousands)


Net sales                                                     -
Cost of goods sold                                            -
                                                      ---------
     Gross earnings                                           -

Selling and administrative expenses
     Selling expenses                                        $1
     Warehousing and shipping                                 -
     Advertising                                              -
     Division administrative expense                          -
     MIS expense                                              -
     Corporate administrative expense                         -
                                                      ---------
Total selling and administrative expense                      1
Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                      ---------
     Operating earnings (loss)                               (1)

Interest expense
     Interest expense - outside                               -
     Capitalized interest expense                             -
     Interest expense - intercompany                          -
     Interest income                                          -
     Interest income - intercompany                          92
                                                      ---------
Net interest expense                                        (92)

Other expense
     Miscellaneous                                            -
     Royalties - intercompany                                 -
     Transaction gain/loss                                    -
                                                      ---------
Total other expense                                           -

Other income
     Royalties - intercompany                               190
     Dividends                                                -
     Sale of assets                                           -
     Miscellaneous                                            -
                                                      ---------
Total other income                                          190
                                                      ---------
Net other expense                                          (190)
                                                      ---------
Income (loss) before Chapter 11 reorganization
     expenses and income taxes (benefit) and
     extraordinary items                                    281

Chapter 11 reorganization expenses                            -

Income tax expense (benefit)                                 99

Extraordinary item - net of taxes                             -
                                                      ---------
     Net Income (loss)                                     $182
                                                      =========


                     J.P. STEVENS ENTERPRISES, INC.
                        Statement of Cash Flows
                     Month Ended December 31, 2004
                             (in thousands)


Cash flows from operations:
Net income (loss)                                          $182
Non-cash items
     Depreciation and amortization                            -
Working Capital Changes
     Decrease/(increase) - a/r (intercompany)                (8)
     Decrease/(increase) - inventories                        -
     Decrease/(increase) - other current assets               -
     Decrease/(increase) - other non-current assets           -
     Increase/(decrease) - accounts payable (trade)           -
     Increase/(decrease) - a/p (intercompany)                 -
     Increase/(decrease) - accrued liabilities             (179)
     Increase/(decrease) - accrued interest payable           -
     Increase/(decrease) - pension & other liabilities        -
     Increase/(decrease) - deferred federal income tax        -
                                                      ---------
Total cash flows from operations                             (5)

Cash flows from investing activities
     Capital expenditures                                     -
     Net proceeds from sale of assets                         -
                                                      ---------
Total cash flows from investing                               -

Cash flows from financing activities
     Increase/(decrease)- DIP Credit Agreement                -
                                                      ---------
Total cash flows from financing                               -

Beginning cash balance                                       17
Change in cash                                               (5)
                                                      ---------
Ending cash balance                                         $12
                                                      =========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.)  It also has nearly 60
outlet stores.  The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.


WESTPOINT STEVENS: WP Stevens Stores' December Operating Report
---------------------------------------------------------------

                    WESTPOINT STEVENS STORES, INC.
                            Balance Sheet
                         At December 31, 2004
                            (in thousands)

                                Assets

Current Assets
     Cash and cash equivalents                           $1,284
     Short-term investments                                   -
     Accounts receivable - customers                         41
     Accounts receivable - intercompany                   4,960
     Total Inventories                                   17,904
     Prepaid expenses and other current assets              923
                                                      ---------
Total current assets                                     25,112


Total investments & other assets                              -
Goodwill                                                      -
Property, plant and equipment, net                        2,319
                                                      ---------
TOTAL ASSETS                                            $27,431
                                                      =========

             Liabilities and Stockholders' Equity (Deficit)

Liabilities Not Subject to Compromise
     Accounts payable - trade                              $635
     Accounts payable -intercompany                           -
     Other accrued liabilities                            1,249
     Deferred income taxes                                    -
     Pension and other liabilities                            -
                                                      ---------
Total Liabilities Not Subject to Compromise               1,884
                                                      ---------
Liabilities Subject to Compromise
     Accounts payable                                     1,677
                                                      ---------
Total Liabilities                                         3,561

Shareholders' Equity (Deficit)
     Equity of subsidiaries                                   -
     Common stock                                             1
     Capital surplus/Treasury Stock                      15,955
     Retained earnings (deficit)                          7,914
     Minimum pension liability adjustment                     -
     Other adjustments                                        -
     Unearned compensation                                    -
                                                      ---------
Stockholders' Equity (Deficit)                           23,870
                                                      ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)      $27,431
                                                      =========


                    WESTPOINT STEVENS STORES, INC.
                       Statement of Operations
                    Month Ended December 31, 2004
                            (in thousands)


Net sales                                                $9,071
Cost of goods sold                                        5,350
                                                      ---------
     Gross earnings                                       3,721

Selling and administrative expenses
     Selling expenses                                     2,083
     Warehousing and shipping                               143
     Advertising                                            323
     Division administrative expense                        227
     MIS expense                                             29
     Corporate administrative expense                       142
                                                      ---------
Total selling and administrative expense                  2,947
Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                      ---------
     Operating earnings (loss)                              774

Interest expense
     Interest expense - outside                               -
     Capitalized interest expense                             -
     Interest expense - intercompany                        187
     Interest income                                          -
     Interest income - intercompany                           -
                                                      ---------
Net interest expense                                        187

Other expense
     Miscellaneous                                            -
     Royalties - intercompany                                 -
     Transaction gain/loss                                    -
                                                      ---------
Total other expense                                           -

Other income
     Royalties Intercompany                                   -
     Dividends                                                -
     Sale of assets                                           -
     Miscellaneous                                            -
                                                      ---------
Total other income                                            -
                                                      ---------
Net other expense                                             -
                                                      ---------
Income (loss) before Chapter 11 reorganization
     expenses and income taxes (benefit) and
     extraordinary items                                    587

Chapter 11 reorganization expenses                            -
Income tax expense (benefit)                                210

Extraordinary item - net of taxes                             -
                                                      ---------
     Net Income (loss)                                     $377
                                                      =========


                    WESTPOINT STEVENS STORES, INC.
                       Statement of Cash Flows
                    Month Ended December 31, 2004
                            (in thousands)

Cash flows from operations:
Net income (loss)                                          $377
Non-cash items
     Depreciation and amortization                            8
     Gain on sale of assets                                   -
Working Capital Changes
     Decrease/(increase) - a/r (customers)                  178
     Decrease/(increase) - a/r (intercompany)             1,658
     Decrease/(increase) - inventories                    2,081
     Decrease/(increase) - other current assets              (4)
     Decrease/(increase) - other non-current assets           -
     Increase/(decrease) - accounts payable (trade)          94
     Increase/(decrease) - a/p (intercompany)                 -
     Increase/(decrease) - accrued liabilities           (5,453)
     Increase/(decrease) - accrued interest payable           -
     Increase/(decrease) - pension & other liabilities        -
     Increase/(decrease) - deferred federal income tax        -
                                                      ---------
Total cash flows from operations                         (1,061)

Cash flows from investing activities
     Capital expenditures                                  (103)
     Transfers                                                -
     Net proceeds from sale of assets                         -
                                                      ---------
Total cash flows from investing                            (103)

Cash flows from financing activities
     Increase/(decrease)- DIP Credit Agreement                -
                                                      ---------
Total cash flows from financing                               -

Beginning cash balance                                    2,448
Change in cash                                           (1,164)
                                                      ---------
Ending cash balance                                      $1,284
                                                      =========

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.)  It also has nearly 60
outlet stores.  The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.


YUKOS OIL: Posts $16.5 Billion Net Loss in December 2004
--------------------------------------------------------

                        Yukos Oil Company
                          Balance Sheet
                     As of December 31, 2004

Assets

Non-current assets
   Intangible assets                                   $286,079
   Fixed assets                                     256,526,153
   Long-term financial investments                7,978,613,411
   Deferred tax assets                               68,618,948
   Other non-current assets                                   -
                                                ---------------
   Total non-current assets                       8,306,744,591

Current Assets
   Cash                                              84,119,054
   Cash in the United States                         26,986,223
   Inventory                                         14,387,870
   Prepaid expenses                                  42,576,738
   VAT taxes                                         41,283,549
   Accounts receivable                            2,377,809,977
   Short term financial investments                 306,074,370
                                                ---------------
   Total Current Assets                           2,893,237,782
                                                ---------------
   TOTAL ASSETS                                 $11,199,982,373
                                                ===============


Liabilities & Owner's Equity

Liabilities
   Prepetition payables
      Bank Debt                                  $1,325,787,069
      Non-affiliated companies                      945,694,420
      Affiliated companies                       10,635,031,761
      Previously affiliated companies             2,359,738,173
                                                ---------------
      Total prepetition debt                     15,266,251,422

   Postpetition debt
      Bank Debt                                               -
      Non-affiliated companies                       73,594,823
      Affiliated companies                                    -
      Previously affiliated companies                         -
                                                ---------------
      Total prepetition debt                         73,594,823

   Other                                            102,877,079
   Taxes                                         18,383,813,054
                                                ---------------
   TOTAL LIABILITIES                            $33,826,536,379

Owner's Equity
   Charter capital                                     $387,672
   Treasury stocks                                   (1,579,255)
   Additional Paid-in Capital                        19,794,768
   Legal reserves                                        58,140
   Retained earnings                            (22,645,215,331)
                                                ---------------
TOTAL OWNER'S EQUITY                            (22,626,554,006)
                                                ---------------
TOTAL LIABILITIES & OWNER'S EQUITY              $11,199,982,373
                                                ===============


                        Yukos Oil Company
                         Income Statement
                   Period Ended December 31, 2004


Revenue                                             $43,223,081
Cost of goods sold                                   11,969,609
Gross profit                                         31,253,472

Commercial expenses                                     861,586
Administrative expenses                              18,308,959
Operating income                                     12,082,927

Other income (expenses)                          (4,671,924,685)
Income before taxes                              (4,659,841,757)
Taxes                                           (11,869,219,284)
                                                ---------------
NET INCOME                                     ($16,529,061,041)
                                                ===============


                         Yukos Oil Company
                 Cash Receipts and Disbursements
                   Period Ended December 31, 2004


Cash -- Beginning of the Month                      $15,760,225

Receipts
   Cash Sales                                                 -
   Collection of Accounts Receivable                          -
   Other                                           $267,253,769
                                                ---------------
   Total Receipts                                   267,253,769

Disbursements
   Sales, use & other taxes paid                    165,825,900
   Other                                                766,607
                                                ---------------
   Total Disbursements                              166,592,507

Net Cash Flow                                       100,661,262
                                                ---------------
Cash -- End of the Month                           $116,421,487
                                                ===============

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/ -- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to enjoy
certain rights to oil and gas production, refining and marketing
assets.  The Company filed for chapter 11 protection on
Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A.
Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq.,
Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection from
its creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debts.

On Feb. 24, 2005, U.S. Bankruptcy Judge Leticia Clark dismissed
the case on the grounds that there is doubt on Yukos' ability to
effectuate a reorganization.  Deutsche Bank has asked Judge Clark
to reconsider her ruling.


YUKOS OIL: Files Monthly Operating Report for January 2005
----------------------------------------------------------
Yukos Oil Company closes its books quarterly.  Yukos has reached
an agreement with the U.S. Trustee to provide full data on
company income and balance sheet on a quarterly basis.  Cash
receipts and disbursements will be provided on a monthly basis.


                        Yukos Oil Company
                          Balance Sheet
                     As of January 31, 2005

Assets

Non-current assets
   Intangible assets                                          -
   Fixed assets                                               -
   Long-term financial investments                            -
   Deferred tax assets                                        -
   Other non-current assets                                   -
                                                ---------------
   Total non-current assets                                   -

Current Assets
   Cash                                             $72,974,077
   Cash in the United States                         27,008,043
   Inventory                                                  -
   Prepaid expenses                                           -
   VAT taxes                                                  -
   Accounts receivable                                        -
   Short term financial investments                           -
                                                ---------------
   Total Current Assets                                       -
                                                ---------------
   TOTAL ASSETS                                               -
                                                ===============


Liabilities & Owner's Equity

Liabilities
   Prepetition payables
      Bank Debt                                               -
      Non-affiliated companies                                -
      Affiliated companies                                    -
      Previously affiliated companies                         -
                                                ---------------
      Total prepetition debt                                  -

   Postpetition debt
      Bank Debt                                               -
      Non-affiliated companies                                -
      Affiliated companies                                    -
      Previously affiliated companies                         -
                                                ---------------
      Total prepetition debt                                  -

   Other                                                      -
   Taxes                                                      -
                                                ---------------
   TOTAL LIABILITIES                                          -

Owner's Equity
   Charter capital                                            -
   Treasury stocks                                            -
   Additional Paid-in Capital                                 -
   Legal reserves                                             -
   Retained earnings                                          -
                                                ---------------
TOTAL OWNER'S EQUITY                                          -
                                                ---------------
TOTAL LIABILITIES & OWNER'S EQUITY                            -
                                                ===============


                        Yukos Oil Company
                         Income Statement
                   Period Ended January 31, 2005

Revenue                                            $170,471,492
Cost of goods sold                                            -
Gross profit                                                  -

Commercial expenses                                           -
Administrative expenses                                       -
Operating income                                              -

Other income (expenses)                                       -
Income before taxes                                           -
Taxes                                                         -
                                                ---------------
NET INCOME                                                    -
                                                ===============


                         Yukos Oil Company
                 Cash Receipts and Disbursements
                   Period Ended January 31, 2005

Cash -- Beginning of the Month                     $116,421,487

Receipts
   Cash Sales                                                 -
   Collection of Accounts Receivable                          -
   Other                                            170,471,492
                                                ---------------
   Total Receipts                                   170,471,492

Disbursements
   Sales, use & other taxes paid                    186,595,092
   Other                                                337,497
                                                ---------------
   Total Disbursements                              186,932,589

Net Cash Flow                                       (16,461,097)
                                                ---------------
Cash -- End of the Month                            $99,960,390
                                                ===============

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to enjoy
certain rights to oil and gas production, refining and marketing
assets.  The Company filed for chapter 11 protection on
Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A.
Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq.,
Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection from
its creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debts.

On Feb. 24, 2005, U.S. Bankruptcy Judge Leticia Clark dismissed
the case on the grounds that there is doubt on Yukos' ability to
effectuate a reorganization.  Deutsche Bank has asked Judge Clark
to reconsider her ruling.

                          *********

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
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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
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related conferences are encouraged. Send announcements to
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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
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                          *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo and Peter A. Chapman, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9474.

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