TCR_Public/060311.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 11, 2006, Vol. 10, No. 60

                             Headlines

ADELPHIA COMMS: Posts $21.8 Million Net Loss in January 2006
ANCHOR GLASS: Posts $21.4 Million Net Loss in December 2005
CATHOLIC CHURCH: Portland's January 2006 Monthly Operating Report
CATHOLIC CHURCH: Spokane's January 2006 Monthly Operating Report
DANA CORPORATION: Files September 30, 2005, Balance Sheet

DELTA AIRLINES: Posts $300 Million Net Loss in January 2006
FEDERAL-MOGUL: Incurs $286.3 Million Net Loss in December 2005
FEDERAL-MOGUL: Incurs $19 Million Net Loss in January 2006
FOAMEX INTERNATIONAL: Earns $3.782 Million in January 2006
KAISER ALUMINUM: Earns $9.1 Million in January 2006

LARGE SCALE: Posts $66,496 Net Loss in January 2006
NORTHWEST AIRLINES: Posts $1.03 Billion Net Loss in December 2005
NORTHWEST AIRLINES: Posts $382 Million Net Loss in January 2006
PERFORMANCE TRANSPORTATION: Files Schedules of Assets & Debts
PERFORMANCE TRANSPORTATION: Leaseway Motorcar Files Schedules

PHARMACEUTICAL FORMULATIONS: Posts $972,000 Net Loss as of Oct. 29
PHARMACEUTICAL FORMULATIONS: Posts $1 Mil. Net Loss as of Nov. 26
PHARMACEUTICAL FORMULATIONS: Posts $663,000 Net Loss as of Dec. 31
UAL CORPORATION: Files January 2006 Monthly Operating Report
USG CORPORATION: Earns $45 Million in January 2006

XYBERNAUT CORP: Amends January 2006 Monthly Operating Report

                             *********

ADELPHIA COMMS: Posts $21.8 Million Net Loss in January 2006
------------------------------------------------------------

             Adelphia Communications Corporation, et al.
                Unaudited Consolidated Balance Sheet
                      As of January 31, 2006
                       (Dollars in thousands)

                               ASSETS

Cash and cash equivalents                              $380,398
Restricted cash                                          25,849
Accounts receivables - net                               93,469
Receivable for securities                                10,029
Other current assets                                    204,911
                                                    -----------
Total current assets                                    714,656

Restricted cash                                         262,400
Investments in equity affiliates                          6,779
Receivables from non-filing entities                    721,729
Property and equipment - net                          4,198,937
Intangible assets - net                               7,043,206
Other noncurrent assets - net                           102,340
                                                    -----------
Total Assets                                        $13,050,047
                                                    ===========

                LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                       $107,206
Subscriber advance payments and deposits                 32,700
Accrued liabilities                                     539,806
Deferred income                                          20,537
Current portion of parent and subsidiary debt           875,610
                                                    -----------
Total current liabilities                             1,575,859

Other liabilities                                        26,529
Deferred income                                          57,539
Deferred income taxes                                   749,421
                                                    -----------
Total noncurrent liabilities                            833,489

Liabilities subject to compromise                    18,447,202
                                                    -----------
Total liabilities                                    20,856,550

Minority interests in equity of subsidiary               71,868

Stockholders' equity:
    Series preferred stock                                  397
    Class A and Class B common stock                      2,548
    Additional paid-in capital                        9,567,154
    Accumulated other comprehensive income                   47
    Accumulated deficit                             (17,420,580)
    Treasury stock, at cost                             (27,937)
                                                    -----------
Total stockholders' equity                           (7,878,371)
                                                    -----------
Total liabilities and stockholders' equity          $13,050,047
                                                    ===========

             Adelphia Communications Corporation, et al.
           Unaudited Consolidated Statements of Operations
                  Month Ended January 31, 2006
                       (Dollars in thousands)

Revenue                                                $353,623
Cost and expenses:
    Direct operating and programming                    215,822
    Selling, general and administrative                  32,268
    Investigation, re-audit and sale transaction co       6,090
    Depreciation and amortization                        67,850
    Impairment of long-lived assets                           -
    Provision for uncollectible amounts from Rigases          -
    Gains on dispositions of long-lived assets                -
                                                    -----------
Operating income (loss)                                  31,593

Other income (expense):
    Interest expense                                    (53,184)
    Impairment of cost & available for sale investments       -
    Other income (expense) - net                            161
                                                    -----------
       Total other expense - net                        (53,023)
                                                    -----------
Loss from continuing operations before reorganization   (21,430)

Reorganization expenses due to bankruptcy                (1,257)
                                                    -----------
Loss from continuing operations before income taxes     (22,687)
Income tax benefit                                            -
Share of losses of equity affiliates - net                  (60)
Minority's interest in subsidiary losses - net              927
                                                    -----------
Net loss                                                (21,820)
Beneficial conversion feature                                 -
                                                    -----------
Net loss applicable to common stockholders             ($21,820)
                                                    ===========

             Adelphia Communications Corporation, et al.
           Unaudited Consolidated Statements of Cash Flows
              For the Month Ended January 31, 2006
                       (Dollars in thousands)

Cash flows from operating activities:
    Net loss                                           ($21,820)
    Adjustments to reconcile net loss to net cash
    provided by (used in) operating activities:
       Depreciation and amortization                     67,850
       Impairment of long-lived assets                        -
       Provision for uncollectible amounts from Rigases       -
       Gains on disposition of long-lived assets              -
       Amortization of debt issuance costs                  281
       Impairment of cost & available for sale investment     -
       Provision for settlements                              -
       Reorganization expenses due to bankruptcy          1,257
       Deferred tax expense (benefit)                         -
       Share in losses of equity affiliates - net            60
       Minority interest in losses of subsidiaries         (927)
       Other noncash gains                                    -
       Depreciation, amortization and other non-cash
          items from discontinued operations                  -
       Change in operating assets & liabilities         (14,851)
                                                    -----------
Net cash provided by operating activities before
payment of reorganization expenses                       31,850

Reorganization expenses paid during the period           (3,409)
                                                    -----------
Net cash provided by (used in) operating activities      28,441

Cash flows from investing activities:
    Expenditures for property, plant and equipment      (47,239)
    Changes in restricted cash                              (73)
    Proceeds from sale of investments                         -
    Other                                                 5,110
                                                    -----------
Net cash used in investing activities                   (42,202)

Cash flows from financing activities:
    Proceeds from debt                                    8,000
    Repayments of debt                                   (1,292)
    Payment of debt issuance costs                            -
                                                    -----------
Net cash provided by financing activities                 6,708

Change in cash and cash equivalents cash                 (7,053)

Cash, beginning of period                               387,451
                                                    -----------
Cash, end of period                                    $380,398
                                                    ===========

Headquartered in Coudersport, Pa., 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.  Kasowitz, Benson, Torres & Friedman, LLP, and Klee,
Tuchin, Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.  (Adelphia Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ANCHOR GLASS: Posts $21.4 Million Net Loss in December 2005
-----------------------------------------------------------

                 Anchor Glass Container Corporation
      Unaudited Statement of Operations and Comprehensive Loss
                For the month ending December 31, 2005
                            (In Thousands)

Net Sales                                               $44,300

Costs and Expenses
    Costs of products sold                                58,931
    Selling and administrative expenses                    2,342
    Restructuring charges                                    113
                                                     -----------
Loss from operations                                    (17,086)

Reorganization items                                     (1,995)
Other expense, net                                         (633)
Interest expense                                         (1,750)
                                                     -----------
Net Loss                                               ($21,464)
                                                     ===========

The Debtor did not file its balance sheet as of December 31,
2005.

Headquartered in Tampa, Florida, Anchor Glass Container
Corporation is the third-largest manufacturer of glass containers
in the United States.  Anchor manufactures a diverse line of flint
(clear), amber, green and other colored glass containers for the
beer, beverage, food, liquor and flavored alcoholic beverage
markets.  The Company filed for chapter 11 protection on Aug. 8,
2005 (Bankr. M.D. Fla. Case No. 05-15606).  Robert A. Soriano,
Esq., at Carlton Fields PA, represents the Debtor in its
restructuring efforts.  Edward J. Peterson, III, Esq., at
Bracewell & Guiliani, represents the Official Committee of
Unsecured Creditors.  When the Debtor filed for protection from
its creditors, it listed $661.5 million in assets and $666.6
million in debts.  (Anchor Glass Bankruptcy News, Issue No. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


CATHOLIC CHURCH: Portland's January 2006 Monthly Operating Report
-----------------------------------------------------------------

                         Pastoral Center
                Archdiocese of Portland in Oregon
                 Statement of Financial Position
                    As of January 31, 2006

ASSETS

Cash and cash equivalents                           $15,951,277
Accounts receivable, net                              2,776,959
Notes, estates and other receivables                 11,999,076
Loans receivable from Archdiocesan entities, net      7,870,542
Loans receivable from Archdiocesan housing entities     529,401
Interest receivable and other assets                    245,063
Inventories                                           1,654,689
Real Property                                           226,688
Deposits and prepaid expenses                            32,074
Investments                                          98,189,656
Advances to Archdiocesan housing entities             1,640,000
Land, buildings, and equipment, net                   7,772,450
                                                 --------------
Total Assets                                        148,887,875
                                                 ==============

LIABILITIES AND NET ASSETS

Liabilities:
   Prepetition
      Accounts payable                                  822,302
      Accrued liabilities                             2,222,226
      Funds held for others
         Second Collections                                 (12)
         Short-term investments payable              15,437,970
         Long-term pool investments payable          19,137,118
      Reserve for insurance claims                    2,343,946
      Notes payable                                  10,940,179
      Pre-need liability and reserve                    456,268
      Accrued post-retirement liability               7,607,264
                                                 --------------
   Total Prepetition Liabilities                     58,967,261
                                                 --------------

   Postpetition
      Accounts payable                                  576,842
      Accrued liabilities                             3,510,728
      Funds held for others
         Second Collections                             385,311
         Short-term investments payable               2,711,762
         Long-term pool investments                   4,630,667
      Reserve for insurance claims                      (15,922)
      Notes payable                                           -
      Pre-need liability and reserve                     29,472
      Accrued post-retirement liability                 404,521
                                                 --------------
   Total Postpetition Liabilities                    12,233,381
                                                 --------------
     Total Liabilities                               71,200,642
                                                 --------------

Net Assets:
   Prepetition Net Assets:
      Charitable Trust Assets                        69,965,507
      Other Assets                                   (3,575,746)
                                                 --------------
   Total Prepetition Net Assets                      66,389,761
                                                 --------------
   Postpetition Net Assets:
      Charitable Trust Assets                         7,402,707
      Other Assets                                    3,894,765
                                                 --------------
   Total Postpetition Net Assets                     11,297,472
                                                 --------------
      Total Net Assets                               77,687,233
                                                 --------------
Total liabilities & net assets                      148,887,875
                                                 ==============

                         Pastoral Center
                Archdiocese of Portland in Oregon
                     Statement of Activities
             For the month ending January 31, 2006

Revenues, gains and other support
   Annual Catholic Appeal income                          1,258
   Gross profit on cemetery sales                        84,372
   Contributions, gifts, annuities and bequests         185,385
   Operating support - Oregon Catholic Press                  -
   Investment income and realized gains (losses),
      net of expenses                                 1,030,603
   Change in unrealized gains (losses)                1,676,295
   Insurance premiums, net                                1,100
   Interest income from loans                            39,671
   Parish assessments                                   249,986
   Other income                                          51,791
   Departmental revenues                                 51,267
   Net assets released from restrictions                      -
                                                 --------------
   Total revenues, gains, and other support           3,371,728
                                                 --------------

Expenses and program support:
   Program Services:
      Annual Catholic Appeal program support,
         grants and parish subsidies                    316,035
      Clergy Services                                    70,080
      Catholic Schools                                   33,179
      Pastoral Services                                  46,454
      Evangelization Services                            41,356
      Public Services                                     9,317
      Tribunal Services                                  20,204
      Deposit and loan interest                         241,062
      Insurance program                                 287,847
      Cemetery operating expenses                        71,939
      High School grants/charitable annuities           304,653
      Other program expenses                             58,295
                                                 --------------
         Total program services                       1,500,421
                                                 --------------

   Supporting Services:
      Archbishop, Vicar General
         and Chancellor Services                         72,130
      Finance & Administration:
         Resource Development                            97,165
         Business Affairs                                11,813
         Financial Services                              68,655
      Human Resources                                    26,261
      Shared Services                                    23,413
      Occupancy and physical plant expenses              17,424
      Designated funds expense                           17,126
      Bankruptcy expense                                392,581
      Depreciation expense                                    -
                                                 --------------
         Total supporting services                      726,568
                                                 --------------
         Total expenses and program support           2,226,989
                                                 --------------

Increase (decrease) in net assets before
   transfers and designations of net assets           1,144,739
Fund transfers - in (out)                                     -
Designation of net assets                                     -
                                                 --------------
Increase (decrease) in net assets                     1,144,739

Net assets at beginning of year                      76,542,494
                                                 --------------
Net assets at end of year                            77,687,233
                                                 ==============

                Archdiocese of Portland in Oregon
           Statement of Cash Receipts and Disbursements
              For the month ending January 31, 2006


Beginning Cash Balance:                              15,442,177
Add:
   Transfers in                                         290,362
   Receipts Deposited                                 3,460,507
   Other (Return of Direct Deposits)                          -
   Other (Interest Income)                               48,738
                                                 --------------
   Total Cash Receipts                                3,799,607

Subtract:
   Transfers out                                       (290,362)
   Disbursements by check or debit                   (2,997,665)
   Cash withdrawn                                             -
   Other (Service Charges)                               (2,467)
   Other (Misc Check Correction)                              -
   Other (NSF Checks)                                       (11)
   Other (Clear Interfund Rec/Pay)                            -
                                                 --------------
   Total Cash Disbursements                          (3,290,505)
                                                 --------------
Ending Cash Balance                                  15,951,278
                                                 ==============

The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts.  In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities.  (Catholic
Church Bankruptcy News, Issue No. 53; Bankruptcy Creditors'
Service, Inc., 215/945-7000).


CATHOLIC CHURCH: Spokane's January 2006 Monthly Operating Report
----------------------------------------------------------------

                   Catholic Diocese of Spokane
                          Balance Sheet
                      As of January 31, 2006

ASSETS
   Total Cash Accounts                               $2,016,257
   Total Investments                                  3,879,209
   Total Property                                       495,004
   Total Loans Receivable                             2,869,056
   Total Interfund Loan Receivable                      396,887
   Total Accounts Receivable                             57,297
   Total Land and Buildings & Equip                   2,474,977
   Total Prepaid Expenses                                61,788
                                                 --------------
Total Assets                                        $12,250,474
                                                 ==============

LIABILITIES AND NET ASSETS

Liabilities
   Total Deposits Payable                             6,581,880
   Total Interest Payable                                     0
   Total Accounts Payable                                 7,832

Total Long-term Liabilities                           9,335,400

Net Assets
   Total Unrestricted - Fund Balance                (15,956,140)
   Total Unrestricted Net Assets                    (15,956,140)
   T.R. - Guse Grant Funds                              274,146
   T.R. - Bishop's School Grants Funds                  122,331
   Total Replacement Fund                             9,630,288
   Total Diocesan D&L Funding                         2,176,115
   Total Guatemala Funds                                605,100
   Temporarily Restricted                                   (80)
                                                 --------------
Total liabilities & net assets                      $12,380,474
                                                 ==============

                   Catholic Diocese of Spokane
                  Income and Expense Statement
              For the month ending January 31, 2006

Total Income                                         $2,138,591
Total Expenses                                        3,550,742
                                                 --------------
Net Excess or Deficit                                $1,412,151
                                                 ==============

                     Catholic Diocese of Spokane
           Statement of Cash Receipts and Disbursements
                  January 1, 2006 to January 31, 2006

Total Cash Receipts                                    $305,164
Total Cash Disbursements                              ($246,268)

A full-text copy of the Diocese of Spokane's January 2006
monthly operating report is available for free at:

           http://ResearchArchives.com/t/s?658


The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000)


DANA CORPORATION: Files September 30, 2005, Balance Sheet
---------------------------------------------------------

                         DANA CORPORATION
               Unaudited Consolidated Balance Sheet
                     As of September 30, 2005

ASSETS

Current assets
   Cash and cash equivalents                       $730,000,000
   Accounts receivable
      Trade                                       1,454,000,000
      Other                                         274,000,000
   Inventories
      Raw materials                                 280,000,000
      Work in process and finished goods            598,000,000
   Other current assets                             146,000,000
                                                ---------------
Total current assets                              3,482,000,000

Property, plant and equipment, net                1,742,000,000
Investments in leases                               256,000,000
Investments and other assets                      2,397,000,000
                                                ---------------
Total assets                                     $7,877,000,000
                                                ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
   Notes payable, including current
      portion of long-term debt                  $2,304,000,000
   Accounts payable                               1,322,000,000
   Other current liabilities                      1,082,000,000
                                                ---------------
Total current liabilities                         4,708,000,000

Long-term debt                                      280,000,000

Deferred employee benefits and
   other noncurrent liabilities                   1,747,000,000

Minority interest in consolidated subsidiaries       85,000,000

Shareholders' equity                              1,057,000,000
                                                ---------------
Total liabilities and shareholders' equity       $7,877,000,000
                                                ===============

Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for    
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to those
companies.  Dana employs 46,000 people in 28 countries.  Dana is
focused on being an essential partner to automotive, commercial,
and off-highway vehicle customers, which collectively produce more
than 60 million vehicles annually.  Corinne Ball, Esq., and
Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors.  Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker.  Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer.  When the Debtors filed for protection
from their creditors, they listed $7.9 billion in assets and
$6.8 billion in liabilities as of Sept. 30, 2005.  (Dana
Corporation Bankruptcy News, Issue No. 1, Bankruptcy Creditors'
Service, Inc., 215/945-7000)


DELTA AIRLINES: Posts $300 Million Net Loss in January 2006
-----------------------------------------------------------

                      DELTA AIR LINES, INC.
            Unaudited Consolidated Balance Sheets
                     As of January 31, 2006

                             ASSETS

CURRENT ASSETS:
Cash and cash equivalents                        $2,100,000,000
Restricted cash                                     728,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $41                      963,000,000
Expendable parts and supplies inventories,
  net of an allowance for obsolescence of $202      172,000,000
Deferred income taxes                                99,000,000
Prepaid fuel                                        244,000,000
Prepaid expenses and other                          291,000,000
                                                ---------------
Total current assets                              4,597,000,000

PROPERTY AND EQUIPMENT:
Flight equipment                                 18,582,000,000
Accumulated depreciation                         (6,676,000,000)
                                                ---------------
Flight equipment, net                            11,906,000,000

Flight and ground equipment
  under capital leases                              539,000,000
Accumulated amortization                           (184,000,000)
                                                ---------------
Flight and ground equipment
  under capital leases, net                         355,000,000
                                                ---------------

Ground property and equipment                     4,787,000,000
Accumulated depreciation                         (2,862,000,000)
                                                ---------------
Ground property and equipment, net                1,925,000,000

Advance payments for equipment                       44,000,000
                                               ---------------
Total property and equipment, net                14,230,000,000

OTHER ASSETS:
Goodwill                                            227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $191             72,000,000
Restricted investments for
  Boston airport terminal project                    47,000,000
Other noncurrent assets                             943,000,000
                                                ---------------
Total other assets                                1,289,000,000
                                                ---------------
Total assets                                    $20,116,000,000
                                                ===============

             LIABILITIES AND SHAREOWNERS' DEFICIT

CURRENT LIABILITIES:
Current maturities of long-term debt
  and capital leases                             $1,212,000,000
Accounts payable, deferred credits
  and other accrued liabilities                   1,425,000,000
Air traffic liability                             1,933,000,000
Taxes payable                                       576,000,000
Accrued salaries and related benefits               417,000,000
                                                ---------------
Total current liabilities                         5,563,000,000

NONCURRENT LIABILITIES:
Long-term debt and capital leases                 6,528,000,000
Other                                               298,000,000
Deferred revenue and other credits                  186,000,000
                                                ---------------
Total noncurrent liabilities                      7,012,000,000

LIABILITIES SUBJECT TO COMPROMISE                17,484,000,000

COMMITMENTS AND CONTINGENCIES

EMPL STOCK OWNERSHIP PLAN PREFERRED STOCK:
Series B ESOP Convertible Preferred Stock,
  $1.00 par value, $72.00 stated and
  liquidation value; 4,540,235 shares issued
  and outstanding                                   327,000,000
Unearned compensation under employee stock
  ownership plan                                    (89,000,000)
                                                ---------------
Total Employee Stock Ownership
  Plan Preferred Stock                              238,000,000

SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
  authorized; 202,081,648 shares issued               2,000,000
Additional paid-in capital                        1,639,000,000
Accumulated deficit                              (8,509,000,000)
Accumulated other comprehensive loss             (2,722,000,000)
Treasury stock at cost, 12,525,059 shares          (591,000,000)
                                                ---------------
Total shareowners' deficit                      (10,181,000,000)
                                                ---------------
Total liabilities and shareowners' deficit      $20,116,000,000
                                                ===============

                      DELTA AIR LINES, INC.
          Unaudited Consolidated Statement of Operations
              For the Month Ended January 31, 2006

OPERATING REVENUES:
Passenger:
  Mainline                                         $834,000,000
  Regional affiliates                               257,000,000
  Cargo                                              37,000,000
  Other, net                                         88,000,000
                                                ---------------
Total operating revenues                          1,216,000,000

OPERATING EXPENSES:
Salaries and related costs                          361,000,000
Aircraft fuel                                       311,000,000
Contract carrier arrangements                       203,000,000
Depreciation and amortization                        99,000,000
Contracted services                                  92,000,000
Passenger commissions and
  other selling expenses                             70,000,000
Landing fees and other rents                         61,000,000
Aircraft maintenance materials and     
  outside repairs                                    62,000,000
Aircraft rent                                        33,000,000
Passenger service                                    25,000,000
Other                                                46,000,000
                                                ---------------
Total operating expenses                          1,363,000,000
                                                ---------------
OPERATING LOSS                                     (147,000,000)
                                                ---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
  expense equals $104 for the Month ended
  January 31, 2006)                                 (70,000,000)
Interest income                                       3,000,000
Miscellaneous, net                                    1,000,000
                                                ---------------
Total other expense, net                            (66,000,000)
                                                ---------------
LOSS BEFORE REORGANIZATION ITEMS, NET              (213,000,000)

REORGANIZATION ITEMS, NET                           (87,000,000)
                                                ---------------
LOSS BEFORE INCOME TAXES                           (300,000,000)

INCOME TAX PROVISION                                         --
                                                ---------------
NET LOSS                                          ($300,000,000)
                                                ===============

                      DELTA AIR LINES, INC.
         Unaudited Consolidated Statements of Cash Flows
              For the Month ended January 31, 2006

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                          ($300,000,000)
Adjustments to reconcile net loss
  to cash provided by operating activities, net     236,000,000
Changes in certain assets and liabilities, net      110,000,000
                                                ---------------
Net cash used by operating activities                46,000,000

CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
  advance payments                                  (20,000,000)
Ground property and equipment                        (7,000,000)
Decrease in restricted investments related
  to Boston airport terminal project                  4,000,000
Decrease in restricted cash                         142,000,000
                                                ---------------
Net cash provided by investing activities           119,000,000

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
  capital lease obligations                         (73,000,000)
                                                ---------------
Net cash used by financing activities               (73,000,000)
                                                ---------------
Net increase in cash and cash equivalents            92,000,000

Cash & cash equivalents at beginning of period    2,008,000,000
                                                ---------------
Cash & cash equivalents at end of period         $2,100,000,000
                                                ===============

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners.  The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice.  Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice.  John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors.  As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities.  (Delta Air Lines
Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service,
Inc., 215/945-7000).


FEDERAL-MOGUL: Incurs $286.3 Million Net Loss in December 2005
--------------------------------------------------------------  
  
                Federal-Mogul Global, Inc., et al.  
                     Unaudited Balance Sheet  
                     As of December 31, 2005  
                          (In millions)  
  
                             Assets  
  
Cash and equivalents                                     $746.3  
Accounts receivable                                       596.0  
Inventories                                               438.5  
Deferred taxes                                             95.1  
Prepaid expenses and other current assets                  89.7  
                                                     ----------  
Total current assets                                    1,965.6  
  
Summary of Unpaid Postpetition Debits                     (55.5)  
Intercompany Loans Receivable (Payable)                 2,115.2  
                                                     ----------  
Intercompany Balances                                   2,059.6  
  
Property, plant and equipment                             919.1  
Goodwill                                                  945.5  
Other intangible assets                                   408.0  
Insurance recoverable                                     777.4  
Other non-current assets                                  981.0  
                                                     ----------  
Total Assets                                           $8,056.2  
                                                     ==========  
  
               Liabilities and Shareholders' Equity  
  
Short-term debt                                          $570.7  
Accounts payable                                          187.2  
Accrued compensation                                       74.0  
Restructuring and rationalization reserves                  8.6  
Current portion of asbestos liability                         -  
Interest payable                                            2.3  
Other accrued liabilities                                 278.1  
                                                     ----------  
Total current liabilities                               1,120.9  
  
Long-term debt                                                -  
Post-employment benefits                                1,890.2  
Other accrued liabilities                                 805.5  
Liabilities subject to compromise                       5,988.8  
  
Shareholders' equity:  
   Preferred stock                                      1,050.6  
   Common stock                                           565.8  
   Additional paid-in capital                           8,049.9  
   Accumulated deficit                                (10,134.3)  
   Accumulated other comprehensive income              (1,281.1)  
   Other                                                      -  
                                                     ----------  
Total Shareholders' Equity                             (1,749.2)  
                                                     ----------  
Total Liabilities and Shareholders' Equity             $8,056.2  
                                                     ==========  
  
                Federal-Mogul Global, Inc., et al.  
                Unaudited Statement of Operations  
              For the month ended December 31, 2005  
                          (In millions)  
  
Net sales                                                $245.3  
Cost of products sold                                     200.7  
                                                     ----------  
Gross margin                                               44.6  
  
Selling, general & administrative expenses                (23.3)  
Amortization                                               (1.2)  
Reorganization items                                      (40.2)  
Interest income (expense), net                            (12.1)  
Other income (expense), net                              (316.0)  
                                                     ----------  
Earnings before Income Taxes                             (348.2)  
  
Income Tax (Expense) Benefit                              (61.9)  
                                                     ----------  
Earnings before effect of change in acctg principle      (286.3)  
Cumulative effect of change in acctg principle                -  
                                                     ----------   
Net Earnings (loss)                                     ($286.3)
                                                     ==========  
  
                Federal-Mogul Global, Inc., et al.  
                Unaudited Statement of Cash Flows  
              For the month ended December 31, 2005  
                          (In millions)  
  
Cash Provided From (Used By) Operating Activities:  
   Net earnings (loss)                                  ($286.3)  
Adjustments to reconcile net earnings (loss):  
   Depreciation and amortization                           14.0  
   Adjustments of assets held for sale to fair value       38.5   
   Asbestos Charge                                            -  
   Summary of unpaid postpetition debits                      -  
   Cumulative effect of change in acctg principle             -  
   Change in post-employment benefits                      (1.6)  
   Decrease/(increase) in accounts receivable             (25.3)  
   Decrease/(increase) in inventories                       9.8  
   Increase/(decrease) in accounts payable                (14.7)
   Change in other assets and other liabilities           191.4  
   Change in restructuring charge                          (0.3)  
   Refunds (payments) against asbestos liability              -  
                                                     ----------  
Net Cash Provided From Operating Activities               (24.0)  
  
Cash Provided From (Used By) Investing Activities:  
   Expenditures for property, plant & equipment           (13.7)  
   Proceeds from sale of property, plant & equipment          -  
   Proceeds from sale of businesses                           -  
   Business acquisitions, net of cash acquired                -  
   Other                                                      -  
                                                     ----------  
Net Cash Provided From (Used By) Investing Activities     (13.7)  
  
Cash Provided From (Used By) Financing Activities:  
   Increase (decrease) in debt                            281.0  
   Sale of accounts receivable under securitization           -  
   Dividends                                                  -
   Other                                                   (1.6)
                                                     ----------
Net Cash Provided From Financing Activities               279.5  
  
Increase (Decrease) in Cash and Equivalents               241.7  
  
Cash and equivalents at beginning of period               504.6  
                                                     ----------  
Cash and equivalents at end of period                    $746.3  
                                                     ==========

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit.  At Nov. 30, 2005, Federal-Mogul's balance
sheet showed a US$1,450.4 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford.  (Federal-Mogul Bankruptcy News, Issue No. 104;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


FEDERAL-MOGUL: Incurs $19 Million Net Loss in January 2006
----------------------------------------------------------  
  
                Federal-Mogul Global, Inc., et al.  
                     Unaudited Balance Sheet  
                      As of January 31, 2006  
                          (In millions)  
  
                             Assets  
  
Cash and equivalents                                     $773.1  
Accounts receivable                                       571.1  
Inventories                                               454.0  
Deferred taxes                                             95.5  
Prepaid expenses and other current assets                  91.8  
                                                     ----------  
Total current assets                                    1,985.5  
  
Summary of Unpaid Postpetition Debits                     (58.4)  
Intercompany Loans Receivable (Payable)                 2,115.6  
                                                     ----------  
Intercompany Balances                                   2,057.2  
  
Property, plant and equipment                             887.3  
Goodwill                                                  946.3  
Other intangible assets                                   410.2  
Insurance recoverable                                     791.7  
Other non-current assets                                  989.0  
                                                     ----------  
Total Assets                                           $8,067.2  
                                                     ==========  
  
               Liabilities and Shareholders' Equity  
  
Short-term debt                                          $523.3  
Accounts payable                                          211.9  
Accrued compensation                                       82.3  
Restructuring and rationalization reserves                  7.7  
Current portion of asbestos liability                         -  
Interest payable                                            0.3  
Other accrued liabilities                                 243.3  
                                                     ----------  
Total current liabilities                               1,068.8  
  
Long-term debt                                                -  
Post-employment benefits                                1,924.0  
Other accrued liabilities                                 808.3  
Liabilities subject to compromise                       5,996.2  
  
Shareholders' equity:  
   Preferred stock                                      1,050.6  
   Common stock                                           565.8  
   Additional paid-in capital                           8,052.9  
   Accumulated deficit                                (10,179.5)  
   Accumulated other comprehensive income              (1,219.7)  
   Other                                                      -  
                                                     ----------  
Total Shareholders' Equity                             (1,730.0)  
                                                     ----------  
Total Liabilities and Shareholders' Equity             $8,067.2  
                                                     ==========  
  
                Federal-Mogul Global, Inc., et al.  
                Unaudited Statement of Operations  
              For the month ended January 31, 2006  
                          (In millions)  
  
Net sales                                                $265.6  
Cost of products sold                                     223.3  
                                                     ----------  
Gross margin                                               42.3  
  
Selling, general & administrative expenses                (51.1)  
Amortization                                               (1.2)  
Reorganization items                                       (7.0)  
Interest income (expense), net                            (13.3)  
Other income (expense), net                                11.8  
                                                     ----------  
Earnings before Income Taxes                              (18.4)  
  
Income Tax (Expense) Benefit                               (0.6)  
                                                     ----------  
Earnings before effect of change in acctg principle       (19.0)  
Cumulative effect of change in acctg principle                -  
                                                     ----------   
Net Earnings (loss)                                      ($19.0)
                                                     ==========  
  
                Federal-Mogul Global, Inc., et al.  
                Unaudited Statement of Cash Flows  
              For the month ended January 31, 2006  
                          (In millions)  
  
Cash Provided From (Used By) Operating Activities:  
   Net earnings (loss)                                   ($19.0)  
Adjustments to reconcile net earnings (loss):  
   Depreciation and amortization                           13.0  
   Adjustments of assets held for sale to fair value          -   
   Asbestos Charge                                            -  
   Summary of unpaid postpetition debits                      -  
   Cumulative effect of change in acctg principle             -  
   Change in post-employment benefits                       3.7  
   Decrease/(increase) in accounts receivable              27.3  
   Decrease/(increase) in inventories                     (15.6)  
   Increase/(decrease) in accounts payable                (23.7)
   Change in other assets and other liabilities            22.0
   Change in restructuring charge                          (1.0)  
   Refunds (payments) against asbestos liability              -  
                                                     ----------  
Net Cash Provided From Operating Activities                54.1  
  
Cash Provided From (Used By) Investing Activities:  
   Expenditures for property, plant & equipment            (3.5)  
   Proceeds from sale of property, plant & equipment          -  
   Proceeds from sale of businesses                         3.5  
   Business acquisitions, net of cash acquired                -  
   Other                                                      -  
                                                     ----------  
Net Cash Provided From (Used By) Investing Activities      (0.0)  
  
Cash Provided From (Used By) Financing Activities:  
   Increase (decrease) in debt                             46.4  
   Sale of accounts receivable under securitization           -  
   Dividends                                                  -
   Other                                                   19.1
                                                     ----------
Net Cash Provided From Financing Activities               (27.2)  
  
Increase (Decrease) in Cash and Equivalents                26.9  
  
Cash and equivalents at beginning of period               746.3  
                                                     ----------  
Cash and equivalents at end of period                    $773.1  
                                                     ==========

eadquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit.  At Nov. 30, 2005, Federal-Mogul's balance
sheet showed a US$1,450.4 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford.  (Federal-Mogul Bankruptcy News, Issue No. 104;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


FOAMEX INTERNATIONAL: Earns $3.782 Million in January 2006
----------------------------------------------------------

              Foamex International, et al., as Debtors
                    Consolidated Balance Sheet
                     As of January 31, 2006

                              ASSETS

Current Assets
  Cash                                               $5,319,000
  Accounts Receivable, net                          182,486,000
  Inventory                                         107,495,000
  Other current assets                               23,260,000
                                                   ------------
Total current assets                                318,561,000

Land & land improvements                              5,100,000
Buildings                                            92,259,000
Leasehold improvement                                 5,302,000
Machinery & Equipment                               227,665,000
Furniture & Fixtures                                  5,180,000
Auto equipment                                        7,966,000
Computer equipment                                    7,904,000
Construction in progress                              1,452,000
Accumulated depreciation                           (253,551,000)
                                                   ------------
Total property plant & equipment, net                99,277,000
    

Goodwill, net                                        86,191,000
Debt Issuance costs, net                              5,169,000
Investment in subsidiaries                           21,779,000
Long-term intercompany receivable                     4,850,000
Other Assets                                         48,389,000
                                                  -------------
Total Assets                                       $584,216,000
                                                  =============

              LIABILITIES & STOCKHOLDERS' DEFICIENCY

Current Liabilities
  Revolver borrowings                              $142,319,000
  Current portion of long-term                       86,210,000
  Accounts payable                                   64,886,000
  Intercompany                                          341,000
  Accrued employee costs                             15,975,000
  Accrued rebates                                     7,568,000
  Accrued interest                                    1,735,000
  Other current liabilities                          19,588,000
                                                   ------------
Total current liabilities                           338,622,000

Long-term debt                                          341,000
Intercompany debt                                             -
Liability Subject to Compromise                     637,200,000
Other liabilities                                    14,696,000
                                                   ------------
Total Long-Term Liabilities                         652,237,000
                                                   ------------
Total Liabilities                                   990,859,000

Common stock                                            280,000
Preferred stock                                          15,000
Additional paid-in capital                          102,555,000
Treasury stock                                      (27,780,000)
Other comprehensive income (loss)                   (34,867,000)
Shareholder loans                                    (9,221,000)
Accumulated deficit                                (437,625,000)
                                                   ------------
Stockholders' Deficiency                           (406,643,000)
                                                   ------------
Liabilities & Stockholders' Deficiency             $584,216,000
                                                   ============

             Foamex International, et al., as Debtors  
                  Consolidated Income Statement  
                  Month Ended January 31, 2006  

Gross Sales                                        $110,227,000  
Rebates, Discount & Sale Allowance                   (6,372,000)
                                                  -------------  
Net Sales                                           103,855,000  
  
Material                                             65,540,000  
Labor                                                 3,964,000  
Overhead                                             12,597,000  
Freight/Shipping                                      4,389,000  
                                                  -------------  
Cost of Sales                                        86,490,000  
  
Gross Profit                                         17,365,000  
  
Labor & Employee Expense                              3,388,000  
Indirect Materials & Samples                            (14,000)  
Equipment & Maintenance Expense                           5,000  
Facility Expense                                        207,000  
Travel & Entertainment                                  144,000  
Technology                                              127,000  
Professional Fees & Services                          1,651,000  
Other Miscellaneous Expense                             248,000  
Insurance & Tax                                         196,000  
Bad debt expense                                        498,000  
Bank/Collection Costs                                    67,000  
Transportation Cost                                      11,000  
Depreciation/Amortization                               302,000  
Corp. Cost to COS                                      (685,000)  
                                                  -------------  
Selling, general & admin expenses                     6,171,000  
  
Restructuring & Impairment Charges                      227,000  
                                                  -------------  
Income from operations                               10,966,000  
  
Interest Expense                                      5,470,000  
  
Equity in earnings of JV & non-debtor subs              214,000  
Other Income & (Expense)                                 29,000
  
Professional Fees                                     1,528,000  
Provision/(Gains) - Rejected Contracts                  283,000
Bankruptcy Filing Fees                                   12,000  
Other Expense                                           134,000   
                                                  -------------  
Reorganization Expense (Income)                       1,957,000  
  
Income before Tax                                     3,782,000  
Tax Provision                                                 -  
                                                  -------------  
Net Income                                           $3,782,000  
                                                  =============

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of     
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The Company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693).  
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts.  Houlihan,
Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the
ad hoc committee of Senior Secured Noteholders.  As of July 3,
2005, the Debtors reported $620,826,000 in total assets and
$744,757,000 in total debts.  (Foamex Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000).


KAISER ALUMINUM: Earns $9.1 Million in January 2006
---------------------------------------------------

             Kaiser Aluminum Corporation -- All Debtors
                      Unaudited Balance Sheets
                      As of January 31, 2006
                           (In Thousands)

                              ASSETS

Cash                                                     $58,916

Receivables:
    Trade                                                113,038
    Other                                                 14,313
                                                      ----------
Total Receivables                                        127,351

Inventories                                              120,091
Prepaid expenses and other current assets                 26,129
                                                      ----------
Total current assets                                     332,487

Investments in and advances to subsidiaries               21,167
Intercompany receivables/payables, net                    (4,536)
Property, plant, and equipment - net                     224,463
Deferred income taxes                                          -
Restricted proceeds from sale of commodity interests           -
Other assets                                           1,018,506
                                                      ----------
Total Assets                                          $1,592,087
                                                      ==========

                LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:
    Accounts Payable                                     $70,037
    Accrued interest                                       1,056
    Accrued salaries, wages and related expenses          41,060
    Accrued post retirement benefit - current                  -
    Other accrued liabilities                             64,350
    Payable to affiliates                                 15,930
    Long term debt - current portion                       1,152
                                                      ----------
Total current liabilities                                193,585

Long-term liabilities                                     42,374
Accrued postretirement benefit obligation                     (1)
Long-term debt                                             1,212
Liabilities subject to compromise                      4,497,339
Minority interests                                           655

Stockholders' equity:
    Preference stock                                           -
    Common stock                                             789
    Additional capital                                   538,009
Accumulated deficit - As of filing date                 (946,933)
Accumulated deficit - Post filing date                (2,730,243)
Accumulated other comprehensive income (loss)             (4,699)
Note receivable from parent                                    -
                                                      ----------
Total Liabilities & Stockholders' Equity              $1,592,087
                                                      ==========

             Kaiser Aluminum Corporation -- All Debtors
                 Unaudited Statements of Operations
               For the Month Ending January 31, 2006
                           (In Thousands)

Net Sales                                               $112,283

Costs and expenses:
    Cost of products sold                                 93,160
    Depreciation & amortization                            1,593
    Selling, administrative, R&D and general               4,757
    Other operating charges (benefits), net                    -
                                                      ----------
Total costs and expenses                                  99,510
                                                      ----------
Operating income (loss)                                   12,773

Other income (expense):
    Interest expenses, net                                  (318)
    Reorganization items                                  (2,295)
    Other-net                                               (122)
                                                      ----------
Income (loss) before
    income taxes and minority interest                    10,038
(Provision) benefit for income taxes                        (881)
Minority interests                                             -
Equity in income (loss) of subsidiaries                      (56)
                                                      ----------
Net income (loss)                                         $9,101
                                                      ==========

             Kaiser Aluminum Corporation -- All Debtors
      Schedule of Consolidated Cash Receipts and Disbursements
               For the Month Ending January 31, 2006
                           (In Thousands)

Receipts:
    Trade Receivables
       KACC Receivables                                  $74,278
       KAII Receivables                                   27,786
                                                      ----------
    Total Trade Receivables                              102,064

    Asbestos insurance recoveries                          1,800
    COBRA receipts                                           650
    Proceeds from Hedging Settlement                       1,232
                                                      ----------
Total Receipts                                           105,746

Disbursements:
    Inventory/Raw Materials                               42,399
    Capital Expenditures                                   2,118
    Domestic Income Tax Payment                                -
    Maintenance, Materials, etc.                           4,313
    Freight                                                5,193
    Utilities/Energy                                       6,880
    Hourly Payroll                                         8,567
    Salaried Payroll                                       3,581
    Pension Contributions                                  2,021
    VEBA Advances                                          1,915
    Medical - Current Employees                            2,594
    Annual Insurance Premiums                                  -
    Workmen's Compensation                                   455
    Corporate General and Administrative                   4,413
    JV Fundings - Primary, Net of Reimbursements          12,522
    Other Disbursements                                    3,505
                                                      ----------
Total Operating and G&A Disbursements                    100,476

Reorganization Items                                       2,022
                                                      ----------
Total Disbursements                                      102,498
                                                      ----------
Net Cash Flow                                              3,248

Beginning Bank Cash Balances                              56,262
                                                      ----------
Ending Bank Cash Balances                                 59,510

Reconciling Items                                           (594)
                                                      ----------
Ending Book Cash Balances                                $58,916
                                                      ==========

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading   
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 91; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


LARGE SCALE: Posts $66,496 Net Loss in January 2006
---------------------------------------------------
On March 1, 2006, Large Scale Biology Corporation filed its
monthly operating report for the month ended January 2006, with
the United States Bankruptcy Court for the Eastern District of
California.

The Company reported a $66,496 net loss on $25,398 of revenues for
the month ended January 2006.

For the month ended January 2006, Pharmaceutical Formulations,
Inc.'s balance sheet shows:

      Current Assets                        $22,221,120
      Total Assets                           25,209,293
      Current Liabilities                       889,819
      Total Liabilities                      12,996,589
      Total Stockholders' Equity             12,212,704       

A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the month ended January 2006,  is available
at no charge at http://researcharchives.com/t/s?652

Headquartered in Vacaville, California, Large Scale Biology
Corporation -- http://www.lsbc.com/-- develops, manufactures and    
sells plant-made pharmaceutical proteins and vaccines.  LSBC and
its debtor-affiliates filed for chapter 11 protection on Jan. 9,
2006. (Bankr. E.D. Calif. Case No. 06-20046).  Paul J. Pascuzzi,
Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, represent
the Debtors in their restructuring efforts.  As of Nov. 30, 2005,
the LSBC had $9,760,000 in total assets and $7,836,000 in total
debts.


NORTHWEST AIRLINES: Posts $1.03 Billion Net Loss in December 2005
-----------------------------------------------------------------

                Northwest Airlines Corporation
         Unaudited Condensed Consolidated Balance Sheets
                    As of December 31, 2005

ASSETS

Current assets:
   Cash and cash equivalents                       $684,000,000
   Unrestricted short-term investments              578,000,000
   Restricted cash, cash equivalents &
      short-term investments                        600,000,000
   Accounts receivable, net                         592,000,000
   Flight equipment spare parts, net                136,000,000
   Prepaid expenses & other                         403,000,000
                                                ---------------
Total current assets                              2,993,000,000


Property and equipment:
   Flight equipment, net                          7,394,000,000
   Other property & equipment, net                  753,000,000
                                                ---------------
Total property & equipment                        8,147,000,000

Flight Equipment under capital leases, net          100,000,000

Other assets:
   Intangible pension asset                         363,000,000
   International routes                             634,000,000
   Investments in affiliated companies               41,000,000
   Other                                            805,000,000
                                                ---------------
Total other assets                                1,843,000,000
                                                ---------------
Total assets                                    $13,083,000,000
                                                ===============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Air traffic liability                         $1,586,000,000
   Accounts payable & other liabilities           1,119,000,000
   Current maturities of long-term debt
      & capital lease obligations                    85,000,000
                                                ---------------
Total current liabilities                         2,790,000,000

Long-term debt                                    1,085,000,000

Deferred Credits & other liabilities:
   Long-term pension & postretirement
      Health care benefits                          292,000,000
   Other                                            102,000,000
                                                ---------------
Total deferred credits & other liabilities          394,000,000

Liabilities Subject to Compromise                14,162,000,000

Preferred redeemable stock                          280,000,000

Common Stockholders' Equity (Deficit)
   Common stock                                       1,000,000
   Additional paid-in capital                     1,500,000,000
   Accumulated deficit                           (4,548,000,000)
   Accumulated other comprehensive
      income (loss)                              (1,568,000,000)
   Treasury stock                                (1,013,000,000)
                                                ---------------
Total common stockholders' equity (deficit)      (5,628,000,000)
                                                ---------------
Total Liabilities & Stockholders' Equity        $13,083,000,000
                                                ===============

                 Northwest Airlines Corporation
    Unaudited Condensed Consolidated Statements of Operations
             For the Month Ended December 31, 2005

Operating Revenues
   Passenger                                       $685,000,000
   Regional carrier revenues                        110,000,000
   Cargo                                             77,000,000
   Other                                             97,000,000
                                                ---------------
   Total Operating Revenues                         969,000,000

Operating Expenses
   Salaries, wages, and benefits                    257,000,000
   Aircraft fuel and taxes                          247,000,000
   Selling and marketing                             60,000,000
   Aircraft maintenance materials and repair         75,000,000
   Other rentals and landing fees                    46,000,000
   Depreciation and amortization                     52,000,000
   Aircraft rentals                                  23,000,000
   Regional carrier expenses                        128,000,000
   Other                                            161,000,000
                                                ---------------
   Total Operating Expenses                       1,049,000,000

Operating Income (Loss)                             (80,000,000)

Other Income (Expense)
   Interest expense, net                            (50,000,000)
   Investment income                                 10,000,000
   Foreign currency gain (loss)                    (902,000,000)
   Other, net                                        (9,000,000)
                                                ---------------
   Total other income (expense)                    (951,000,000)
                                                ---------------
Income (Loss) Before Income Taxes                (1,031,000,000)

   Income tax expense (benefit)                       1,000,000
                                                ---------------
Net Income (Loss)                               ($1,032,000,000)
                                                ===============

                 Northwest Airlines Corporation
    Unaudited Condensed Consolidated Statements of Cash Flows
             For the Month Ended December 31, 2005

Cash Flows from Operating Activities:
   Net income (loss)                            ($1,032,000,000)
   Adjustments to reconcile net loss to net
      cash provided by (used in)
      operating activities:
      Depreciation and amortization                  52,000,000
      Pension and other postretirement benefit
         contributions less than expense             60,000,000
      Changes in certain assets & liabilities       (75,000,000)
      Reorganization items                          902,000,000
      Other, net                                     (6,000,000)
                                                ---------------
Net cash provided by operating activities           (99,000,000)

Cash Flows from Reorganization Activities:
   Net cash provided by (used in)
      reorganization activities                      (1,000,000)

Cash Flows from Investing Activities:
   Capital expenditures                             (24,000,000)
   Decrease (increase) in restricted
      cash, cash equivalents &
      short-term investments                       (150,000,000)
                                                ---------------
Net cash provided by (used in) investing
   activities                                      (174,000,000)

Cash Flows from Financing Activities:
   Payments of long-term debt and capital
      lease obligations                             (50,000,000)
                                                ---------------
Net cash provided by (used in)
   financing activities                             (50,000,000)
                                                ---------------
Increase (Decrease) in Cash and
   Cash Equivalents                                (324,000,000)

Cash & cash equivalents at beginning of period    1,008,000,000
                                                ---------------
Cash & cash equivalents at end of period           $684,000,000
                                                ===============

Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $14.4 billion in total assets and $17.9 billion in total
debts.  (Northwest Airlines Bankruptcy News, Issue No. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


NORTHWEST AIRLINES: Posts $382 Million Net Loss in January 2006
---------------------------------------------------------------

                Northwest Airlines Corporation
         Unaudited Condensed Consolidated Balance Sheets
                     As of January 31, 2006

ASSETS

Current assets:
   Cash and cash equivalents                       $821,000,000
   Unrestricted short-term investments              563,000,000
   Restricted cash, cash equivalents &
      short-term investments                        554,000,000
   Accounts receivable, net                         585,000,000
   Flight equipment spare parts, net                137,000,000
   Prepaid expenses & other                         389,000,000
                                                ---------------
Total current assets                              3,049,000,000

Property and equipment:
   Flight equipment, net                          7,421,000,000
   Other property & equipment, net                  749,000,000
                                                ---------------
Total property & equipment                        8,170,000,000

Flight Equipment under capital leases, net           86,000,000

Other assets:
   Intangible pension asset                         363,000,000
   International routes                             634,000,000
   Investments in affiliated companies               41,000,000
   Other                                            893,000,000
                                                ---------------
Total other assets                                1,931,000,000
                                                ---------------
Total assets                                    $13,245,000,000
                                                ===============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Air traffic liability                         $1,727,000,000
   Accounts payable & other liabilities           1,209,000,000
   Current maturities of long-term debt
      & capital lease obligations                   102,000,000
                                                ---------------
Total current liabilities                         3,038,000,000

Long-term debt                                    1,356,000,000

Deferred Credits & other liabilities:
   Long-term pension & postretirement
      Health care benefits                          308,000,000
   Other                                             96,000,000
                                                ---------------
Total deferred credits & other liabilities          404,000,000

Liabilities Subject to Compromise                14,175,000,000

Preferred redeemable stock                          280,000,000

Common Stockholders' Equity (Deficit)
   Common stock                                       1,000,000
   Additional paid-in capital                     1,500,000,000
   Accumulated deficit                           (4,930,000,000)
   Accumulated other comprehensive
      income (loss)                              (1,566,000,000)
   Treasury stock                                (1,013,000,000)
                                                ---------------
Total common stockholders' equity (deficit)      (6,008,000,000)
                                                ---------------
Total Liabilities & Stockholders' Equity        $13,245,000,000
                                                ===============

                 Northwest Airlines Corporation
    Unaudited Condensed Consolidated Statements of Operations
             For the Month Ended January 31, 2006

Operating Revenues
   Passenger                                       $635,000,000
   Regional carrier revenues                        104,000,000
   Cargo                                             63,000,000
   Other                                             88,000,000
                                                ---------------
   Total Operating Revenues                         890,000,000

Operating Expenses
   Salaries, wages, and benefits                    222,000,000
   Aircraft fuel and taxes                          236,000,000
   Selling and marketing                             63,000,000
   Aircraft maintenance materials and repair         66,000,000
   Other rentals and landing fees                    48,000,000
   Depreciation and amortization                     44,000,000
   Aircraft rentals                                  24,000,000
   Regional carrier expenses                        123,000,000
   Other                                            129,000,000
                                                ---------------
   Total Operating Expenses                         955,000,000

Operating Income (Loss)                             (65,000,000)

Other Income (Expense)
   Interest expense, net                            (44,000,000)
   Investment income                                  5,000,000
   Foreign currency gain (loss)                    (279,000,000)
   Other, net                                         1,000,000
                                                ---------------
   Total other income (expense)                    (317,000,000)
                                                ---------------
Income (Loss) Before Income Taxes                  (382,000,000)

   Income tax expense (benefit)                              --
                                                ---------------
Net Income (Loss)                                 ($382,000,000)
                                                ===============

                 Northwest Airlines Corporation
    Unaudited Condensed Consolidated Statements of Cash Flows
             For the Month Ended January 31, 2006

Cash Flows from Operating Activities:
   Net income (loss)                              ($382,000,000)
   Adjustments to reconcile net loss to net
      cash provided by (used in)
      operating activities:
      Depreciation and amortization                  44,000,000
      Pension and other postretirement benefit
         contributions less than expense             14,000,000
      Changes in certain assets & liabilities       210,000,000
      Reorganization items                          279,000,000
      Other, net                                    (41,000,000)
                                                ---------------
Net cash provided by operating activities           124,000,000

Cash Flows from Reorganization Activities:
   Net cash provided by (used in)
      reorganization activities                      (2,000,000)

Cash Flows from Investing Activities:
   Capital expenditures                             (56,000,000)
   Decrease (increase) in restricted
      cash, cash equivalents &
      short-term investments                         63,000,000
   Other
                                                     (1,000,000)
Net cash provided by (used in) investing
   activities                                         6,000,000

Cash Flows from Financing Activities:
   Proceeds from long-term debt                      29,000,000
   Payments of long-term debt and capital
      lease obligations                             (20,000,000)
                                                ---------------
Net cash provided by (used in)
   financing activities                               9,000,000
                                                ---------------
Increase (Decrease) in Cash and
   Cash Equivalents                                 137,000,000

Cash & cash equivalents at beginning of period      684,000,000
                                                ---------------
Cash & cash equivalents at end of period           $821,000,000
                                                ===============

Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $14.4 billion in total assets and $17.9 billion in total
debts.  (Northwest Airlines Bankruptcy News, Issue No. 20;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


PERFORMANCE TRANSPORTATION: Files Schedules of Assets & Debts
-------------------------------------------------------------

A.     Real Property
          Ingham County, Michigan                    $1,920,000
          Scott County, Kentucky                        770,000

B.     Personal Property
B.1    Cash on hand                                           0
B.2    Bank Accounts
          US Bank - General Account                   1,931,014
          US Bank - Payroll Account                      (5,097)
          US Bank - Accounts Payable Account             73,210
B.3    Security Deposits
          Miscellaneous Special Deposits                 50,000
B.4    Household goods and furnishings                        0
B.5    Collectibles                                           0
B.6    Wearing apparel                                        0
B.7    Furs and jewelry                                       0
B.8    Hobby equipment                                        0
B.9    Interests in insurance policies                        0
B.10   Annuities                                              0
B.11   Interest in an education IRA                           0
B.12   Interest in pension plans                              0
B.13   Stock and interests in businesses                      0
          100% Common stock
             E & L Transport, LLC                       unknown
             Hadley Auto Transport                      unknown
             LAC Holding Corp.                          unknown
             Transportation Releasing                   unknown
B.14   Interests in partnerships or joint ventures            0
B.15   Government and Corporate Bonds                         0
B.16   Accounts Receivable                              918,265
B.17   Alimony                                                0
B.18   Other liquidated debts owing debtor                    0
B.19   Equitable or future interests                          0
B.20   Interests in estate of a decedent                      0
B.21   Other Contingent & Unliquidated Claims                 0
B.22   Intellectual property                                  0
B.23   General intangibles                                    0
B.24   Customer lists or compilations                         0
B.25   Vehicles
          Trucks, Trailers and Upgrades               2,215,433
          Accumulated depreciation                     (290,593)
B.26   Boats, motors and accessories                          0
B.27   Aircraft and accessories                               0
B.28   Office Equipment
          Other equipment                             2,396,795
           Accumulated depreciation                    (114,492)
B.29   Machinery, fixtures, equipment and supplies            0
B.30   Inventory                                              0
B.31   Animals                                                0
B.32   Crops                                                  0
B.33   Farming equipment and implements                       0
B.34   Farm supplies, chemicals and feed                      0
B.35   Other Personal Property
          Deferred debits                                 4,823
          Intercompany receivables                  146,514,452
          Investment in subsidiary                   19,999,966
          Long term prepayment                           37,030
          Prepaid items                               1,268,922

       TOTAL SCHEDULED ASSETS                      $177,689,728
                                                  =============

C.     Property Claimed as Exempt                            $0

D.     Secured Claim
          Credit Suisse First Boston                121,400,000
          Wells Fargo Bank N.A.                      35,000,000
          GreatAmerica Leasing                          unknown
          US Bancorp                                    unknown

E.     Unsecured Priority Claims                              0

F.     Unsecured Non-priority Claims
          Automotive Logistics Corp.                     53,664
          E & L Transport Company LLC                24,688,095
          Hadley Auto Transport                      46,425,077
          Leaseway Motorcar Transport Co. of Canada  28,466,317
          Transportation Releasing LLC                3,240,404
          Corporate Lodging                             140,180
          Fleet Fuel                                    158,186
          Others                                      1,351,404

       TOTAL SCHEDULED LIABILITIES                 $260,923,327
                                                  =============

Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America.  The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment.  The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company. (Performance Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000)

Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they estimated assets between $10 million and $50
million and more than $100 million in debts.


PERFORMANCE TRANSPORTATION: Leaseway Motorcar Files Schedules
-------------------------------------------------------------

A.     Real Property                                         $0

B.     Personal Property
B.1    Cash on hand
          Petty Cash Funds                               87,750
B.2    Bank Accounts
          US Bank - General Account                       3,895
          US Bank - Payroll Account                     (27,438)
          US Bank - Accounts Payable Account            202,050
B.3    Security Deposits
          Miscellaneous Special Deposits                188,447
B.16   Accounts Receivable                           14,824,365
B.21   Other Contingent & Unliquidated Claims
          Subrogated claims                              93,618
B.25   Vehicles
          Trucks, Trailers and Upgrades              22,731,839
          Accumulated depreciation                  (10,565,154)
B.28   Office Equipment
          Other equipment                             2,123,031
          Accumulated depreciation                     (825,018)
B.30   Inventory
          Materials & supplies                        1,172,669
B.35   Other Personal Property
          Deferred debits                                 3,426
          Intercompany receivables                   29,748,785
          Land                                        2,990,000
          Other investments                                 669
          Structures                                  1,440,000
          Accumulated depreciation - structures        (111,910)

       TOTAL SCHEDULED ASSETS                       $64,081,024
                                                   ============

C.     Property Claimed as Exempt                            $0

D.     Secured Claim
           Credit Suisse First Boston                   unknown
           The Firestone Tire & Rubber Company          unknown
           Wells Fargo Bank N.A.                        unknown

E.     Unsecured Priority Claims                              0

F.     Unsecured Non-priority Claims
          Allied Freight Broker                          29,317
          Allied Systems (Canada)                        64,462
          Allied Systems                                 71,781
          Armand Cerrone Inc.                            44,236
          Atlantic Detroit Diesel Allison LLC            26,067
          B/A Products Co.                               29,768
          Brenner Oil Co.                                60,545
          Bridgestone/Firestone                          25,375
          Bridgestone/Firestone - Lease                 154,907
          Buffalo Truck Center                           31,767
          C.F. Bender Company Inc.                       46,613
          Cassens Transport Co.                          35,840
          Cottrell Inc.                                  42,880
          Del-Val Int'l. Trucks, Inc.                    33,590
          Fleetwash Inc.                                 22,172
          General Motors of Canada Ltd.                  92,438
          Great Lakes Petroleum                          50,807
          Hadley Auto Transport                         768,916
          Heating Oil Partners                           31,404
          Keystone Spring                                22,439
          LAC Holding Corp.                           1,738,067
          Larry's Truck Repair & Towing Center           21,836
          Leaseway Motorcar Transport Co. of Canada     115,360
          Leaseway of Puerto Rico Inc.                  288,954
          Logistics Computer Services                   478,387
          McCarthy Tire Service Co. Inc.                 24,678
          Penske Truck                                  184,125
          R & R Inc.                                     26,062
          Schafer's Inc.                                 22,782
          Sentrex Security Systems Inc.                  28,648
          Southwest Brake                                38,395
          Superior Distributors                          53,789
          Tapco Industries                               48,654
          Toyota Motor Sales USA Inc.                   104,707
          U.S. Security Association                      31,269
          Others                                      1,075,322

       TOTAL SCHEDULED LIABILITIES                   $5,966,359
                                                    ===========

Headquartered in Wayne, Michigan, Performance Transportation
Services, Inc. -- http://www.pts-inc.biz/-- is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America.  The Company provides transit stability,
cargo damage elimination and proactive customer relations that are
second to none in the finished vehicle market segment.  The
company's chapter 11 case is administered jointly under Leaseway
Motorcar Transport Company.  (Performance Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000)

Headquartered in Niagara Falls, New York, Leaseway Motorcar
Transport Company Debtor and 13 affiliates filed for chapter 11
protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Case No. 06-00107).
James A. Stempel, Esq., James W. Kapp, III, Esq., and Jocelyn A.
Hirsch, Esq., at Kirkland & Ellis, LLP, and Garry M. Graber, Esq.,
at Hodgson Russ LLP represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they estimated assets between $10 million and $50
million and more than $100 million in debts.


PHARMACEUTICAL FORMULATIONS: Posts $972,000 Net Loss as of Oct. 29
------------------------------------------------------------------
On March 2, 2006, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Oct. 29, 2005, with
the United States Bankruptcy Court for the District of Delaware.

The Company reported a $972,000 net loss on $1,783,000 of gross
sales for the period ended Oct. 29, 2005.

At Oct. 29, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:

      Current Assets                        $12,126,000
      Total Assets                           21,380,000
      Current Liabilities                    31,637,000
      Total Liabilities                      53,286,000
      Total Stockholders' Deficit          ($31,906,000)
      
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Oct. 29, 2005, is available
at no charge at http://researcharchives.com/t/s?624

Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States.  The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910).  Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding.
Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and
William Pierce Bowden, Esq., at Ashby & Geddes, represent the
Official Committee of Unsecured Creditors.  As of Apr. 30, 2005,
the Debtor reported $40,860,000 in total assets and $44,195,000 in
total debts.


PHARMACEUTICAL FORMULATIONS: Posts $1 Mil. Net Loss as of Nov. 26
-----------------------------------------------------------------
On March 2, 2006, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Nov. 26, 2005, with
the United States Bankruptcy Court for the District of Delaware.

The Company reported a $1,182,000 net loss on $518,000 of gross
sales for the period ended Nov. 26, 2005.

At Nov. 26, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:

      Current Assets                         $9,640,000
      Total Assets                           18,894,000
      Current Liabilities                    30,458,000
      Total Liabilities                      51,982,018
      Total Stockholders' Deficit          ($33,088,000)
     
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Nov. 26, 2005, is available
at no charge at http://researcharchives.com/t/s?63a

Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States.  The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910).  Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding.
Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and
William Pierce Bowden, Esq., at Ashby & Geddes, represent the
Official Committee of Unsecured Creditors.  As of Apr. 30, 2005,
the Debtor reported $40,860,000 in total assets and $44,195,000 in
total debts.


PHARMACEUTICAL FORMULATIONS: Posts $663,000 Net Loss as of Dec. 31
------------------------------------------------------------------
On March 2, 2006, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Dec. 31, 2005, with
the United States Bankruptcy Court for the District of Delaware.

The Company reported a $663,000 net loss on $0 of gross sales for
the period ended Dec. 31, 2005.

At Dec. 31, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:

      Current Assets                         $8,842,000
      Total Assets                           18,100,000
      Current Liabilities                    30,327,000
      Total Liabilities                      51,851,000
      Total Stockholders' Equity Deficit   ($33,751,000)       

A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Dec. 31, 2005, is available
at no charge at http://researcharchives.com/t/s?63b

Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States.  The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910).  Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding.
Christopher S. Sontchi, Esq., Gregory Alan Taylor, Esq., and
William Pierce Bowden, Esq., at Ashby & Geddes, represent the
Official Committee of Unsecured Creditors.  As of Apr. 30, 2005,
the Debtor reported $40,860,000 in total assets and $44,195,000 in
total debts.


UAL CORPORATION: Files January 2006 Monthly Operating Report
------------------------------------------------------------
UAL Corporation received $1,889,651,778 from operations and
activities related to restricted cash for the one-month period
ending January 31, 2006.

UAL's disbursements for the period total $1,843,164,377:

   Net payroll
      Officers                                         $554,927
      Non-Officer                                   164,526,722

   Taxes paid or deposited
      Federal Income Tax and FICA withholdings       65,009,228
      State income tax w/held                         7,616,652
      State sales or use tax                            263,393
      Other                                         128,092,685
   Necessary Operational Disbursements
      Operating Disbursements, net                1,182,100,770
      Transferred to escrows/restricted cash        295,000,000

UAL reports an ending cash balance of $2,746,902,481 in January.

   Beginning Balance                             $2,701,393,381
      Cash Receipts                               1,889,651,778
      Cash Disbursements                          1,843,164,377
                                                 --------------
   Ending Balance                                 2,747,880,783

   Bank One Overnight Investment Account               (978,301)
                                                 --------------
   Total Ending Balance                          $2,746,902,481
                                                 ==============

UAL will file a consolidated Statement of Operations, Statements
of Consolidated Financial Position, and Consolidated Cash Flows
as part of its Form 10-K to be filed with the Securities and
Exchange Commission on March 16, 2006.

A full-text copy of UAL's January 2006 Monthly Operating Report
is available for free at http://ResearchArchives.com/t/s?660

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.  Judge Wedoff confirmed
the Debtors' Second Amended Plan on Jan. 20, 2006.  The Company
emerged from bankruptcy protection on February 1, 2006.  (United
Airlines Bankruptcy News, Issue No. 119; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


USG CORPORATION: Earns $45 Million in January 2006
--------------------------------------------------

                       USG Corporation, et al.
                     Consolidated Balance Sheet
                       As of January 31, 2006

Assets:
Cash and cash equivalents                          $767,365,000
Marketable Securities                               169,410,000
Restricted Cash                                      87,722,000
Receivables                                         412,739,000
Inventories                                         275,690,000
Income taxes receivable                               5,669,000
Deferred income taxes                                 7,335,000
Other current assets                                119,684,000
                                                ---------------
Total current assets                              1,845,614,000

Property, plant and equipment, net                1,662,967,000
Marketable Securities                               305,445,000
Deferred income taxes                             1,425,138,000
Goodwill                                             63,711,000
Other assets                                        428,545,000
                                                ---------------
Total Assets                                     $5,731,420,000
                                                ===============

Liabilities and Stockholders' Equity:
Accounts payable                                   $268,881,000
Accrued expenses                                    244,762,000
Taxes on income                                      64,803,000
                                                ---------------
Total current liabilities                           578,446,000

Other liabilities                                   451,016,000
Liabilities subject to compromise                 5,340,140,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (217,155,000)
Capital received in excess of par value             146,016,000
Accumulated other comprehensive income/(loss)        25,070,000
Retained earnings                                  (597,111,000)
                                                ---------------
Total stockholders' equity                         (638,182,000)
                                                ---------------
Total Liabilities and Stockholders' Equity       $5,731,420,000
                                                ===============

USG Corporation, et al.                            Month Ending
Consolidated Income Statement                       31-Jan-2006
_____________________________                      ____________

Net sales                                          $416,028,000

Cost of products sold                               317,472,000
Selling and administrative expenses                  26,421,000
Chapter 11 reorganization expenses                   (4,442,000)
Interest expense                                        510,000
Interest income                                        (149,000)
Other (income)/expense, net                            (219,000)
                                                ---------------
Earnings before income taxes                        $76,435,000

Income taxes                                         31,118,000
                                                ---------------
Net Earnings                                        $45,317,000
                                                ===============

Lewis Kruger, Esq., Kenneth Pasquale, Esq., and Denise Wildes,
Esq., represent the Official Committee of Unsecured Creditors.
Elihu Inselbuch, Esq., and peter Van N. Lockwood, Esq., at Caplin
& Drysdale, Chartered, represent the Official Committee of
Asbestos Personal Injury Claimants.  Martin J. Bienenstock, Esq.,
Judy G. Z. Liu, Esq., Ralph I. Miller, Esq., and David A.
Hickerson, Esq., at Weil Gotshal & Manges LLP represent the
Statutory Committee of Equity Security Holders.  Dean M. Trafelet
is the Future Claimants Representative.  Michael J. Crames, Esq.,
and Andrew  A. Kress, Esq., at Kaye Scholer, LLP, represent the
Future Claimants Representative.  Scott Baena, Esq., and Jay
Sakalo, Esq., at Bilzen Sumberg Baena Price & Axelrod LLP,
represent the Asbestos Property Damage Claimants Committee. When
the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts.
(USG Bankruptcy News, Issue No. 105; Bankruptcy Creditors'
Service, Inc., 215/945-7000).


XYBERNAUT CORP: Amends January 2006 Monthly Operating Report
------------------------------------------------------------
On March 7, 2006, Xybernaut Corporation filed an amended monthly
operating report for the period ended Jan. 31, 2006, with the U.S.
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division.

The company reported a $802,141 net loss on $38,864 of revenue
for the month of January 2006.

At Jan. 31, 2006, the Company's balance sheet reflects:

      Total Assets                        $3,611,836
      Total Liabilities                    4,503,865
      Stockholders' Deficit                ($892,029)

A full-text copy of Xybernaut Corporation's Amended January 2006
Monthly Operating Report is available at no charge at
http://researcharchives.com/t/s?63c

The Company's affiliate, Xybernaut Solutions, Inc., also filed its
amended monthly operating report for the month of January 2006
with the U.S. Bankruptcy Court for the Eastern District of
Virginia.

A full-text copy of Xybernaut Solution Inc.'s Amended January 2006
Monthly Operating Report is available at no charge at
http://researcharchives.com/t/s?63e

Headquartered in Fairfax, Virginia, Xybernaut Corporation,
develops and markets small, wearable, mobile computing and
communications devices and a variety of other innovative products
and services all over the world.  The corporation never turned a
profit in its 15-year history.  The Company and its affiliate,
Xybernaut Solutions, Inc., filed for chapter 11 protection on
July 25, 2005 (Bankr. E.D. Va. Case Nos. 05-12801 and 05-12802).
John H. Maddock III, Esq., at McGuireWoods LLP, represents the
Debtors in their chapter 11 proceedings.  When the Debtors filed
for protection from their creditors, they listed $40 million in
total assets and $3.2 million in total debts.

                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                             *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marie Therese V. Profetana, Shimero Jainga, Emi Rose S.R.
Parcon, Rizande B. Delos Santos, Cherry A. Soriano-Baaclo, Terence
Patrick F. Casquejo, Christian Q. Salta, Jason A. Nieva, Lucilo
Junior M. Pinili, Tara Marie A. Martin and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $725 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher Beard
at 240/629-3300.


                    *** End of Transmission ***