8-K

- -------------------------------------------------------------------------------------------------------------------


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT


     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


                Date of Report (Date of earliest event reported):
                                  May 29, 2002

                        Commission File Number 000-23087

                    Startec Global Communications Corporation
             (Exact name of Registrant as specified in its charter)

          Delaware                                      52-2099559
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or organization)

     1151 Seven Locks Road
          Potomac, MD                                     20854
(Address of Principal Executive Offices)                (Zip Code)


                                 (301) 610-4300
              (Registrant's telephone number, including area code)







- -----------------------------------------------------------------------------------------------------

Item 5.  Other Events.

On May 29, 2002, Startec Global Communications Corporation, Startec Global
Operating Company and Startec Global Licensing Company, debtors-in-possession,
in Chapter 11 Case Nos. 01-25013 DK, 01-25009 DK and 01-25010 DK, respectively,
filed monthly operating reports for the month ended April 30, 2002 with the
United States Bankruptcy Court for the District of Maryland Office of the United
States Trustee, copies of which are filed herewith as exhibits 99.1, 99.2 and
99.3, respectively. The Company is filing this Current Report on Form 8-K,
together with the aforementioned exhibits with the Securities and Exchange
Commission.

Item 7. Financial Statements and Exhibits.

(c) Exhibits. The following exhibits are filed with this report:

Exhibit 99.1 - Monthly Operating Report of Startec Global Communications
Corporation for the month ending April 30, 2002.

Exhibit 99.2 - Monthly Operating Report of Startec Global Operating Company for
the month ending April 30, 2002.

Exhibit 99.3 - Monthly Operating Report of Startec Global Licensing Company for
the month ending April 30, 2002.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to the signed on its behalf by the undersigned
hereunto duly authorized.


                                       For
                                       Startec Global Communications Corporation
                                       and as its Chief Financial Officer:

                                       By: /s/ Prabhav V. Maniyar



Date:  June 27, 2002

EX-99

                                                                          FORM 5

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Communications Corporation
                                              )           CHAPTER 11
                                              )           Case No. 01-25013 DK
                                              )
                                              )
                      Debtor(s)               )

                            MONTHLY OPERATING REPORT
                      For the Month Ending April 30, 2002

                        FINANCIAL BACKGROUND INFORMATION

1. ACCOUNTING BASIS: Cash _______ Accrual X

2. PREPARER: State the name, address, telephone number and position of the person(s) who
actually compiled the information contained in this report.

    Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854 (301) 610-4300



3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                 0
- --------------------------------------------------------------------------------
Current number of employees:                          0
- --------------------------------------------------------------------------------
Gross monthly payroll:
- --------------------------------------------------------------------------------
         Officers, directors, and principals          0
- --------------------------------------------------------------------------------
         Other employees                              0
- --------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                   YES
- --------------------------------------------------------------------------------
Exceptions:                                      _______________________________

                                                 _______________________________
================================================================================


4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF
OPERATIONS since the last reporting period?        NO.

5. Are all BUSINESS LICENSES or BONDS current?     YES




                                                                          FORM 5
                                                                       Continued


6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                                 $
- --------------------------------------------------------------------------------
B.  Collected this Period                           $
================================================================================
C.  Ending Balance (A minus B)                      $
================================================================================



7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                                 $
- --------------------------------------------------------------------------------
B.  Incurred this Period                            $
- --------------------------------------------------------------------------------
C.  Collected this Period                           $
================================================================================
D.  Ending Balance (A plus B minus C)               $
================================================================================


Ending Balance Aging:

0-30 Days: $ ____________ 31-60 Days: $ ____________Over 60 Days: ____________



If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the delinquencies.
                          NOT APPLICABLE


8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                                 $
- --------------------------------------------------------------------------------
B.  Incurred this Period
- --------------------------------------------------------------------------------
C.  Pay this Period
================================================================================
D.  Ending Balance (A plus B minus C) (1)           $
================================================================================


Ending Balance Aging:

0-30 Days: $ ____________ 31-60 Days: $ _____________ Over 60 Days: ____________



If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. -     NOT APPLICABLE

(1) Does not include approximately $70,000,000 in intercompany accounts payable.

9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                            YES (1)

On the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized
employee of the receiving institution or taxing authority. Also attach
copies of the monthly sales tax statement, payroll tax statement,
unemployment tax statement AND real estate tax statement with evidence
of payment of these taxes.

(1) No taxes relating to Post-Petition activity became due and payable
during the month ending April 30, 2002

10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period?                NO

11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are
all all current?                   YES



                                                                          FORM 5
                                                                       Continued

12.     INSURANCE:                Policy expiration dates:
================================================================================
        Auto and truck              10/1/2002
- --------------------------------------------------------------------------------
        Fire                        10/1/2002
- --------------------------------------------------------------------------------
        D&O Insurance               10/1/2002
- --------------------------------------------------------------------------------
        Liability                   10/1/2002
- --------------------------------------------------------------------------------
        Workers Comp.               10/1/2002
================================================================================


13. ACTIONS OF DEBTOR: During the last month, did the Debtor: (a) Fail to defend
or opposed any action seeking to dispossess the debtor from control or custody
of any asset of the estate?        NO

               OR  consent to relief from the automatic stay ( S362)?  YES

               If yes, explain: (1) To the limited extent provided in the
Court's order authorizing DIP financing. Final order entered April 1, 2002
(Docket No. 174).(2) To the limited extent provided in the debtors stipulation
providing adequate assurance to WorldCom, filed April 12, 2002 (Docket No. 185).

(b) Maintain such stock, inventory, raw materials, insurance, employees and
other resources as are necessary to preserve and maintain the going concern
value of the assets of the debtor?     YES

14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)? No, however ING Barings has attempted to
foreclose, without court authorization or debtor's consent, on debtor's shares
of Phone Systems and Networks, Inc.


If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets: NONE



Type of Motion               Brief Description of Asset        Projected Income
================================================================================
                                                             $
- --------------------------------------------------------------------------------
                                                             $
- --------------------------------------------------------------------------------
                                                             $
- --------------------------------------------------------------------------------
                                                             $
================================================================================


You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached.    NO

15. PAYMENTS TO SECURED CREDITORS during Reporting Period:   NONE
================================================================================
Creditor         Frequency       Amount of      Next Payment      Post-Petition
                    of          Each Payment         Due           Payments not
                  Payments                                         Made: Numbers
                    per                                             and Amounts
                  Contract
================================================================================
                              $                  /          /
- --------------------------------------------------------------------------------
                              $                  /          /
- --------------------------------------------------------------------------------
                              $                  /          /
- --------------------------------------------------------------------------------
                              $                  /          /
================================================================================




                                                                          FORM 5
                                                                       Continued

16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period:     NONE

Professional                       Service                    Projected Income
================================================================================
                                                            $
- --------------------------------------------------------------------------------
                                                            $
- --------------------------------------------------------------------------------
                                                            $
- --------------------------------------------------------------------------------
                                                            $
================================================================================

Note: If payments were made to any professional during the reporting period, a
copy of the order authorizing payment must be attached.

17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:

                                           Monthly Disbursements:
================================================================================
Month 1 ( current quarter)                        None
- --------------------------------------------------------------------------------
Month 2 ( current quarter)                        None
- --------------------------------------------------------------------------------
Month 3 ( current quarter)                        None
================================================================================
Total                                             None
================================================================================


Quarterly Fee Owed $ 250.00 (Refer to Fee Calculation Chart on page 16)
Will be due and payable after June 30, 2002.

18. VERIFICATION
I declare under penalty of perjury that the information contained in
this Monthly Operating Report (including schedules) is true and correct
to the best of my knowledge, information and belief.


Dated:  May 29, 2002                 DEBTOR IN POSSESSION
                                     By:               Prabhav Maniyar
                                     Name/Title:       Chief Financial Officer,
                                                       Director and Secretary
                                     Address:          1151 Seven Locks Road
                                                       Potomac, MD  20854
                                     Telephone:        (301) 610-4300

                                     /s/ Prabhav V. Maniyar



        REMINDER: Attach copies of debtor in possession bank statements.









                                                                          FORM 6

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:      Startec Global Communications Corporation       CHAPTER 11
                                                        )   Case No. 01-25013 DK
                                                        )
                                                        )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                       For the Month Ended April 30, 2002
                (All figures refer to post-petition transactions)



                                       This Month                Year to Date
================================================================================
A. TOTAL SALES/INCOME               $                         $
================================================================================
COST OF SALES:
================================================================================
     Purchases of Inventory         $                         $
- --------------------------------------------------------------------------------
     Purchased Services             $                         $
- --------------------------------------------------------------------------------
     Other: (Identify)              $                         $
- --------------------------------------------------------------------------------
    _____________________
================================================================================
B. SUBTOTAL Cost of Sales           $                         $
================================================================================
C. GROSS PROFIT (A - B)             $                         $
================================================================================
OPERATING EXPENSES:
================================================================================
      Officer Salaries
- --------------------------------------------------------------------------------
      Other Employee Salaries
- --------------------------------------------------------------------------------
      Taxes (Payroll)
- --------------------------------------------------------------------------------
      Employee Benefits
- --------------------------------------------------------------------------------
      Advertising
- --------------------------------------------------------------------------------
      Auto Expenses
- --------------------------------------------------------------------------------
      Entertainment
- --------------------------------------------------------------------------------
      Insurance (Real Estate)
- --------------------------------------------------------------------------------
      Insurance (Other)
- --------------------------------------------------------------------------------
      Interest
- --------------------------------------------------------------------------------
     Leases (Other than Rent)
- --------------------------------------------------------------------------------
    Outside Services & Contractors
- --------------------------------------------------------------------------------
     Professional Fees
     (Atty. Acct.)                  $ 205,633.00              $ 1,278,377.00
- --------------------------------------------------------------------------------
     Rent
- --------------------------------------------------------------------------------
     Repairs & Maintenance
- --------------------------------------------------------------------------------
     Supplies
- --------------------------------------------------------------------------------
     Taxes (Real Property)
- --------------------------------------------------------------------------------
     Taxes (Other)
- --------------------------------------------------------------------------------
     Telephone
- --------------------------------------------------------------------------------
     Travel
- --------------------------------------------------------------------------------
     Other Operating Expenses (Identify)
- --------------------------------------------------------------------------------
     Taxes (Payroll)
- --------------------------------------------------------------------------------
      ________________________
- --------------------------------------------------------------------------------
      ________________________
- --------------------------------------------------------------------------------
      ________________________
================================================================================
D. SUBTOTAL Operating Expenses     $ 205,633.00              $ 1,278,377.00
================================================================================
E. PROFIT/LOSS FROM OPERATION      $ (205,633.00)            $ (1,278,377.00)
    (C-D)
================================================================================
Other Income (Expenses)
- --------------------------------------------------------------------------------
     Interest Expense               $ (277,671.00)            $ (1,133,786.00)
- --------------------------------------------------------------------------------
     Interest Income                                          $ 9.00
- --------------------------------------------------------------------------------
     Amortization                   $                         $
- --------------------------------------------------------------------------------
     ________________________       $                         $
================================================================================
F. SUBTOTAL Other Income (Expenses) $ (277,671.00)           =$ (1,133,777.00)
================================================================================
G. Income Tax Expense               $                         $
================================================================================
H. NET INCOME (LOSS) (E+F-G)        $ (483,304.00)            $ (2,412,154.00)
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.




                                                                          FORM 6
                                                                       Continued


   Case Number 01-25013 Debtor: Startec Global Communications Corporation ion
                        SCHEDULE AR (Accounts Receivable)
                              As of April 30, 2002
                      (List Post-Petition Receivables Only)


NOT APPLICABLE TO DEBTOR - No Trade Accounts Receivable
================================================================================
Debtor (Due From)     Total Due     Date Incurred       Past Due      Past Due
                                                       31-60 Days   Over 60 Days
================================================================================

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.


   Case Number 01-25013 Debtor: Startec Global Communications Corporation ion
                         SCHEDULE AP (Accounts Payable)
                              As of April 30, 2002
                       (List Post-Petition Payables Only)


NOT APPLICABLE TO DEBTOR  - No Accounts Payable
================================================================================
Due to       Total Due      Date Incurred         Past Due          Past Due
                                                 31-60 Days        Over 60 Days
================================================================================

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.




                                                                          FORM 8

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Communications Corporation         )        CHAPTER 11
                                                         )        Case N01-25013
                                                         )
                            Debtors (s)                  )

                           CASH RECONCILIATION REPORT
                                Operating Account
                        (Business Debtor, Accrual Basis)

                       For the Month Ending April 30, 2002
                (All figures refer to post-petition transactions)


                                      Operating Account            Totals
================================================================================
A. Beginning Cash Balance
   from Balance Sheet                                           $ 1,905.00
================================================================================
B. Net Income for month                                        +$ (483,304.00)
================================================================================
Expenses not requiring cash:
- --------------------------------------------------------------------------------
       Depreciation                  $
- --------------------------------------------------------------------------------
       Interest                      $  277,671.00
- --------------------------------------------------------------------------------
       Unearned Compensation         $  5,383.00
================================================================================
C. SUBTOTAL Expenses Note
   Requiring Cash                                                 +$  283,054.00
================================================================================
D. Total Cash from Operations
   (A+B+C)                                                        =$ (198,345.00)
================================================================================
Other Sources/Uses of Cash:
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Accounts Receivable           $
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Inventory                     $
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Equipment                     $
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Furniture & Fixtures          $
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Deferred financing fees       $ 678.00
- --------------------------------------------------------------------------------
       Decrease (Incr) -                                       $
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Expenses              $
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Intercompany Payable          $ 1,152,339.00
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Investment in Subsidiaries    $ (1,152,089.00)
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Prof. Fees            $ 199,322.00
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Rent                  $
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Salaries              $
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Sales Tax             $
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Notes Payable Taxes           $
- --------------------------------------------------------------------------------
       Increase (Decr) -             $
- --------------------------------------------------------------------------------
       Increase (Decr) -                                       $
- --------------------------------------------------------------------------------
       (Less) Unrecorded Bank
       Service Charges               $
================================================================================
E. Subtotal Other Sources/Uses
   of Cash                                                    +$ 200,250.00
================================================================================
F. Ending Cash Balance (D+E)                                  =$ 1,905.00
================================================================================
Ending Balance per Bank
Statement CMA                                                  $ 546.00
- --------------------------------------------------------------------------------
Ending Balance per Bank                                        $ 1,362.00
Statement Premier
- --------------------------------------------------------------------------------
Less Outstanding Checks             -$
- --------------------------------------------------------------------------------
Adjustment                          +$ (3.00)
- --------------------------------------------------------------------------------
Add Deposits in Transit             +$
================================================================================
G. RECONCILED BANK BALANCE         =$                         $ 1,905.00
================================================================================




    Ending Cash Balance (F) and Reconciled Bank Balance (G) Should be Equal.
                             Attach Bank Statements.








                                                                         FORM 10


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Communications Corporation )          CHAPTER 11
                                                  )          Case No.01-25013 DK
                                                  )
                                                  )

                                  BALANCE SHEET
                              As of April 30, 2002


                                          Asset                   Total
================================================================================
Current Assets:
- --------------------------------------------------------------------------------
     Cash                              $ 1,905
- --------------------------------------------------------------------------------
     Pre-Petition Acct. Receivables
- --------------------------------------------------------------------------------
     Post-Petition Acct. Receivables
- --------------------------------------------------------------------------------
     Receivables from Officers,
     Employees, Affiliates
- --------------------------------------------------------------------------------
     Notes Receivables Stocks
- --------------------------------------------------------------------------------
     Inventory
- --------------------------------------------------------------------------------
     Other Current Assets:            $ 34,224
================================================================================
A. SUBTOTAL Current Assets                                    $ 36,129
================================================================================
Fixed Assets:
- --------------------------------------------------------------------------------
     Land
- --------------------------------------------------------------------------------
     Building
- --------------------------------------------------------------------------------
     Equipment, Furniture & Fixtures
- --------------------------------------------------------------------------------
     Less:  Accumulated Depreciation
================================================================================
B. SUBTOTAL Fixed Assets             $
================================================================================
Other Assets:  (Identify)
- --------------------------------------------------------------------------------
     Investments                     $ 1,918,393
- --------------------------------------------------------------------------------
     Pledged securities              $ 5,882
- --------------------------------------------------------------------------------
     Deferred financing fees         $ 4,585,316
- --------------------------------------------------------------------------------
     Investment in affiliates (1)    $ 227,271,238
================================================================================
C. SUBTOTAL  Other Assets                                     $ 233,780,829
================================================================================
D. TOTAL ASSETS (A+B+C)                                       $ 233,816,958
================================================================================




                                                                         FORM 10
                                                                       Continued


                                         Liability                   Total
================================================================================
Post-Petition Liabilities:
- --------------------------------------------------------------------------------
     Accrued expenses               $ 1,130,327
- --------------------------------------------------------------------------------
     Intercompany Payable           $ 125,949
- --------------------------------------------------------------------------------
     Notes Payable
- --------------------------------------------------------------------------------
     Rent and Leases Payable
- --------------------------------------------------------------------------------
     Taxes Payable
- --------------------------------------------------------------------------------
     Accrued interest
     on secured debt                $ 1,297,682
================================================================================
E. SUBTOTAL Post-Petition
   Liabilities                                                  $ 2,553,958
================================================================================
Pre-Petition Liabilities:
- --------------------------------------------------------------------------------
     Priority Claims                $
- --------------------------------------------------------------------------------
     Intercompany payable           $ 70,308,532
- --------------------------------------------------------------------------------
     Secured Debts                  $ 39,904,224
- --------------------------------------------------------------------------------
     Unsecured Debts                $ 169,027,027
================================================================================
F. SUBTOTAL Pre-Petition
   Liabilities                                                  $ 279,239,783
================================================================================
Stockholders' Equity (Deficit):
- --------------------------------------------------------------------------------
     Common Stock                   $ 165,533
- --------------------------------------------------------------------------------
     Unearned Compensation          $ (74,200)
- --------------------------------------------------------------------------------
     Additional Paid-in Capital     $ 133,729,414
- --------------------------------------------------------------------------------
     Retained Earnings (deficit):
- --------------------------------------------------------------------------------
           Pre-Petition             $ (179,136,259)
- --------------------------------------------------------------------------------
           Post-Petition            $ (2,661,271)
================================================================================
G. SUBTOTAL Stockholders' Equity                                $ (47,976,783)
================================================================================
H. TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY (E+F+G)                                 $ 233,816,958
================================================================================

(1) Represents the carrying value of investment in affiliates. Does not
include any adjustments to reflect current market value and/or the equity
in income or loss of affiliates.

EX-99

                                                                          FORM 5

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE


In re: Startec Global Operating Company
                                          )           CHAPTER 11
                                          )           Case No.01-25009 DK
                                          )
                                          )
                    Debtor(s)             )

                            MONTHLY OPERATING REPORT
                      For the Month Ending April 30, 2002

                        FINANCIAL BACKGROUND INFORMATION

1. ACCOUNTING BASIS: Cash _______ Accrual X

2. PREPARER: State the name, address, telephone number and position of the person(s) who
actually compiled the information contained in this report.

    Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854 (301) 610-4300



3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                    193
- --------------------------------------------------------------------------------
Current number of employees:                             192
- --------------------------------------------------------------------------------
Gross monthly payroll:*
- --------------------------------------------------------------------------------
        Officers, directors, and principals              $ 180,639.00
- --------------------------------------------------------------------------------
        Other employees                                  $ 746,641.00
- --------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                      YES
- --------------------------------------------------------------------------------
Exceptions:                                      _______________________________

                                                 _______________________________
================================================================================


* Represents gross payroll processed and paid during the month ending
April 30, 2002. Actual expense incurred during period shown on Form 6.

4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF
OPERATIONS since the last reporting period?        NO

5. Are all BUSINESS LICENSES or BONDS current?     YES



                                                                          FORM 5
                                                                       Continued

6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A. Beginning Balance (previous month's          $ 15,655,912.00
   ending balance)
================================================================================
B. BCI withholdings
- --------------------------------------------------------------------------------
C. Collected this Period                        $ (567,198.00)
- --------------------------------------------------------------------------------
D. Intercompany billing
- --------------------------------------------------------------------------------
E.  Offsets/Credits                             $ (267,628.00)
================================================================================
F.  Ending Balance                              $ 14,821,086.00
================================================================================



7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A. Beginning Balance (previous month's
   ending balance)                              $ 13,158,715.00
================================================================================
B. Incurred this Period                         $ 5,631,403.00
- --------------------------------------------------------------------------------
C. Collected this Period                        $ (4,250,235.00)
- --------------------------------------------------------------------------------
D. Intercompany billing
- --------------------------------------------------------------------------------
E. Offsets / Credits                            $ (283,436.00)
- --------------------------------------------------------------------------------
F. Unbilled revenue adjustment
- --------------------------------------------------------------------------------
G. BCI withholdings
================================================================================
H. Ending Balance(1)                            $ 14,256,447.00
================================================================================


Ending Balance Aging (2):

0-30 Days: $ ____________ 31-60 Days: $ _____________ Over 60 Days: ___________



If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the
delinquencies. See Aging attached to Form 6.

(1) Does not include approximately $146,000,000 in intercompany accounts
receivable.
(2) See aging attached to Form 6



8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A. Beginning Balance (previous month's
   ending balance)                                 $ 8,417,709
================================================================================
B. Incurred this Period                            $ 6,663,565
- --------------------------------------------------------------------------------
C. Pay this Period                                 $ (5,940,594)
- --------------------------------------------------------------------------------
D. Year Ending Journal Entries
================================================================================
E. Ending Balance                                  $ 9,140,680
================================================================================


Ending Balance Aging:

0-30 Days: $ ____________ 31-60 Days: $ ______________Over 60 Days: ___________



If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. - See aging attached to Form 6.



9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                                     NO (1)

On the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized employee
of the receiving institution or taxing authority. Also attach copies of
the monthly sales tax statement, payroll tax statement, unemployment tax
statement AND real estate tax statement with evidence of payment of these
taxes.

(1) The debtor has not yet paid certain pre-petition taxes that it was
authorized to pay. In addition, the debtor has not paid certain post-petition
taxes that became due and payable during the month ending April 30, 2002. The
debtor is currently reconciling the past due amounts of the post-petition taxes
to ensure accuracy and the debtor intends to pay these amounts as soon as the
reconciliation is completed.


10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period?               NO


11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are
all current?                      YES



                                                                          FORM 5
                                                                       Continued

12.      INSURANCE:                Policy expiration date:
================================================================================
        Auto and truck                 10/1/2002 *
- --------------------------------------------------------------------------------
        Fire                           10/1/2002 *
- --------------------------------------------------------------------------------
        D&O Insurance                  10/1/2002 *
- --------------------------------------------------------------------------------
        Liability                      10/1/2002 *
- --------------------------------------------------------------------------------
        Workers Comp.                  10/1/2002 *
- --------------------------------------------------------------------------------



* - The insurance policies are held by Startec Global Communication Corporation,
Case No. 01-25013 DK

13. ACTIONS OF DEBTOR: During the last month, did the Debtor:
(a) Fail to defend or opposed any action seeking to dispossess the debtor from
control or custody of any asset of the estate?   NO

              OR  consent to relief from the automatic stay ( S362)?  YES

              If yes, explain: (1) To the limited extent provided in the Court's
order authorizing DIP financing. Final order entered April 1, 2002 (Docket No.
174) (2) To the limited extent provided in the debtors stipulation providing
adequate assurance to WorldCom, filed April 12, 2002 (Docket No. 185).

(b) Maintain such stock, inventory, raw materials, insurance,
employees and other resources as are necessary to preserve
and maintain the going concern value of the assets of the
debtor?                    YES


14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)?        NO


If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets:


Type of Motion           Brief Description of Asset             Projected Income
================================================================================
                                                              $
- --------------------------------------------------------------------------------
                                                              $
================================================================================


You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached.    NO



15. PAYMENTS TO SECURED CREDITORS during Reporting Period:

================================================================================
Creditor          Frequency       Amount of        Next           Post-Petition
                     of         Each Payment      Payment          Payments not
                  Payments                          Due           Made: Numbers
                    per                                             and Amounts
                  Contract
================================================================================
Allied Capital
Corporation        Monthly    $ 235,755.00       5/1/2002
- --------------------------------------------------------------------------------
                              $
- --------------------------------------------------------------------------------
                              $                  /      /
- --------------------------------------------------------------------------------
                              $                  /      /
================================================================================




                                                                          FORM 5
                                                                       Continued

16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period: NONE.


Professional                       Service                      Payment Made
================================================================================
                                                               $
- --------------------------------------------------------------------------------
                                                               $
- --------------------------------------------------------------------------------
                                                               $
- --------------------------------------------------------------------------------
                                                               $
================================================================================

Note: If payments were made to any professional during the reporting period, a
copy of the order authorizing payment must be attached.


17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:

                                             Monthly Disbursements:
================================================================================
Month 1 ( current quarter)                   $ 6,640,071.00
- --------------------------------------------------------------------------------
Month 2 ( current quarter)
- --------------------------------------------------------------------------------
Month 3 ( current quarter)
================================================================================
Total                                        $ 6,640,071.00
================================================================================

Quarterly Fee Owed $10,000 (Refer to Fee Calculation Chart on page 16)
Fee will be due and payable after June 30, 2002.

18. VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the
best of my knowledge, information and belief.

Dated: May 29, 2002                     DEBTOR IN POSSESSION
                                        By:             Prabhav Maniyar
                                        Name/Title:     Chief Financial Officer,
                                                        Director and Secretary
                                        Address:        1151 Seven Locks Road
                                                        Potomac, MD  20854
                                        Telephone:      (301) 610-4300

                                        /s/ Prabhav V. Maniyar


        REMINDER: Attach copies of debtor in possession bank statements.










                                                                          FORM 6


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:     Startec Global Operating Company     )           CHAPTER 11
                                                )           Case No. 01-25009 DK
                                                )
                                                )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                       For the Month Ended April 30, 2002
                (All figures refer to post-petition transactions)



                                        This Month            Year to Date
================================================================================
A. TOTAL SALES/INCOME                 $ 5,141,954.00       $ 20,634,866.00
================================================================================
COST OF SALES:
- --------------------------------------------------------------------------------
     Intercompany revenues            $ (2,253,114.00)     $ (8,344,583.00)
- --------------------------------------------------------------------------------
     Purchased Services               $ 5,088,548.00       $ 20,870,253.00
================================================================================
B. SUBTOTAL Cost of Sales           - $ 2,835,434.00       $ 12,525,670.00
================================================================================
C. GROSS PROFIT (A - B)             = $ 2,306,520.00       $ 8,109,196.00
================================================================================
OPERATING EXPENSES:
- --------------------------------------------------------------------------------
      Salaries and Payroll Taxes      $ 1,340,490.00       $ 4,847,874.00
- --------------------------------------------------------------------------------
      Employee Benefits               $                    $
- --------------------------------------------------------------------------------
      Auto Expenses                   $                    $
- --------------------------------------------------------------------------------
      Entertainment                   $                    $
- --------------------------------------------------------------------------------
      Insurance (Other)               $                    $
- --------------------------------------------------------------------------------
    Office expense                    $ 44,509.00          $ 210,943.00
- --------------------------------------------------------------------------------
     Education /Training              $ 5,028.00           $ 5,191.00
- --------------------------------------------------------------------------------
     Professional Fees (Atty. Acct.)  $                    $ 106,131.00
- --------------------------------------------------------------------------------
     Rent and Facilities Expense      $ 146,924.00         $ 599,500.00
- --------------------------------------------------------------------------------
     Sales and Marketing              $ 388,029.00         $ 1,281,986.00
- --------------------------------------------------------------------------------
     Travel                           $ 13,293.00          $ 76,693.00
- --------------------------------------------------------------------------------
     Other Operating Expenses         $ 81,606.00          $ 214,663.00
- --------------------------------------------------------------------------------
     Billing Fees                     $ 92,571.00          $ 400,680.00
- --------------------------------------------------------------------------------
     Taxes other than income          $                    $ 31,387.00
- --------------------------------------------------------------------------------
     Allocated to Affiliates          $ (534,639.00)       $ (2,276,252.00)
================================================================================
D. SUBTOTAL Operating Expenses      -$ 1,577,811.00       $ 5,498,796.00
================================================================================
E. PROFIT/LOSS FROM OPERATION
    (C-D)                            =$ 728,709.00         $ 2,610,400.00
================================================================================
Other Income (Expenses)
- --------------------------------------------------------------------------------
     Interest Expense                 $ (375,705.00)       $ (1,499,081.00)
- --------------------------------------------------------------------------------
     Interest Income                  $ 10,805.00          $ 55,056.00
- --------------------------------------------------------------------------------
     Depreciation and amortization    $ (1,478,247.00)     $ (5,937,232.00)
- --------------------------------------------------------------------------------
     Equity earnings in subs          $                    $ 2,051.00
================================================================================
F. SUBTOTAL Other Income (Expenses)  =$ (1,843,147.00)      $ (7,379,206.0)
================================================================================
G. Income Tax Expense                 $                    $
================================================================================
H. NET INCOME (LOSS) (E+F)            $ (1,114,438.00)     $ (4,768,806.00)
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.




                                                                          FORM 6
                                                                       Continued


          Case Number 01-25009 Debtor: Startec Global Operating Company
                        SCHEDULE AR (Accounts Receivable)
                              As of April 30, 2002
                    (List Post-Petition Receivables Only)(1)

================================================================================
Debtor (Due From)     Total Due      Date Incurred      Past Due      Past Due
                                                       31-60 Days   Over 60 Days
================================================================================
Retail               8,013,802          Daily          3,454,434      468,786
- --------------------------------------------------------------------------------
Commercial           6,242,645          Daily          714,076        3,124,352
================================================================================
Total                14,256,447                        4,168,510      3,593,138
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.

(1 Due to voluminous nature of aging reports, accounts receivable aging
information is presented in summary form. Detailed agings are available
upon request.




          Case Number 01-25009 Debtor: Startec Global Operating Company
                         SCHEDULE AP (Accounts Payable)
                              As of April 30, 2002
                     (List Post-Petition Payables Only) (2)


================================================================================
Due To         Total Due       Date Incurred        Past Due          Past Due
                                                    31-60 Days      Over 60 Days
================================================================================
Trade vendors  $ 9,140,680.00     Daily             1,032,015         1,909,037
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.

(2) Due to voluminous nature of aging reports, accounts payable aging
information is presented in summary form. Detailed agings are available
upon request.






                                                                          FORM 8


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Operating Company               )          CHAPTER 11
                                                      )          Case01-25009 DK
                                                      )
                           Debtors (s)                )


                           CASH RECONCILIATION REPORT
                                Operating Account
                        (Business Debtor, Accrual Basis)

                       For the Month Ending April 30, 2002
                (All figures refer to post-petition transactions)



                                  Operating Account              Totals
================================================================================
A. Beginning Cash Balance
   from Balance Sheet                                      $ 2,623,458.00
================================================================================
B. Net Income for month                                   +$ (1,114,438.00)
================================================================================
Expenses not requiring cash:
- --------------------------------------------------------------------------------
       Depreciation               $ 1,478,247.00
- --------------------------------------------------------------------------------
       Foreign Exchange           $ (26.00)
================================================================================
C. SUBTOTAL Expenses Not
   Requiring Cash                                         +$ 1,478,221.00
================================================================================
D. Total Cash from Operations
  (A+B+C)                                                 =$ 2,987,241.00
- --------------------------------------------------------------------------------
Other Sources/Uses of Cash:
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Accounts Receivable       $ (281,614.00)
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Receivables from
       employees and affiliates  $ (247,234.00)
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Other receivables         $ (115,475.00)
- --------------------------------------------------------------------------------
       Decrease (Incr)
       Prepayments/Deposits      $ 610,396.00
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Equipment                 $ (228,409.00)
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accounts Payable          $ 722,971.00
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Expenses          $ (439,750.00)
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Interest - DIP    $ (7,605.00)
- --------------------------------------------------------------------------------
       Proceeds from DIP
       Financing
================================================================================
E. Subtotal Other Sources/Uses of Cash                    +$        13,280.00
================================================================================
F. Ending Cash Balance (D+E)                              =$   3,000,521.00
================================================================================
Ending Balance per Bank Statement:
- --------------------------------------------------------------------------------
         SunTrust 702307017                                $ 181,059.00
- --------------------------------------------------------------------------------
         SunTrust 206568819                                $ 1,128,517.00
- --------------------------------------------------------------------------------
         First Union - 2065204149108 (Payroll)             $
- --------------------------------------------------------------------------------
         Merrill Lynch - 31833072128                       $ 492,649.00
- --------------------------------------------------------------------------------
         First Union - 2000007407934 (Lockbox)             $
- --------------------------------------------------------------------------------
         First Union - 2000005780268 (operating)           $
- --------------------------------------------------------------------------------
         Merrill Lynch - 878-07946                         $
- --------------------------------------------------------------------------------
         First Union - 2000005779826 (Blocked)             $
- --------------------------------------------------------------------------------
         First Union - 76258                               $
- --------------------------------------------------------------------------------
         First Union - 2000005780239                       $
- --------------------------------------------------------------------------------
         Huntington Lockbox account                        $ 134,368.00
- --------------------------------------------------------------------------------
         Comerica Securities                               $ 1,002,629.00
- --------------------------------------------------------------------------------
         ING Bank (FRANCE)                                 $ 66,765.00
- --------------------------------------------------------------------------------
         Chevy Chase operating                             $ 5,000.00
- --------------------------------------------------------------------------------
         Chevy Chase payroll                               $
- --------------------------------------------------------------------------------
         Chevy Chase restricted investment                 $ 80,453.00
- --------------------------------------------------------------------------------
         State Bank of India                               $ 180,000.00
- --------------------------------------------------------------------------------
         Cash on Hand                                      $ 9,500.00
================================================================================
Total Ending Balance per
Bank Statement                   $ 3,280,940.00
================================================================================
Less Outstanding Checks:
- --------------------------------------------------------------------------------
         SunTrust 206568819                                $ 656,538.00
- --------------------------------------------------------------------------------
         First Union 2065204149108 (Payroll)               $ 87,154.00
- --------------------------------------------------------------------------------
         Chevy Chase payroll                               $ 1,585.00
- --------------------------------------------------------------------------------
         First Union - 2000005780239                       $ 38,410.00
================================================================================
Total Outstanding Checks         $ 783,687.00
================================================================================
Add:  Deposits in Transit:
- --------------------------------------------------------------------------------
         SunTrust 702307017                                $ 376,239.00
- --------------------------------------------------------------------------------
         SunTrust 206568819                                $ 60,293.00
- --------------------------------------------------------------------------------
         Huntington Lockbox account                        $ 80,386.00
================================================================================
Total Deposits in Transit       $ 516,918.00
================================================================================
Less Unrecorded interest on
ING Bank (FRANCE)               $ 13,650.00
================================================================================
G. RECONCILED BANK BALANCE                               =$ 3,000,521.00
================================================================================


    Ending Cash Balance (F) and Reconciled Bank Balance (G) Should be Equal.
                             Attach Bank Statements.





                                                                          FORM 9


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Operating Company          )                  CHAPTER 11
                                                 )                  01-25009.DK
                                                 )
                  Debtors (s)                    )

                           CASH RECONCILIATION REPORT
                            Payroll and Tax Accounts
                        (Business Debtor, Accrual Basis)

                       For the Month Ending April 30, 2002
               (All figures refer to post-petition transactions)

Note: In April 2002, debtor began using a new payroll processing account.
Forms 1 and 2 for this account were filed in the previous month, however
activity began in April.
================================================================================
                                       Payroll Account            Tax Account
================================================================================
A. Beginning Cash Balance
    from Balance Sheet                $                        $
================================================================================
B. Cash Receipts                     +$                       +$
- --------------------------------------------------------------------------------
C. Transfers from Operating
   Accounts                          +$ 58,172.73             +$
- --------------------------------------------------------------------------------
D. Other:                            +$                       +$
- --------------------------------------------------------------------------------
E. Other:                            +$                       +$
================================================================================
F. TOTAL CASH RECEIPTS (A+B+C+D+E)  = $ 58,172.73             =$
================================================================================
G. Cash Available
- --------------------------------------------------------------------------------
Cash Disbursements:
- --------------------------------------------------------------------------------
       Gross Payroll for this
       Period                       -$ 59,757.73
- --------------------------------------------------------------------------------
       Employee Benefits Paid       -$                       -$
- --------------------------------------------------------------------------------
       Net Payroll Paid             -$                       -$
- ------------------------------------------------------------ -------------------
       Transfers to Tax Account     -$                       -$
- --------------------------------------------------------------------------------
       Taxes Deposited/pd During
       Period:                      -$                       -$
- --------------------------------------------------------------------------------
       Employees Share of FICA Tax  -$                       -$
- --------------------------------------------------------------------------------
       Employer's Share of FICA Tax -$                       -$
- --------------------------------------------------------------------------------
       Employees' Federal Income Tax-$                       -$
- --------------------------------------------------------------------------------
       Employees' State Income Tax  -$                       -$
- --------------------------------------------------------------------------------
       Unemployment Tax             -$                       -$
- --------------------------------------------------------------------------------
       Unrecorded Bank Service
       Charges                      -$                       -$
- --------------------------------------------------------------------------------
       Other:                       -$                       -$
================================================================================
H. SUBTOTAL Disbursements           -$ 59,757.73             -$
================================================================================
I. Ending Cash Balance (F+G-H)       $ (1,585.00)             $
- --------------------------------------------------------------------------------
       Ending Balance per Bank
       Statement                    +$                        $
- --------------------------------------------------------------------------------
       Less Outstanding Checks      -$ (1,585.00)
- --------------------------------------------------------------------------------
       Add Deposits in Transit      +$
================================================================================
J. RECONCILED BANK BALANCE         =$ (1,585.00)            =$
================================================================================


   Ending Cash Balance (I) and Reconciled Bank Balance (J) Should be Equal.
                             Attach Bank Statements.







                                                                         FORM 10


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Operating Company            )        CHAPTER 11
                                                    )        Case No.01-25009 DK
                                                    )
                                                    )

                                  BALANCE SHEET
                              As of April 30, 2002




                                            Asset                Total
================================================================================
Current Assets:
- --------------------------------------------------------------------------------
    Cash                                $ 3,000,521.00
- --------------------------------------------------------------------------------
    Pre-Petition Acct. Receivables      $ 14,821,086.00
- --------------------------------------------------------------------------------
    Post-Petition Acct. Receivables     $ 14,256,447.00
- --------------------------------------------------------------------------------
    Allowance for Doubtful Accounts     $ (16,882,008.00)
- --------------------------------------------------------------------------------
    Receivables from Officers,
    Employees, Affiliates               $ 145,727,824.00
- --------------------------------------------------------------------------------
    Other Current Assets:
- --------------------------------------------------------------------------------
          Deposits                      $ 1,217,784.00
- --------------------------------------------------------------------------------
          Prepaids                      $ 3,721,049.00
- --------------------------------------------------------------------------------
          Other Accounts Receivable     $ 682,202.00
================================================================================
A. SUBTOTAL Current Assets                                    $ 166,544,905.00
================================================================================
Fixed Assets:
- --------------------------------------------------------------------------------
    Equipment, Furniture & Fixtures     $ 122,047,842.00
- --------------------------------------------------------------------------------
    Less:  Accumulated Depreciation     $ (40,273,632.00)
================================================================================
B. SUBTOTAL Fixed Assets                                     $ 81,774,210.00
================================================================================
Other Assets:  (Identify)
- --------------------------------------------------------------------------------
    Licenses and other intangibles      $ 25,604.00
- --------------------------------------------------------------------------------
    Restricted securities               $
================================================================================
C. SUBTOTAL Other Assets                                    $ 25,604.00
================================================================================
D. TOTAL ASSETS (A+B+C) (1)                                  $ 248,344,719.00
================================================================================


                                          Liability                Total
================================================================================
Post-Petition Liabilities:
- --------------------------------------------------------------------------------
    Accounts Payable                    $ 9,140,680.00
- --------------------------------------------------------------------------------
    Accrued expenses                    $ 1,993,919.00
- --------------------------------------------------------------------------------
    DIP Financing                       $ 23,043,150.00
================================================================================
E. SUBTOTAL Post-Petition Liabilities                          $ 34,177,749.00
================================================================================
Pre-Petition Liabilities:
- --------------------------------------------------------------------------------
    Priority Claims (3)
- --------------------------------------------------------------------------------
    Secured Debts (2), (4)              $ 14,138,798.00
- --------------------------------------------------------------------------------
    Unsecured Liabilities               $ 43,745,098.00
================================================================================
F. SUBTOTAL Pre-Petition Liabilities                           $ 57,883,896.00
================================================================================
Stockholders' Equity (Deficit):
- --------------------------------------------------------------------------------
    Common Stock                        $
- --------------------------------------------------------------------------------
    Unearned Compensation               $ 4,225.00
- --------------------------------------------------------------------------------
    Accumulated Other Comprehensive
    Loss                                $ (116,439.00)
- --------------------------------------------------------------------------------
    Additional Paid-in Capital          $ 198,003,765.00
- --------------------------------------------------------------------------------
    Retained Earnings (deficit):
- --------------------------------------------------------------------------------
          Pre-Petition                  $ (34,526,209.00)
- --------------------------------------------------------------------------------
          Post-Petition (5)             $ (7,082,268.00)
================================================================================
G. SUBTOTAL Stockholders' Equity                               $ 156,283,074.00
================================================================================
H. TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (E+F+G)          $ 248,344,719.00
================================================================================


(1) Represents the carrying value of assets. Does not include any adjustments to
reflect current market value or any adjustments associated with our audit for
the year ending December 31, 2001, which has not yet been completed.

(2) The debtor has pledged as collateral all of its assets to secure a debt owed
by the debtor's parent company to NTFC Capital Corporation. The balance of this
obligation (including unpaid interest) was approximately $40 million as of April
30, 2002.

(3) In the debtor's Schedule of Assets and Liabilities, the debtor acknowledged
the existence of priority claims, however the amount is unknown as of April 30,
2002.

(4) Startec Global Operating Company and Startec Global Licensing Company are
jointly indebted to Allied for $20.0 million in principal amount (the "Allied
Facility"). A portion of the Allied Facility equal to $10 million is jointly
secured by the accounts receivable of Startec Operating and Startec Licensing
(subordinate to NTFC's lien thereon), and the remaining $10 million is
unsecured. For bookkeeping purposes, the debt is divided evenly between the
co-debtors.

(5) Includes approximately $3.7 million in prior period adjustments. These
adjustments were the result of the Company's ordinary year-end close procedures.
The Company will restate its Monthly Operating Report for the post petition
period ending December 31, 2001 after the audit for the year ending December 31,
2001 has been completed.





                                                                         FORM 12


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:   Startec Global Operating Company           )        CHAPTER 11
                                                    )        Case No.01-25009 DK
                                                    )
                                                    )

                        Cash Disbursements Summary Report
                       For the Month Ending April 30, 2002

================================================================================
Total Disbursements from Operating Account  (Note 1)           $ 5,699,225.00
- --------------------------------------------------------------------------------
Total Disbursements from Self Funded Medical
Insurance Account                                              $ 14,645.00
- --------------------------------------------------------------------------------
Total Disbursements from Payroll Account  (Note 2)             $ 926,201.00
- --------------------------------------------------------------------------------
Total Disbursements from Tax Escrow Account  (Note 3)
================================================================================
Total Disbursements from other Account  (Note 4)               $
================================================================================
Grand Total Disbursements from all Accounts                    $ 6,640,071.00
================================================================================


NOTE 1 - Include in this amount all checks written, wire transfers made from, or
any other withdrawal from the general operating account. Exclude only transfers
to the debtor in possession payroll account, the debtor in possession tax escrow
account or other debtor in possession account where the disbursement will be
listed on this report.

NOTE 2 - Include in this amount all checks written, wire transfers made from, or
any other withdrawal from the payroll account. Exclude only transfers to the
debtor in possession operating account, the debtor in possession tax escrow
account or other debtor in possession account where the disbursement will be
listed on this report.

NOTE 3 - Include in this amount all checks written, wire transfers made from, or
any other withdrawal from the tax escrow account. Exclude only transfers to the
debtor in possession operating account, the debtor in possession payroll account
or other debtor in possession account where the disbursement will be listed on
this report.

NOTE 4 - Include in this amount any other disbursements made by the debtor
including (but not limited to) cash paid from a petty cash fund or cash
register, amounts paid from any other debtor in possession account, and amounts
paid from the accounts of others on the debtor's behalf (for example,
disbursements made from a law firm's escrow account as a result of a sale of
property.)

EX-99

                                                                          FORM 5

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Licensing Company
                                             )           CHAPTER 11
                                             )           Case No. 01-25010
                                             )
                                             )
                      Debtor(s)              )

                            MONTHLY OPERATING REPORT
                      For the Month Ending April 30, 2002

                        FINANCIAL BACKGROUND INFORMATION


1. ACCOUNTING BASIS:         Cash _______ Accrual X

2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.

    Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854 (301) 610-4300


3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                     0
- --------------------------------------------------------------------------------
Current number of employees:                              0
- --------------------------------------------------------------------------------
Gross monthly payroll:
- --------------------------------------------------------------------------------
       Officers, directors, and principals                0
- --------------------------------------------------------------------------------
       Other employees                                    0
- --------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                       YES
- --------------------------------------------------------------------------------
Exceptions:                                     _______________________________

                                                _______________________________
- --------------------------------------------------------------------------------

4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF
OPERATIONS since the last reporting period?      NO

5. Are all BUSINESS LICENSES or BONDS current?   YES



                                                                          FORM 5
                                                                       Continued

6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                             $ 134,587.00
================================================================================
B.  Collections                                 $ (163.00)
- --------------------------------------------------------------------------------
C.  BCI withholding
- --------------------------------------------------------------------------------
D.  Offsets/credits                             $ (34,695.00)
================================================================================
E.  Ending Balance                              $ 99,729.00
================================================================================


(1) Receivables of Startec Global Licensing Company are billed and/or
collected by Startec Global Operating Company. Receivables billed by Startec
Global Operating Company are collected directly by that company and are included
in its aged receivables. Other receivables of Licensing collected by Operating
Company are transferred via intercompany upon receipt of any monies.

7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                               $ 459,968.00
================================================================================
B.  Incurred this Period                          $ 201,664.00
- --------------------------------------------------------------------------------
C.  Collected this Period (1)                     $ (212,154.00)
- --------------------------------------------------------------------------------
D.  BCI withholding
- --------------------------------------------------------------------------------
E.  Offsets/credits                               $ 12,283.00
================================================================================
F.  Ending Balance                                $ 461,761.00
================================================================================


Ending Balance Aging (2):

0-30 Days: $_____________31-60 Days: $ _____________Over 60 Days: _____________


If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the delinquencies.
                                 Not Applicable

(1) Receivables of Startec Global Licensing Company are billed and/or
collected by Startec Global Operating Company. Receivables billed by Startec
Global Operating Company are collected directly by that company and are included
in its aged receivables. Other receivables of Licensing collected by Operating
Company are transferred via intercompany upon receipt of any monies.

(2) See aging attached to Form 6.


8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                                      $
================================================================================
B.  Incurred this Period
- --------------------------------------------------------------------------------
C.  Pay this Period                                      $
================================================================================
D.  Ending Balance (A plus B minus C)                    $
================================================================================

Ending Balance Aging:

0-30 Days: $ _____________31-60 Days: $ _____________ Over 60 Days: ____________


If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. -             NOT APPLICABLE

9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                                     NO (1)

On the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized
employee of the receiving institution or taxing authority. Also attach
copies of the monthly sales tax statement, payroll tax statement,
unemployment tax statement AND real estate tax statement with evidence
of payment of these taxes.

(1) The debtor has not yet paid certain pre-petition taxes that it was
authorized to pay. In addition, the debtor has not paid certain post-petition
taxes that became due and payable during the month ending April 30, 2002. The
debtor is currently reconciling the past due amounts of the post-petition taxes
to ensure accuracy and the debtor intends to pay these amounts as soon as the
reconciliation is completed.




                                                                          FORM 5
                                                                       Continued


10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period?        NO

11. Are all BOOKS AND RECORDS of the debtor being maintained monthly and are all
current?                  YES



12.     INSURANCE:               Policy expiration date
================================================================================
       Auto and truck                 10/1/2002 *
- --------------------------------------------------------------------------------
       Fire                           10/1/2002 *
- --------------------------------------------------------------------------------
       D&O Insurance                  10/1/2002 *
- --------------------------------------------------------------------------------
       Liability                      10/1/2002 *
- --------------------------------------------------------------------------------
       Workers Comp.                  10/1/2002 *
================================================================================


* - The insurance policies are held by Startec Global Communication Corporation,
Case No. 01-25013 DK

13. ACTIONS OF DEBTOR: During the last month, did the Debtor:
(a) Fail to defend or opposed any action seeking to dispossess the debtor from
control or custody of any asset of the estate?      NO

               OR  consent to relief from the automatic stay ( S362)?  YES

               If yes, explain: (1) To the limited extent provided in the
Court's order authorizing DIP financing. Final order entered April 1, 2002
(Docket No. 174).(2) To the limited extent provided in the debtors stipulation
providing adequate assurance to WorldCom, filed April 12, 2002 (Docket No. 185).

(b) Maintain such stock, inventory, raw materials, insurance, employees and
other resources as are necessary to preserve and maintain the going concern
value of the assets of the debtor?      YES



14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)?         NO

If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets: NONE


Type of Motion           Brief Description of Asset           Projected Income
================================================================================
                                                            $
- --------------------------------------------------------------------------------
                                                            $
- --------------------------------------------------------------------------------
                                                            $
- --------------------------------------------------------------------------------
                                                            $
================================================================================


You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached.        NO

15. PAYMENTS TO SECURED CREDITORS during Reporting Period: NONE
================================================================================
Creditor        Frequency       Amount of       Next Payment       Post-Petition
                   of          Each Payment        Due             Payments not
                Payments                                          Made: Numbers
                   per                                             and Amounts
                Contract
================================================================================
                             $                   /          /
- --------------------------------------------------------------------------------
                             $                   /          /
- --------------------------------------------------------------------------------
                             $                   /          /
- --------------------------------------------------------------------------------
                             $                   /          /
================================================================================





                                                                          FORM 5
                                                                       Continued

16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period: NONE

Professional                 Service                            Projected Income
================================================================================
                                                          $
- --------------------------------------------------------------------------------
                                                          $
- --------------------------------------------------------------------------------
                                                          $
- --------------------------------------------------------------------------------
                                                          $
================================================================================

Note: If payments were made to any professional during the reporting period, a
copy of the order authorizing payment must be attached.


17. QUARTERLY U.S. TRUSTEE FEES  paid during Reporting Period:

                                            Monthly Disbursements:
================================================================================
Month 1 ( current quarter)
- --------------------------------------------------------------------------------
Month 2 ( current quarter)
- --------------------------------------------------------------------------------
Month 3 ( current quarter)
================================================================================
Total
================================================================================


Quarterly Fee owed $250.00 (Refer to Fee Calculation Chart on page 16)
Fee will be due and payable after June 30, 2002.

18. VERIFICATION
I declare under penalty of perjury that the information contained in
this Monthly Operating Report (including schedules) is true and correct
to the best of my knowledge, information and belief.


Dated:  May 29, 2002                   DEBTOR IN POSSESSION
                                       By: Prabhav Maniyar
                                       Name/Title:     Chief Financial Officer,
                                                       Director and Secretary
                                       Address:        1151 Seven Locks Road
                                                       Potomac, MD  20854
                                       Telephone:      (301) 610-4300

                                       /s/ Prabhav V. Maniyar












                                                                          FORM 6

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Licensing Company              )         CHAPTER 11
                                                     )         Case No. 01-25010
                                                     )
                                                     )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                       For the Month Ended April 30, 2002
                (All figures refer to post-petition transactions)



                                      This Month                Year to Date
================================================================================
A. TOTAL SALES/INCOME                 $ 282,288.00             $ 1,283,365.00
================================================================================
COST OF SALES:
================================================================================
     Purchases of Inventory           $
- --------------------------------------------------------------------------------
     Purchased Services               $ 164,932.00             $ 737,125.00
================================================================================
B. SUBTOTAL Cost of Sales            -$ 164,932.00           - $ 737,125.00
===============================================================================
C. GROSS PROFIT (A - B)              =$ 117,356.00           = $ 546,240.00
================================================================================
OPERATING EXPENSES:
- --------------------------------------------------------------------------------
      Officer Salaries                $                        $
- --------------------------------------------------------------------------------
      Other Employee Salaries         $                        $
- --------------------------------------------------------------------------------
      Taxes (Payroll)                 $                        $
- --------------------------------------------------------------------------------
      Employee Benefits               $                        $
- --------------------------------------------------------------------------------
      Advertising / Marketing         $ 28,221.00              $  85,667.00
- --------------------------------------------------------------------------------
      Auto Expenses                   $                        $
- --------------------------------------------------------------------------------
      Entertainment                   $                        $
- --------------------------------------------------------------------------------
      Insurance (Real Estate)         $                        $
- --------------------------------------------------------------------------------
      Insurance (Other)               $                        $
- --------------------------------------------------------------------------------
      Interest                        $                        $
- --------------------------------------------------------------------------------
     Leases (Other than Rent)         $                        $
- --------------------------------------------------------------------------------
    Outside Services & Contractors    $                        $
- --------------------------------------------------------------------------------
     Professional Fees (Atty. Acct.)  $                        $
- --------------------------------------------------------------------------------
     Rent                             $                        $
- --------------------------------------------------------------------------------
     Repairs & Maintenance            $                        $
- --------------------------------------------------------------------------------
     Supplies                         $                        $
- --------------------------------------------------------------------------------
     Taxes (Real Property)            $                        $
- --------------------------------------------------------------------------------
     Taxes (Other)                    $ 265.00                 $ 265.00
- --------------------------------------------------------------------------------
     Telephone                        $                        $
- --------------------------------------------------------------------------------
     Prior period adjustment          $                        $ (10,028.00)
- --------------------------------------------------------------------------------
     Allocated G&A from affiliate     $ 107,048.00             $ 487,755.00
- --------------------------------------------------------------------------------
     Taxes (Payroll)                  $                        $
- --------------------------------------------------------------------------------
     Fees and offsets                 $ 42,720.00              $ 118,270.00
- --------------------------------------------------------------------------------
      ________________________        $                        $
- --------------------------------------------------------------------------------
      ________________________        $                        $
================================================================================
D. SUBTOTAL Operating Expenses       -$ 178,254.00            -$ 681,929.00
================================================================================
E. PROFIT/LOSS FROM OPERATION        =$ (60,898.00)           =$ (135,689.00)
    (C-D)
================================================================================
Other Income (Expenses)
- --------------------------------------------------------------------------------
     Interest                         $                        $
- --------------------------------------------------------------------------------
     ________________________         $                        $
- --------------------------------------------------------------------------------
     ________________________         $                        $
================================================================================
F. SUBTOTAL Other Income (Expenses)  =$                       =$
================================================================================
G. Income Tax Expense                 $                        $
================================================================================
H. NET INCOME (LOSS) (E+F-G)          $ (60,898.00)            $ (135,689.00)
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard - Statement of Sources and Uses of Cash to
this Report.



                                                                          FORM 6
                                                                       Continued


          Case Number 01-25010 Debtor: Startec Global Licensing Company
                        SCHEDULE AR (Accounts Receivable)
                              As of April 30, 2002
                    (List Post-Petition Receivables Only) (1)

================================================================================
Debtor (Due From)     Total Due      Date Incurred      Past Due     Past Due
                                                       31-60 Days   Over 60 Days
================================================================================
Retail customers     $ 461,761.00       Daily           206,537      65,929.00
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.

(1) Due to voluminous nature of aging reports, accounts receivable aging
information is presented in summary form. Detailed aging available upon
request.


          Case Number 01-25010 Debtor: Startec Global Licensing Company
                         SCHEDULE AP (Accounts Payable)
                              As of April 30, 2002
                       (List Post-Petition Payables Only)

NOT APPLICABLE TO DEBTOR - NO TRADE PAYABLES
================================================================================
Due To        Total Due         Date Incurred        Past Due         Past Due
                                                     31-60 Days     Over 60 Days
================================================================================

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.








                                                                         FORM 10

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Licensing Company         )           CHAPTER 11
                                                 )           Case No.01-25010 DK
                                                 )
                                                 )

                                  BALANCE SHEET
                              As of April 30, 2002



                                           Asset                      Total
================================================================================
Current Assets:
- --------------------------------------------------------------------------------
    Cash                               $
- --------------------------------------------------------------------------------
    Pre-Petition Acct. Receivables     $ 99,729.00
- --------------------------------------------------------------------------------
    Post-Petition Acct. Receivables    $ 461,761.00
- --------------------------------------------------------------------------------
    Allowance for Doubtful Accounts    $ (247,233.00)
- --------------------------------------------------------------------------------
    Receivables from Affiliates        $ 5,494,607.00
- --------------------------------------------------------------------------------
    Notes Receivables Stocks
- --------------------------------------------------------------------------------
    Inventory
- --------------------------------------------------------------------------------
    Other Current Assets:
================================================================================
A. SUBTOTAL Current Assets                                     $ 5,808,864.00
================================================================================
Fixed Assets:
- --------------------------------------------------------------------------------
    Land
- --------------------------------------------------------------------------------
    Building
- --------------------------------------------------------------------------------
    Equipment, Furniture & Fixtures
- --------------------------------------------------------------------------------
    Less:  Accumulated Depreciation
================================================================================
B. SUBTOTAL Fixed Assets                                       $
================================================================================
Other Assets:  (Identify)
================================================================================
C. SUBTOTAL  Other Assets                                      $
================================================================================
D. TOTAL ASSETS (A+B+C)                                        $ 5,808,864.00
================================================================================







                                            Liability          Total
================================================================================
Post-Petition Liabilities:
- --------------------------------------------------------------------------------
    Accounts Payable
- --------------------------------------------------------------------------------
    Accrued Expenses                   $ 86,199.00
- --------------------------------------------------------------------------------
    Rent and Leases Payable
- --------------------------------------------------------------------------------
    Taxes Payable
- --------------------------------------------------------------------------------
    Accrued interest
- --------------------------------------------------------------------------------
    Other
================================================================================
E. SUBTOTAL Post-Petition Liabilities                             $ 86,199.00
================================================================================
Pre-Petition Liabilities:
- --------------------------------------------------------------------------------
    Priority Claims
- --------------------------------------------------------------------------------
    Secured Debts (1)                                           $ 10,716,010.00
- --------------------------------------------------------------------------------
    Unsecured Debts                    $ 23,117.00
================================================================================
F. SUBTOTAL Pre-Petition Liabilities   $ 10,739,127.00
================================================================================
Stockholders' Equity (Deficit):
- --------------------------------------------------------------------------------
    Common Stock
- --------------------------------------------------------------------------------
    Additional Paid-in Capital
- --------------------------------------------------------------------------------
    Retained Earnings (deficit):
- --------------------------------------------------------------------------------
         Pre-Petition                  $ (5,476,562.00)
- --------------------------------------------------------------------------------
         Post-Petition                 $ 460,100.00
================================================================================
G. SUBTOTAL Stockholders' Equity                               $ (5,016,462.00)
================================================================================
H. TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (E+F+G)          $ 5,808,864.00
================================================================================


(1) Startec Global Licensing Company and Startec Global Operating Company are
jointly indebted to Allied for $20.0 million in principal amount (the "Allied
Facility"). A portion of the Allied Facility equal to $10 million is jointly
secured by the accounts receivable of Startec Operating and Startec Licensing
(subordinate to NTFC's lien thereon), and the remaining $10 million is
unsecured. For bookkeeping purposes, the debt is divided evenly between the
co-debtors and this amount reflects the division.