Exhibit 99.5

Form No. 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 January 31, 2003

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:	146
Current number of employees:	141
Gross monthly payroll:*
Officers, directors, and principals	173,047
Other employees	582,249
All post-petition payroll obligations including payroll taxes are current (Circle One)	YES ý	NO o
Exceptions:

* Represents gross payroll processed and paid during the month ending January 31, 2003. 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? Yes / No If yes, explain:

No.

UNAUDITED

PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

5.	Are all BUSINESS LICENSES or BONDS current?											YES

6.	PRE-PETITION ACCOUNTS RECEIVABLE:
	A. Beginning Balance (previous month’s ending balance)					$			5,646,867
	B. Collected this Period					$			(41,660		)
	C. Adjustments/bad debt write off					$			60,635
	D. Ending Balance (1)					$			5,665,842

7.	POST-PETITION ACCOUNTS RECEIVABLE:
	A. Beginning Balance (previous month’s ending balance)					$		19,211,724
	B. Incurred this Period					$			4,533,593
	C. Collected this Period					$			(3,383,776		)
	D. Intercompany billing					$			273,614
	E. Offsets / Credits /bad debt write off					$			(1,120,159		)
	F. Unbilled revenue adjustment					$			(114,587		)
	F. Ending Balance(1)					$			19,400,410

	Ending Balance Aging (2):
	0-30 Days:		$		5,032,699
	31-60 Days:		$		3,655,712
	Over 60 Days:		10,711,998

	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 $150 million in intercompany accounts receivable. Since the petition date, the Company has collected approximately $13.0 million related to prepetition intercompany accounts receivable.
	(2) See aging attached to Form 6

8.	POST-PETITION ACCOUNTS PAYABLE:
	A. Beginning Balance (previous month’s ending balance)					$	11,633,204
	B. Incurred this Period					$	4,618,843
	C. Pay this Period					$	(5,762,479			)
	D. Settlements					$	743,665
	E. Ending Balance					$	11,233,233

	Ending Balance Aging:
	0-30 Days:	$		5,007,285
	31-60 Days:	$		564,279
	Over 60 Days:	5,661,670

	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 is currently negotiating with tax authorities on settlement of certain pre-petition taxes that it was authorized to pay. The debtor has paid all known post-petition taxes that became due and payable during the month ending January 31, 2003.

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

12.	INSURANCE:		Policy expiration dates:
	Auto and truck		10/1/2003 *
	Fire		10/1/2003 *
	D&O Insurance		10/28/2003 *
	Liability		10/1/2003 *
	Workers Comp.		10/1/2003 *


	* - 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

		If yes, explain:

	OR	consent to relief from the automatic stay ( S362)? NO

	(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
		If no, explain:

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, explain:

	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 of Payments per Contract	Amount of Each Payment	Next Payment Due	Post-Petition Payments not Made: Numbers and Amounts
Allied Capital Corporation	Monthly		11/1/2002	$	246,088
Allied Capital Corporation	Monthly		12/1/2002	$	238,150
Allied Capital Corporation	Monthly		1/1/2003	$	246,088

16.	PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents, Auctioneers, Appraisers, etc.) during Reporting Period:

	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)

6,567,798.12

Month 2 (current quarter)

Month 3 (current quarter)

Total

6,567,798.12

Quarterly fee of $10,000, due and payable after December 31, 2002 was paid in January 2003.

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:

March 3, 2003

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

REMINDER: Attach copies of debtor in possession bank statements.

Form No. 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 January 31, 2003

(All figures refer to post-petition transactions)

	This Month			Year to Date
A. TOTAL SALES/INCOME	$	4,111,337.00		4,111,337.00
COST OF SALES:
Intercompany revenues	$	(930,905.00	)	(930,905.00		)
Purchased Services	$	3,552,521.00		3,552,521.00
B. SUBTOTAL Cost of Sales	$	2,621,616.00		$	2,621,616.00
C. GROSS PROFIT (A - B)	$	1,489,721.00		$	1,489,721.00
OPERATING EXPENSES:
Salaries and Payroll Taxes	$	1,059,173.43		$	1,059,173.43
Office expense	$	76,948.17		$	76,948.17
Education /Training	59.97			$	59.97
Professional Fees	$	(14,132.73	)	$	(14,132.73	)
Rent and Facilities Expense	$	138,000.58		$	138,000.58
Sales and Marketing	$	205,278.92		$	205,278.92
Travel	$	24,776.90		$	24,776.90
Other Operating Expenses incl. Year end adjustments	$	4,501.51		$	4,501.51
Billing Fees	$	105,745.21		$	105,745.21
Taxes/fees other than income taxes	$	15,884.33		$	15,884.33
Allocated to Affiliates	$	(485,647.20	)	$	(485,647.20	)
D. SUBTOTAL Operating Expenses	$	1,130,589.09		$	1,130,589.09
E. PROFIT/LOSS FROM OPERATION (C-D)	$	359,131.91		$	359,131.91
Other Income (Expenses)
Interest Expense	$	(386,514.00	)	$	(386,514.00	)
Interest Income	10,486.00			$	10,486.00
Gain on Pre Petition Settlements	17,863.00			17,863.00
Gain / Loss on Foreign Currency Exchange	—			—
Depreciation and amortization	$	(880,220.00	)	$	(880,220.00	)
Equity earnings in subs	$	—		$	—
F. SUBTOTAL Other Income (Expenses)	$	(1,238,385.00	)	$	(1,238,385.00	)
G. Income Tax Expense	$	—		$	—
H. NET INCOME (LOSS) (E+F)	$	(879,253.09	)	$	(879,253.09	)

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.

UNAUDITED

PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

Case Number 01-25009 Debtor: Startec Global Operating Company

SCHEDULE AR (Accounts Receivable)

As of January 31, 2003

(List Post-Petition Receivables Only)(1)

Debtor (Due From)	Total Due	Date Incurred	Past Due 31-60 Days	Past Due Over 60 Days
Retail	9,318,209	Daily	1,635,005	3,317,136
Commercial	10,082,201	Daily	2,555,204	5,946,378

Total	19,400,410		4,190,209	9,263,514

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 January 31, 2003

(List Post-Petition Payables Only) (2)

Due To	Total Due		Date Incurred	Past Due 31-60 Days	Past Due Over 60 Days
Trade vendors (3)	$	11,233,233	Daily	564,279	5,661,670

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.

(3) Trade vendor balances are stated gross of prepayments and offsets included in current assets on the balance sheet.

Form No. 8

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
		)
Debtors(s)		)

CASH RECONCILIATION REPORT

Operating Account

(Business Debtor, Accrual Basis)

For the Month Ending January 31, 2003

(All figures refer to post-petition transactions)

	Operating Account				Totals
A. Beginning Cash Balance from Balance Sheet					$	(92,760	)
B. Net Income for month					$	(879,253	)
Expenses not requiring cash:
Depreciation	$		709,793
Foreign Exchange	$		—
C. SUBTOTAL Expenses Not Requiring Cash					$	709,793
D. Total Cash from Operations (A+B+C)					$	(262,220	)
Other Sources/Uses of Cash:
Decrease (Incr) - Accounts Receivable	(113,135			)
Decrease (Incr) - Receivables from employees and affiliates	739,582
Decrease (Incr) - Other receivables	(15,602			)
Decrease (Incr) Prepayments/Deposits	(805,675			)
Decrease (Incr) - Equipment	9,035
Increase (Decr) - Accounts Payable	(397,847			)
Increase (Decr) - Accrued Expenses	483,856
Increase (Decr) - DIP financing	—
Increase (Decr) - Accrued Interest/ DIP financing	87,678
E. Subtotal Other Sources/Uses of Cash					$	(12,108	)
F. Ending Cash Balance (D+E)					$	(274,327	)

Ending Balance per Bank Statement:
SunTrust					29,653
SunTrust					852,072
Merrill Lynch					47,899
Huntington Lockbox account					154,046
Chevy Chase operating					36,872
Chevy Chase payroll					—
Chevy Chase Employee Insurance account					—
Chevy Chase restricted investment					4
Cash on Hand					17,500
State Bank of India					180,000
Total Ending Balance per Bank Statement	$	1,318,046
Less Outstanding Checks:
SunTrust					1,495,375
First Union					87,574
Huntington Lockbox account
Chevy Chase payroll					2,976
Chevy Chase Employee Insurance account					4,224
First Union					11,663
Total Outstanding Checks	$	1,601,811
Add: Deposits in Transit:
Merrill Lynch
SunTrust					9,439
Total Deposits in Transit	$	9,439
G. RECONCILIED BANK BALANCE					$	(274,327	)

Ending Cash Balance (F) and Reconcilied Bank Balance (G) Should be Equal.

Attach Bank Statements.

UNAUDITED

PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

Form No. 9

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
		)
	Debtors(s)	)

CASH RECONCILIATION REPORT

Payroll and Tax Accounts

(Business Debtor, Accrual Basis)

For the Month Ending January 31, 2003

(All figures refer to post-petition transactions)

	Payroll Account			Tax Account
A. Beginning Cash Balance from Balance Sheet	$	—		$
B. Cash Receipts	$			$
C. Transfers from Operating Accounts	$	33,981		$
D. Other:	$			$
E. Other:	$			$
F. TOTAL CASH RECEIPTS (A+B+C+D+E)	$	33,981		$	—
G. Cash Available
Cash Disbursements:
Net Payroll Paid	$	(33,981	)	$
Bank Service Charges	$			$
Other: Payroll check wired from incorrect acct	$			$
H. SUBTOTAL Disbursements	$	(33,981	)	$
I. Ending Cash Balance (F+G-H)	$	—		$	—
Ending Balance per Bank Statement	$	—		$
Less Outstanding Checks	$	(2,976	)
Add Deposits in Transit	$	—
J. RECONCILIED BANK BALANCE	$	(2,976	)	$	—

Ending Cash Balance (I) and Reconcilied Bank Balance (J) Should be Equal.

Attach Bank Statements.

UNAUDITED
PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

Form No. 10

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF MARYLAND

OFFICE OF UNITED STATES TRUSTEE

BALANCE SHEET

As of January 31, 2003

	Asset			Total
Current Assets:
Cash	$	(274,327	)
Pre-Petition Acct. Receivables	$	5,665,842
Post-Petition Acct. Receivables	$	19,400,410
Allowance for Doubtful Accounts	$	(10,056,202	)
Receivables from Officers, Employees, Affiliates (6)	$	156,353,302
Other Current Assets:
Deposits	$	1,436,468
Prepaids	$	3,942,949
Other Accounts Receivable	$	953,639

A. SUBTOTAL Current Assets				$	177,422,081
Fixed Assets:
Equipment, Furniture & Fixtures	$	53,423,614
Less: Accumulated Depreciation	$	(12,401,801	)
B. SUBTOTAL Fixed Assets				$	41,021,813
Other Assets: (Identify)
Licenses and other intangibles	$	25,604
Restricted securities	$	—

C. SUBTOTAL Other Assets				$	25,604
D. TOTAL ASSETS (A+B+C) (1)				$	218,469,498

	Liability			Total
Post-Petition Liabilities:
Accounts Payable	$	11,233,233
Accrued expenses	$	6,890,156
DIP Financing	$	26,944,504
E. SUBTOTAL Post-Petition Liabilities				$	45,067,893
Pre-Petition Liabilities:
Priority Claims (3)
Secured Debts (2), (4)	$	13,809,693
Unsecured Liabilities	$	43,212,448
F. SUBTOTAL Pre-Petition Liabilities				$	57,022,142
Stockholders’ Equity (Deficit):
Common Stock	$	—
Unearned Compensation	$	4,225
Accumulated Other Comprehensive Loss	$	(115,477	)
Additional Paid-in Capital	$	239,080,856
Retained Earnings (deficit):
Pre-Petition	$	(100,084,779	)
Post-Petition	$	(22,505,362	)
G. SUBTOTAL Stockholders’ Equity (5)				$	116,379,463
H. TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (E+F+G)				$	218,469,497

(1) Represents the carrying value of assets. Does not include any adjustments to reflect current market value or any adjustments associated with our audits for the years ending December 31, 2001 and December 31, 2002, which has not yet been completed. The debtor may make further adjustments pertaining to years ending December 31, 2001 and December 31, 2002, which adjustments may result in additional charges not reflected above.

UNAUDITED
PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

(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 $42.9 million as of January 31, 2003.

(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 December 31, 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 prior period adjustments that were the result of the Company’s ordinary year-end close procedures. The Company will restate its Monthly Operating Report for the months ending December 31, 2001 and December 31, 2002 after the audits for the years ending December 31, 2001 and December 31, 2002 have been completed.

(6) In November 2002, the debtor was advanced an additional $1.9 million under the DIP financing to purchase a loan made to its affiliate, Vancouver Telephone Company from Coast Business Credit.

Form No. 12

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF MARYLAND

OFFICE OF UNITED STATES TRUSTEE

Cash Disbursements Summary Report

For the Month Ending January 31, 2003

Total Disbursements from Operating Account (Note 1)	$	6,533,817.51
Total Disbursements from Self Funded Medical Insurance Account	$	—
Total Disbursements from Payroll Account (Note 2)	$	33,980.61
Total Disbursements from Tax Escrow Account (Note 3)
Total Disbursements from other Account (Note 4)	$	—
Grand Total Disbursements from all Accounts	$	6,567,798.12

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.)

UNAUDITED
PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

Startec Global Operating Company

CHAPTER 11

Case No.01-25009 DK