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Majestic Capital sees operating loss widen to $438,862 in September
By Caroline Salls
Pittsburgh, Oct. 18 - Majestic Capital, Ltd. recorded a $438,862 operating loss for September on zero management fee revenues, according to its monthly operating report filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.
In comparison, Majestic Capital posted a $403,731 operating loss for August, also on zero management fee revenues.
The net loss for September was also $438,862, widening from a $403,731 August net loss.
The company had $3.67 million in cash and cash equivalents at Sept. 30, down from $3.77 million at the end of August.
Majestic Capital, a Bermuda-based specialty provider of workers' compensation insurance, filed for bankruptcy on April 29. The Chapter 11 case number is 11-36225.
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