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Magna Entertainment net loss grows to $8.15 million in October
By Caroline Salls
Pittsburgh, Dec. 3 - Magna Entertainment Corp. reported an $8.15 million net loss for the period of Sept. 28 to Nov. 1 on zero revenues, according to its monthly operating report filed Thursday with the Securities and Exchange Commission.
In comparison, the company posted a $6.52 million net loss for the period of Aug. 31 to Sept. 27, also on zero revenues.
The company had $442,703 in cash and cash equivalents at Nov. 1, down from $1.19 million at Sept. 27.
Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5, 2009 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10720.
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