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Magna Entertainment posts $3.54 million loss for March 8 to April 4
By Caroline Salls
Pittsburgh, April 29 - Magna Entertainment Corp. reported a $3.54 million net loss for the period of March 8 to April 4 on zero revenues, according to its monthly operating report filed Thursday with the Securities and Exchange Commission.
In comparison, the company posted a $6.01 million net loss for the period of Feb. 8 to March 7, also on zero revenues.
The company had $1.21 million in cash and cash equivalents at April 4, down from $1.44 million at March 7.
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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