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Torch Offshore posts $1.48 million May operating loss
By Caroline Salls
Pittsburgh, June 27 - Torch Offshore, Inc. reported a $1.48 million operating loss for May on sales of $41,000, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the Eastern District of Louisiana.
In April, the company posted a $2.55 million operating loss on sales of $1.63 million.
The net loss for May was $2.97 million, down from a net loss of $3.48 million in April.
Total cash on May 31 was $8.14 million, up from $58,700 at the end of April.
Torch filed for bankruptcy protection on Jan. 7. The New Orleans-based offshore pipeline installation and subsea construction company's Chapter 11 case number is 05-10137.
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