Canal posts $4.24 million operating loss for five weeks to Aug. 2

By Alice Popovici

New York, Aug. 21 - Canal Corp. reported a $4.24 million operating loss for the five weeks ending Aug. 2 on zero net sales, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The net loss for the period was $6.73 million.

In comparison, for the four weeks ending June 28 the company posted a $2.01 million operating loss, also on zero sales, and had a net loss of $4.10 million.

Canal had cash and cash equivalents of $9.03 million at Aug. 2, down from $10.20 million on June 28.

Canal was formerly Chesapeake Corp., a Richmond, Va.-based manufacturer and supplier of specialty paperboard packaging products. The company filed for bankruptcy on Dec. 29, 2008. Its Chapter 11 case number is 08-36642.

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