Former Chesapeake posts $132,764 operating loss for March 8 to April 4

By Caroline Salls

Pittsburgh, April 9 - Canal Corp. reported a $132,764 operating loss for the period of March 8 to April 4 on zero revenues, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

In comparison, the company posted a $199,538 operating profit for the period of Feb. 8 to March 7, also on zero revenues.

The net loss for the March period was $266,141, declining from $41,257 of net income for the February period.

Canal had cash and cash equivalents of $8.36 million at April 4, down from $8.8 million at March 7.

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 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 11 case number is 08-36642.

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