Former Chesapeake posts $50,150 operating loss for Feb. 7 to March 6

By Caroline Salls

Pittsburgh, March 14 - Canal Corp. reported a $50,150 operating loss for the period of Feb. 7 to March 6 on zero net sales, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

In comparison, the company posted a $68,810 operating loss for the period of Jan. 1 to Feb. 6, also on zero net sales.

The net loss for the February period was $206,409, widening from a $203,051 net loss for the January period.

Canal had cash and cash equivalents of $6.5 million at March 6, down from $6.66 million at Feb. 6.

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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