Canal posts $1.76 million operating loss for Aug. 31 to Sept. 27

By Caroline Salls

Pittsburgh, Oct. 29 - Canal Corp. reported a $1.76 million operating loss for the period of Aug. 31 to Sept. 27 on zero net sales, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

In comparison, the company posted a $2.34 million operating profit for the period of Aug. 3 to Aug. 30, also on zero net sales.

The net loss for the September period was $4.22 million, widening from a $119,396 net loss for the August period.

Canal had cash and cash equivalents of $7.9 million at Sept. 27, down slightly from $7.98 million at Aug. 30.

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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