Canal posts $21.2 million operating loss in May on zero net sales

By Caroline Salls

Pittsburgh, June 29 - Canal Corp. reported a $21.2 million operating loss for May on zero net sales, 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 $2.6 million operating loss for the period of March 30 to April 30 on $4.79 million in net sales.

The net loss for May was $23.63 million, narrowing from a $595.07 million net loss for the April period.

Canal had $10.56 million of cash and cash equivalents at May 31, up from $456,614 at the end of April.

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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