Constar posts $2.54 million March operating loss for U.S. operations

By Kali Hays

New York, May 9 - Constar International Holdings, LLC reported a $2.54 million operating loss for March on zero net sales, according to its monthly operating report filed with the U.S. Bankruptcy Court for the District of Delaware.

The company's operating loss for February was $1.1 million on net sales of $12.07 million.

Constar International U.K. Ltd. had an operating income of zero, also on zero net sales, compared to a February operating loss of $11,000 on $3.94 million in net sales.

The U.S. operations posted an $866,000 net loss for March, while U.K. operations posted net income of zero.

Also, the U.S. operations reported $2.59 million in cash and cash equivalents as of March 31 and U.K. operations reported zero.

Previously, U.S. operations reported cash and cash equivalents of $1.7 million as of Feb. 28, while U.K. operations had $2,000 as of Feb. 14.

Pursuant to a U.K. purchase agreement, Constar's U.K. assets were sold as of Feb. 14, according to the report.

Constar, a Trevose, Pa.-based maker of polyethylene terephthalate food and beverage containers, filed for bankruptcy on Dec. 19. The Chapter 11 case number is 13-13281.

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