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Magna Entertainment posts $5.11 million net loss for Aug. 3-Aug. 30
By Alice Popovici
New York, Sept. 29 - Magna Entertainment Corp. reported a $5.11 million net loss for the period of Aug. 3 to Aug. 30 on zero revenues, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
In comparison, the company posted an $8.85 million net loss for the period of June 29 to Aug. 2, also on zero revenues.
The company had $2.76 million in cash and cash equivalents at Aug. 30, up from $2.3 million at June 28.
Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5, 2009. Its Chapter 11 case number is 09-10720.
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