Majestic Capital records improved $403,731 operating loss for August

By Caroline Salls

Pittsburgh, Sept. 15 - Majestic Capital, Ltd. recorded a $403,731 operating loss for August on zero management fee revenues, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

In comparison, Majestic Capital posted a $777,027 operating loss for July, also on zero management fee revenues.

The net loss for August was also $403,731, narrowing from a $777,027 July net loss.

The company had $3.77 million in cash and cash equivalents at Aug. 31, down from $3.82 million at the end of July.

Majestic Capital, a Bermuda-based specialty provider of workers' compensation insurance, filed for bankruptcy on April 29. The Chapter 11 case number is 11-36225.

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