Magna loses $49M in third quarter

Magna Entertainment Corp. lost $49.1 million in the third quarter of 2008 and has hired a bankruptcy advisory firm in the wake of hundreds of millions of dollars of losses over the past three years and its struggles to pay off its debt.

The loss, $8.25 per share, brings Magnas loss through the first nine months of this year to $116.1 million, or $19.87 per share. The company has lost $400 million over the past three years, and has $550 million in unpaid debt, $200 million of which was due earlier this year.

Revenues for the third quarter this year were static compared to last year, at $81.6 million, compared to $81.5 million in the third quarter last year.

In a statement accompanying financial statements released late on Wednesday night, Magna said it had hired Miller Buckfire & Co. as its financial advisor and investment banker to review and evaluate various strategic alternatives including asset sales, financing and balance sheer restructuring opportunities. On its website, Miller Buckfire describes itself as delivering unbiased, strategic and actionable advice to clients facing issues that are complex and urgent.