UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: ~~March~~April 141, 2011

(Date of Earliest Event Reported)

Commission file number: 1-3203

CANAL CORPORATION

(formerly Chesapeake Corporation)

(Exact name of registrant as specified in its charter)

Virginia		54-0166880
(State or other jurisdiction ofincorporation or organization)		(I.R.S. EmployerIdentification No.)
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1021 East Cary Street Richmond, Virginia		23219
(Address of principal executive offices)		(Zip Code)

1021 East Cary Street Richmond, Virginia		23219
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 804-697-1000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~ITEM~~Item 81.0103. ~~OTHER~~Bankruptcy ~~EVENTS~~or Receivership.

~~Modified~~As previously disclosed, on December 29, 2008, Canal Corporation (formerly Chesapeake Corporation) (“Canal”) and its U.S. operating subsidiaries (collectively with Canal, the ~~SEC~~“Debtors”) ~~Reporting~~filed voluntary petitions under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division (the “Bankruptcy Court”).

AsThe ~~previously~~Bankruptcy ~~disclosed,~~Court ~~Canal~~entered ~~Corporation~~an ~~and~~order ~~its~~(the ~~U.S.~~“Order”) ~~operating~~confirming ~~subsidiaries filed voluntary petitions in~~ the ~~United~~Second Amended ~~States~~Joint ~~Bankruptcy~~Plan ~~Court~~of ~~for~~Liquidation of the ~~Eastern~~Debtors, ~~District~~other ofthan ~~Virginia~~WTM inI ~~Richmond~~Company, (the “~~Bankruptcy~~Plan ~~Court~~Debtors”) ~~on December 29, 2008, seeking relief~~ under ~~the provisions of~~ Chapter 11 of the ~~United States~~ Bankruptcy Code~~. During the pendency of the bankruptcy proceedings~~, ~~Canal~~as ~~Corporation~~revised ~~has~~and ~~adopted~~filed ~~a modified reporting program~~ with ~~respect~~the toBankruptcy ~~its~~Court ~~reporting~~on ~~obligations~~April 1, ~~under~~2011 (the ~~federal securities laws~~“Plan”). InA ~~lieu~~copy of ~~filing annual reports on Form 10-K and quarterly reports on Form 10-Q~~the Order, ~~Canal Corporation will file current reports on Form 8-K~~ to ~~disclose~~which ~~material~~a ~~financial~~copy ~~information, including copies~~ of ~~Canal Corporation’s monthly operating reports required to be submitted to~~ the ~~Bankruptcy~~Plan ~~Court~~is ~~and~~attached, ~~material~~is ~~events~~attached ~~relating~~hereto toas ~~the bankruptcy~~Exhibit ~~proceedings~~99.1 ~~Canal Corporation believes that it meets the conditions for modified reporting set forth in Exchange Act Release No. 9660 (the “Release”), dated June 30, 1972,~~ and ~~that~~incorporated ~~its~~herein ~~modified~~by ~~reporting program is consistent with the protection of its investors as set forth in the Release~~reference.

~~Monthly~~On April 18, ~~Operating~~2011, ~~Reports~~the Plan Debtors satisfied the conditions precedent to the effectiveness of the Plan and filed a Notice of Effective Date of the Plan (the “Notice of Effective Date”) with the Bankruptcy Court. A copy of the Notice of Effective Date is attached hereto as Exhibit 99.2 and incorporated herein by reference. As a result, the Plan was declared effective as of that date (the “Effective Date”).

OnAs ~~March 14,~~a ~~2011~~result of the Plan being declared effective, Canal’s ~~Corporation~~existing ~~filed~~equity ~~with~~interests ~~the~~have ~~Bankruptcy~~been ~~Court~~cancelled ~~its~~without ~~unaudited~~consideration ~~monthly~~as ~~operating~~of the ~~reports~~Effective ~~for~~Date ~~the~~and ~~period~~have ~~February 6,~~no ~~2011~~value. ~~to March 6,~~No ~~2011~~shares ~~(the~~are ~~“Monthly~~being ~~Reports”).~~reserved ~~Copies~~for future issuance in respect of ~~the~~claims ~~Monthly~~and ~~Reports~~interests ~~are~~filed ~~attached~~and ~~hereto~~allowed asunder ~~Exhibit~~the 99Plan.1 ~~and~~Therefore ~~are~~all ~~incorporated~~existing ~~herein~~equity byinterests, ~~reference.~~including common stock, of Canal are worthless.

Canal ~~Corporation~~will ~~cautions~~shortly ~~readers~~file ~~not~~a toForm ~~place~~15 ~~undue~~with ~~reliance upon~~ the ~~information~~Securities ~~contained~~and inExchange ~~the~~Commission ~~Monthly Reports. Information in~~ (the ~~Monthly~~“Commission”) ~~Reports reflects only information related~~ to ~~Canal Corporation~~provide and its U.S. debtor operating subsidiaries and does not include information for the entire consolidated group. The Monthly Reports contain financial statements and other financial information that have not been audited or reviewed bynotice ~~independent~~of ~~accountants and may be subject to further review and potential adjustments. The Monthly Reports are in a format prescribed by applicable bankruptcy laws, were prepared solely for~~ the ~~purpose~~suspension of ~~complying~~its ~~with the monthly~~ reporting ~~requirements~~ inobligation ~~Canal~~under ~~Corporation’s bankruptcy proceedings and contain information for periods that are shorter or different from those contained in periodic reports filed with the Securities and Exchange Commission~~ Section 12(~~the “SEC”~~g) ~~under~~ of the Securities Exchange Act of 1934, as amended. ~~The~~(the ~~information~~“Exchange ~~set~~Act”). ~~forth~~Upon infiling ~~the~~a ~~Monthly~~Form ~~Reports~~15, ~~should~~Canal ~~not~~will beimmediately ~~viewed~~cease asfiling ~~representative~~any offurther ~~Canal~~periodic ~~Corporation’s~~or ~~expected~~current reports ~~operating~~under ~~results~~the ~~for~~Exchange ~~future periods~~Act.

~~The~~On ~~Monthly~~March 17, ~~Reports are~~2011, ~~and~~Canal ~~any~~filed ~~future~~a ~~such~~Monthly ~~monthly~~Operating ~~operating reports will be~~Report, ~~furnished~~which ~~for~~includes ~~informational~~information ~~purposes only and shall not be deemed~~as ~~“filed”~~to ~~for purposes of Section 18 of~~ the ~~Securities~~assets ~~Exchange~~and ~~Act~~liabilities of ~~1934~~Canal, asfor ~~amended, or otherwise subject to~~ the ~~liabilities~~period offrom ~~that~~February 7, ~~section~~2011, ~~nor~~through ~~will~~March 6, ~~such~~2011, ~~information~~as bean ~~deemed~~exhibit ~~incorporated~~to bya ~~reference~~Current inReport ~~any~~on ~~filing~~Form ~~under~~8-K. ~~the Exchange~~Such ~~Act~~Monthly orOperating ~~the~~Report ~~Securities~~is ~~Act,~~incorporated ~~except~~herein ~~as expressly set forth~~ by ~~specific~~ reference ~~in such a filing~~.

~~ITEM~~Item 95.0102. ~~FINANCIAL~~Departure ~~STATEMENTS~~of ~~AND~~Directors ~~EXHIBITS~~or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

~~(c)~~As ~~Exhibits~~of the Effective Date, and as contemplated by the Plan, the board of directors of Canal was eliminated, effective immediately, and the rights, powers and duties of Canal’s board of directors were vested in the Plan Administrator, an officer named under the Plan to govern Canal after the Effective Date. As a result, each of Canal’s directors, Sir David Fell, Andrew J. Kohut, Henri D. Petit, John W. Rosenblum and Beverly L. Thelander, ceased being a director of Canal on the Effective Date.

99Item 9.101. ~~Monthly~~Financial ~~Operating~~Statements ~~Reports~~and ~~for the period February 6, 2011 to March 6, 2011~~Exhibits.


Exhibit No.		Description

99.1		Order Confirming the Second Amended Joint Plan of Liquidation of Canal Corporation and Certain of its Affiliated Debtors, dated April 1, 2011.

99.2		Notice of Effective Date of the Second Amended Joint Plan of Liquidation of Canal Corporation and Certain of its Affiliated Debtors, dated April 18, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CANAL CORPORATION
		(Registrant)
Date: March 17, 2011	BY:	/s/ Kathryn L. Tyler
Date: April 19, 2011	BY:	/s/ J.P. Causey Jr.
		Kathryn L. Tyler
		J.P. Causey Jr.
		Vice President
		Plan Administrator

EXHIBIT INDEX

Exhibit No.		Description ~~of Exhibit~~
99.1		~~Monthly~~Order ~~Operating~~Confirming ~~Reports~~the ~~for~~Second ~~the~~Amended ~~period~~Joint ~~February~~Plan 6,of ~~2011~~Liquidation toof ~~March~~Canal 6Corporation and Certain of its Affiliated Debtors, dated April 1, 2011.
99.2		Notice of Effective Date of the Second Amended Joint Plan of Liquidation of Canal Corporation and Certain of its Affiliated Debtors, dated April 18, 2011.

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