Imperial Sugar settles insurance claim
December 29, 2009
by Eric Schroeder
SUGAR LAND, TEXAS — Imperial Sugar Co. on Dec. 28 settled the property insurance claim for the February 2008 industrial accident at its Port Wentworth, Ga., refinery for an aggregate of $345 million. The company said it expects to recognize pre-tax gains of approximately $278 million in its first fiscal quarter ending Dec. 31.
A final $45 million payment on the claim is expected to be received in early January. Previously, Imperial Sugar said the insurers had provided advance claim payments aggregating $300 million under the $350 million policy that provides for replacement cost coverage of physical property damage and business interruption coverage.