Imperial Sugar settles insurance claim

by Eric Schroeder
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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.

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