Imperial Sugar Settles $345 Million Insurance Claim
isc | Dec 29, 2009
Imperial Sugar Company has announced that it 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 expects to recognize pre-tax gains of approximately $278 million in its first fiscal quarter ending December 31, 2009, as a result of the settlement.
A final $45 million payment on the claim is expected to be received in early January. Previously the insurers had provided advance claim payments aggregating $300 million under the $350 million policy which provides for replacement cost coverage of physical property damage and business interruption coverage.
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