Imperial Sugar gets $345 million in its property insurance settlement. (photo courtesy of Imperial Sugar)
Imperial is getting $345 million in all. That covers the cost of building a new refinery, the loss of income during the time the refinery was down and the cost of paying employees while the plant was idle. Hal Mechler is Imperial Sugar's Chief Financial Officer.
"It's an important milestone for the company to put that part of the effects of the accident from two-years-ago behind us," says Mechler. "It certainly completes the cash requirements necessary to finish the rebuild."
The settlement does not, however, cover potential damages from the 45 lawsuits brought against the company on behalf of employees and their families. Imperial also faces more than eight-million-dollars in proposed government fines for alleged workplace safety violations.
