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Tuesday, December 29, 2009 - 2:14pm

Imperial Sugar Settles Insurance Claim

Updated: 4 years ago.
Imperial Sugar gets $345 million in its property insurance settlement. (photo courtesy of Imperial Sugar)

Imperial Sugar has settled its property insurance claim for the 2008 explosion that killed 14 people and injured scores more at its sugar refinery near Savannah.

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.

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