By Thomas Black
Dec. 28 (Bloomberg) -- Imperial Sugar Co., the third- largest U.S. sugar processor, said it will have a first-quarter gain after settling a property-insurance claim for the 2008 accident at its Port Wentworth, Georgia, refinery for $345 million.
The company expects a pretax gain of about $278 million in its first quarter ending Dec. 31 because of the settlement, Sugar Land, Texas-based Imperial Sugar said in a statement.
The settlement was announced after regular Nasdaq Stock Market trading, and Imperial Sugar rose $1.43, or 9.7 percent, to $16.15 at 5 p.m. The shares rose 2.6 percent this year through today’s official close of $14.72.
Imperial Sugar said it will receive a final payment of $45 million in January, adding to the $300 million of advance claim payments from the insurers. Production resumed at the plant earlier this year following the February 2008 explosion that killed 14 people.
--Editors: Kevin Miller, Brenda Batten
To contact the reporter on this story: Thomas Black in Monterrey at +52-81-8124-0145 or tblack@bloomberg.net
To contact the editor responsible for this story: Kevin Orland at +1-312-443-5946 or korland@bloomberg.net.
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