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Imperial Sugar Files Chapter 11 Bankruptcy
February 1, 2001
1 Min Read
Imperial Sugar Files Chapter 11 Bankruptcy
SUGAR LAND, Texas--Imperial Sugar Co., a processor of refined sugar, filedChapter 11 bankruptcy on Jan. 17 to deal with its financial problems. Thecompany has been struggling with plunging prices due to excess sugar supply inthe marketplace, as well as higher energy costs and lower prices in the retailand food-service markets. Gross margin for the fourth quarter ended Sept. 30,2000, decreased to $19.4 million from $39.9 million in the same period a yearago.
The company has been working with lenders and a financial advisor on a planto reduce its debt by converting notes into common equity, enabling the companyto remain independent under existing management. The company has alsodiscontinued the processing of sugar beets and cane sugar at plants in Woodlandand Tracy, Calif., and Clewiston, Fla.
The company currently markets its sugar under the Imperial, Dixie Crystals,Spreckels, Pioneer, Holly, Diamond Crystal and Wholesome Sweeteners brands. Formore information, visit www.imperialholly.com.
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