| WILMINGTON, Del., Jan 16 (Reuters) - Imperial Sugar Co. (AMEX:IHK
- news), the largest U.S. processor of refined sugar, filed for bankruptcy
Tuesday after reporting greater-than-expected losses last month and a
possible default on a senior credit agreement.
In papers filed in U.S. Bankruptcy Court in Delaware seeking Chapter 11
protection from creditors, Imperial listed consolidated assets of $1.1
billion and debts of $775.1 million, including an unsecured claim of
$263.5 million for bond debt for which U.S. Trust in Dallas, Texas, is the
indenture trustee.
Last month, the company attributed its problems to significantly lower
sales prices for refined sugar as well as higher energy costs, which more
than offset benefits from lower raw sugar costs. At that time, Imperial
said it was in talks with creditors and considering a possible bankruptcy
filing.
Those listed in court papers as owning at least five percent of
Imperial's voting securities are Greencore Group Plc and David Dilger; I.H.
Kempner III and Harris Weston; Dimensions Fund Advisors Inc., and United
States National Bank.
A company spokesman, reached at Imperial's Sugar Land, Texas, offices,
said he was unable to comment but added that a statement would be issued
shortly. |