Imperial Sugar Company filed a petition for relief under chapter 11 of the U.S. Bankruptcy Code on January 16, 2001. Under its Second Amended and Restated Joint Plan of Reorganization ("Plan"), the Board of Directors of the reorganized Company shall consist of seven members, six individuals selected by the Creditors Committee and Mr. Kempner. A hearing to consider confirmation of the Plan is scheduled for August 7, 2001.

Mr. Coan recently retired as Chairman and Chief Executive Officer of Gold Kist Inc., the nation's second largest and only farmer-owned chicken processing company. He is also Chairman of the Board of Directors of AgraTech Seeds Inc., and a member of the Board of Directors of Archer-Daniels-Midland Company, SunTrust Banks of Georgia, Inc. and Cotton States Life Insurance Company.

Mr. Gaffney is President and Chairman of the Board of Vermont Investments, Ltd., a New Zealand-based conglomerate that provides consulting services to GS Capital Partners 11, L.P., and other affiliated investment funds. Previously, Mr. Gaffney was Chief Executive Officer at General Aquatics, Inc., successor to KDI Corporation, and at International Tropic-Cal, Inc.

Mr. Istel has been Vice Chairman of Rothschild Inc. and Director of Rothschild & Cie Banque since 1993. He was previously Chairman of Wasserstein Perella & Co. International and Managing Director of Wasserstein Perella & Co., Inc.

Mr. McLaughlin founded The Sutter Group in 1982, a management consulting company that focuses on enhancing shareholder value. Previously, Mr. McLaughlin was the President and Chief Executive Officer of Fibreboard Corporation, a manufacturer of lumber, plywood and paper products, which is traded on the New York Stock Exchange (NYSE).

Mr. Schlindwein is a former Executive Vice President and director of SYSCO, the largest food distribution company in the country. Prior to joining SYSCO, Mr. Schlindwein spent sixteen years at Sara Lee, the last eight of which he served as President and Chief Executive Officer and finally as Chairman and Chief Executive Officer.

Mr. Sweeney is a Managing Director at Lehman Brothers Inc., where he is involved in high yield, distressed and special situation investments. He has been with Lehman Brothers and predecessor firms since 1974.

"The management of Imperial Sugar looks forward to working with our new directors. With their counsel and the Companys strengthened financial capabilities, Imperial expects to be able to profitably expand its leadership role in the sugar and foodservice industries", stated James C. Kempner, Imperials President and CEO.

Imperial Sugar Company is the largest processor and marketer of refined sugar in the United States and a major distributor to the foodservice market. The Company markets its products nationally under the Imperial, Dixie Crystals, Spreckels, Pioneer, Holly, Diamond Crystal and Wholesome Sweeteners brands. Additional information about Imperial Sugar may be found on its web site at www.imperialsugar.com.

Statements regarding the Companys ability to complete its reorganization proceedings timely, the outcome of the reorganization plan, the Companys ability to sustain current operations during the pendency of the reorganization including its ability to maintain normal relationships with customers, the ability of the Company to establish normal terms and conditions with suppliers and vendors, costs of the reorganization process, the adequacy of financing arrangements during the reorganization period, future market prices, operating results, synergies, sugarbeet acreage, future operating efficiencies, cost saving and other statements which are not historical facts contained in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include, but are not limited to, the results of the bankruptcy proceedings, court decisions and actions, the negotiating positions of various constituencies, the results of negotiations, market factors, the effect of weather and economic conditions, farm and trade policy, the ability of the Company to realize planned cost savings, the available supply of sugar, available quantity and quality of sugarbeets and other factors detailed in the Companys Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

Contact:
Mark Q. Huggins
Managing Director and
Chief Financial Officer
(281) 490-9587

Investor Relations:
Morgen-Walke Associates
Gordon McCoun
Media Contact: Steve DiMattia
(212) 850-5600