-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FIwizz6q+JIW7A/ZSzEICj63QqzZNbzE0MYXXEIv4/dVgA6wcFaOtPFObuJP+/96 Hm/Kdm2EmFFr/BAbRgnLzA== 0000950131-97-007272.txt : 19971216 0000950131-97-007272.hdr.sgml : 19971216 ACCESSION NUMBER: 0000950131-97-007272 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971212 ITEM INFORMATION: FILED AS OF DATE: 19971215 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TERRA INDUSTRIES INC CENTRAL INDEX KEY: 0000722079 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 521145429 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08520 FILM NUMBER: 97738072 BUSINESS ADDRESS: STREET 1: TERRA CENTRE 600 4TH ST STREET 2: P.O. BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 BUSINESS PHONE: 7122771340 MAIL ADDRESS: STREET 1: TERRA CENTER STREET 2: 600 4TH ST P O BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 FORMER COMPANY: FORMER CONFORMED NAME: INSPIRATION RESOURCES CORP DATE OF NAME CHANGE: 19920517 8-K 1 CURRENT REPORT ON FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 12, 1997 TERRA INDUSTRIES INC. (Exact name of registrant as specified in its charter) MARYLAND 1-8520 52-1145429 (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification No.) TERRA CENTRE 600 FOURTH STREET P.O. BOX 6000 SIOUX CITY, IOWA 51102-6000 (Address of principal (Zip Code) executive offices) Registrant's telephone number, including area code: (712) 277-1340 ================================================================================ ITEM 5. Other Events. ------------ On December 12, 1997, Terra Industries Inc. ("Terra") reached a settlement with CIGNA Property and Casualty Company ("CIGNA"), one of the six insurance carrier defendants whom Terra sued in April of this year to recover property damages and business interruption losses sustained in connection with the 1994 explosion at Terra's Port Neal, Iowa fertilizer plant. CIGNA agreed to pay Terra its proportionate share (18 percent of the overall insurance coverage) of a total claim fixed at $321 million for purposes of settlement. Previously, Terra settled with four of the other five insurance carrier defendants with each defendant paying its share of a total claim fixed at $321 million. To date, Terra has received approximately $246 million in insurance proceeds from all six carriers. With this settlement Terra will receive an additional $20.1 million from CIGNA. Legal proceedings continue against the remaining insurer, Industrial Risk Insurers (who represents 50 percent of the insurance coverage). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TERRA INDUSTRIES INC. By: /s/ GEORGE H. VALENTINE ------------------------- George H. Valentine Senior Vice President, General Counsel and Corporate Secretary Date: December 15, 1997 -----END PRIVACY-ENHANCED MESSAGE-----