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): April 6, 2012
IMPERIAL SUGAR COMPANY
(Exact name of registrant as specified in its charter)
TEXAS | 000-16674 | 74-0704500 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
ONE IMPERIAL SQUARE P. O. BOX 9 SUGAR LAND, TEXAS |
77487 | |||
(Address of principal executive offices) | (Zip Code) |
(281) 491-9181
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.01 Completion of Acquisition or Disposition of Assets
On April 6, 2012, Imperial Sugar Company completed the sale of its 50 % interest in Wholesome Sweeteners, Incorporated to an affiliate of Arlon Group, a private investment group focused on food and agriculture. The net proceeds of $60.4 million cash, which is subject to adjustment upon determination of Wholesomes closing date working capital, were used to reduce borrowings under Imperials revolving line of credit. Imperial expects to report a gain on the sale of approximately $38 million in its third fiscal quarter ending June 30, 2012.
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 hereunto duly authorized.
IMPERIAL SUGAR COMPANY | ||||
Date: April 12, 2012 |
By: | /s/ H. P. Mechler | ||
H. P. Mechler | ||||
Senior Vice President and Chief Financial Officer |