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Eacom settles insurance claim

Eacom Timber Corporation announced that it has concluded with its insurer the negotiation of a global settlement in the amount of $48,250,000 in respect of the fire at its Timmins mill in January 2012.

February 26, 2013  By CNW

As at September 30, 2012, Eacom had received $23,700,000 of insurance proceeds, of which $13,700,000 related to business interruption and $10,000,000 for damage or destruction of assets. During the fourth quarter, Eacom collected a further $6,900,000 in respect of business interruption. Eacom received today the remaining proceeds of $17,400,000.

The Timmins mill is currently under reconstruction which is expected to be completed in the summer of 2013.

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