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.
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.