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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 14, 1997
TERRA INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
MARYLAND 1-8520 52-1145429
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or Number) Identification No.)
organization)
TERRA CENTRE
600 FOURTH STREET
P.O. BOX 6000
SIOUX CITY, IOWA 51102-6000
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (712) 277-1340
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ITEM 5. OTHER EVENTS.
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On April 14, 1997, Terra Industries Inc. issued the press release contained
in Exhibit 1 hereto, which is incorporated by reference herein.
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
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George H. Valentine
Senior Vice President, General Counsel
and Corporate Secretary
Date: April 17, 1997
2
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Exhibit 1
Terra Industries Inc.
600 Fourth Street
P. O. Box 6000
Sioux City, IA 51102-6000
Telephone: (712) 277-1340
Telefax: (712) 233-3648
www.terraindustries.com
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NEWS RELEASE
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For Immediate Release Contact: Paula C. Norton
(712) 277-5438
TERRA FILES COMPLAINT AGAINST INSURANCE CARRIERS FOR
UNPAID CLAIMS RELATED TO PORT NEAL EXPLOSION
Sioux City, Iowa (April 14, 1997)-Terra Industries Inc. (NYSE symbol: TRA)
announced today that it filed a complaint late Friday, April 11, in Sioux City
federal court against its property insurance carriers. The complaint seeks,
among other things, monetary damages in excess of $150 million. This represents
unpaid claims related to the rebuild of its Port Neal plant, which was virtually
destroyed by an explosion in December 1994. The carriers are led by Industrial
Risk Insurers, a consortium of about 30 insurance companies.
To date, Terra has received $203 million in insurance payments but has incurred
much more than that in damages subject to the insurance claim. Six months ago,
Terra presented very detailed documentation to the carriers supporting
expenditures to rebuild the plant and to compensate for the property damage and
business interruption losses. The carriers, however, have failed to act in a
timely manner to handle the claim or to acknowledge their obligations to pay the
amounts owed; therefore, the company decided to file this lawsuit.
Terra Industries Inc., with 1996 revenues of $2.3 billion, is a leading marketer
and producer of nitrogen fertilizer, crop protection products, seed and services
for agricultural, turf, ornamental and other growers. Terra also produces
nitrogen products and methanol for industrial customers.
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Note: Terra Industries' news releases are available at no charge through PR
Newswire's "Company News On-Call" fax service. To obtain a Terra news release,
call 800-758-5804, code 437906.
