Imperial Sugar Company (OTC BB: IPRL) yesterday announced completion of the sale of its Diamond Crystal Brands nutritional products business to Hormel Foods Corporation (NYSE: HRL ; "Hormel") for approximately $65 million in cash, subject to certain post-closing adjustments. The transaction was approved by the U.S. Bankruptcy Court for the District of Delaware as Imperial Sugar Company filed a petition for relief under chapter 11 of the U.S. Bankruptcy Code on January 16, 2001. The Company expects to apply approximately $51 million of the net after-tax proceeds to permanently reduce debt.