Bremworth has reached an agreement with its insurers for a further progress payment of $16.5 million as it rebuilds its Napier plant after last year's Cyclone Gabrielle.
The agreement brings the total progress payments to $62m.
The payments, which are non-specific as to material damage or business interruption, will be used to reinstate the spinning plant assets and rebuild the business to pre-Cyclone Gabrielle capability.
While the insurance claims for material damage and business interruption are complex, the company's directors expect to provide an update when Bremworth releases its full-year results in August 2024.
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