Summit Brewing Company avoids foreclosure after reaching agreement with new lender
Summit Brewing Company in St. Paul, Minnesota.
ST. PAUL, Minn. (FOX 9) - Summit Brewing Company says it now has a clearer path forward after changing lenders, adding that operations are now expected to continue as usual.
READ MORE: Summit Brewing Company facing foreclosure, $8.2M in unpaid debt
Summit Brewing Company develops ‘long-term growth strategy’
What they're saying:
Summit Brewing Company said it reached an agreement with BMO Bank N.A. that concludes BMO's role as its lender, and that the outstanding loans have been acquired by a new lender.
The company said that the lender, which was not named in the news release, is "now working with Summit's management and ownership to develop and execute a recapitalization and long-term growth strategy aimed at strengthening Summit's balance sheet and supporting its vision for the future."
FOX 9 reported in September that Summit Brewing owed more than $8.2 million after defaulting on two loans and failing to meet the terms of a forbearance agreement.
What's next:
Summit said its brewery, taproom and day-to-day operations continue as usual. The company also said it does not anticipate any changes to supply for its customers.
The Source: This story uses information shared by Summit Brewing Company and previous FOX 9 reporting.