Summit Brewing Company facing foreclosure, $8.2M in unpaid debt
Summit Brewing Company in St. Paul, Minnesota.
(FOX 9) - Summit Brewing Company in St. Paul, Minnesota is facing foreclosure after its lender sued them over more than $8.2 million in unpaid debt.
What we know:
Summit Brewing took out two loans from Chicago-based BMO Bank on Dec. 31, 2024 — a revolving line of credit for $1.25 million and a term loan for $6.875 million, according to a civil complaint filed in Ramsey County last week.
Both loans were secured by a mortgage on the brewery's St. Paul property, which was recorded with Ramsey County on Jan. 6, 2025. The bank also holds a security interest in substantially all of Summit Brewing's personal property, including furniture, fixtures, machinery, equipment, inventory, accounts, vehicles, patents, trademarks, trade names, goodwill and other assets.
The two loans were modified twice — first in February 2025 and again in May 2025 — before Summit Brewing missed a key payment deadline, according to the complaint.
Dig deeper:
Summit Brewing defaulted when it failed to pay off the revolving line of credit in full when it came due on Dec. 31, 2025, according to court documents. That missed payment also triggered a default on the term loan. BMO Bank then entered into a forbearance agreement with Summit Brewing on Jan. 1, 2026, agreeing to hold off on pursuing its legal remedies through July 31, 2026, while the brewery worked to get back on track.
Under that agreement, Summit Brewing was required to meet a minimum earnings threshold, comply with all obligations and pay off the full balance of both loans by the end of the forbearance period, according to the complaint.
On June 15, 2026, Summit Brewing sent written notice to BMO Bank saying it would not meet the minimum earnings requirement, would not have enough money to repay the revolving loan by the end of the forbearance period and that its financial position and operational flexibility continued to deteriorate, according to court documents.
On Aug. 13, 2026, BMO Bank formally notified Summit Brewing of those defaults, declared the forbearance agreement terminated and demanded immediate repayment of all amounts owed under the loan documents, according to the complaint. Summit Brewing has not paid or resolved any of the defaults since then, the bank said.
What's next:
BMO Bank is asking the court to appoint a receiver to take control of Summit Brewing's assets because the company "is insolvent or is in imminent danger of insolvency," the court documents say.
What they're saying:
In a statement provided to FOX 9, Summit Brewing says its day-to-day operations are expected to continue during the proceedings, but acknowledged the
"Our Board and management team have made substantial efforts over many months to chart a different course for this company," said Brandon Bland, President & CEO of Summit Brewing. "This reflects the difficult capital environment the entire craft brewing industry is navigating, not a reflection of the strength of our brand, our people, or our operating model. We're incredibly proud of this team and everything they've put into this business, and we intend to continue evaluating every option available to us as this process moves forward."
Founded in 1986, Summit Brewing is one of Minnesota's largest breweries and has been in operation for 40 years.
The Source: This story uses information from a civil complaint filed in Ramsey County District Court on September 10, 2026, and a statement from Summit Brewing Company.