US: Pittsburgh Brewing loan request faces opposition
Troubles are mounting for the bankrupt Pittsburgh Brewing Co., with a financing plan facing opposition from a number of creditors.
The Pittsburgh Water and Sewer Authority, as well as several other creditors, have this week objected to the brewer's request for US$500,000 from a secret investor. The request is Pittsburgh Brewing's second call for approval for $500,000 from an investor.
This week's rejection was based on stipulations that would give the lender precedence over the creditor's claims. The US Bankruptcy Court is set to consider the proposal late next week.
Among the other creditors opposing the request are the Federal Alcohol and Tobacco Tax and Trade Bureau, and MeadWestvaco, which leases equipment to the company.
Earlier this month, the US brewer, which last year filed for protection from creditors under federal bankruptcy regulations, was told by the Water and Sewer Authority to pay over $147,000 in charges accrued since the filing.
Last year's bankruptcy protection application was prompted by Pittsburgh Brewing's failure to pay bills amounting to $2.5m for water and sewerage. The company is still operating under Chapter 11 protection.
Sectors: Beer & cider
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