Summit Brewing Avoids Foreclosure After Finding a New Lender

A month ago, I wrote about Summit Brewing in St. Paul, MN facing foreclosure because they are over $8 million in debt. Yikes... Summit is one of the most well-known breweries in Minnesota, so losing them would be really sad.

But good news! Summit Brewing has been saved!

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Why Did Summit Brewing Almost Close?

In case you missed the story about why Summit was facing foreclosure, here's a quick rundown from the article that I wrote:

Documents were filed with Ramsey County on Thursday from BMO Bank because Summit owes them over $8.2 million for two loans (including interest and legal fees).
...

Summit ended up not being able to pay BMO and entered a forbearance period with "a July 31 deadline to pay off its debts while meeting a minimum profitability benchmark."

On June 15th Summit let BMO know they wouldn't be able to pay off their debt. They tried to find a resolution but BMO demanded a full repayment in August and now a foreclosure notice has been issued.

The President and CEO of Summit, Brandon Bland, then released a statement saying, "we intend to continue evaluating every option available to us as this process moves forward."

Well he did a great job, because they've now found an option!

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Summit Brewing Has Found a New Lender

The option that has saved Summit from foreclosure is finding a new lender. KARE 11 writes that "the deal ends BMO's role as the brewery's lender".

A statement from Summit says that this new lender will acquire the loans and will with "with the company’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."

The name of the new lender has not been made public from what I can tell, but that's ok by me. I'm just excited that Summit has been saved and is sticking around!