Minnesota Brewing declared bankrupt, provides for the restructuring
Citing financial charges and equipment defects, the finalization of Minnesota Brewing Company, Chapter 11 bankruptcy claims and began planning the reorganization of the company Tuesday.
If the successful project of the U.S. Bankruptcy Court, the company shall receive protection against creditors Federal. The alternative, say Chapter 7 bankruptcy, would lead to bankruptcy of the company and the loss of 185 jobs.
The Brewing Company is able to stay afloat because of a loan of $ 3 million of the Gopher State ethanol plant. Plants and Minnesota Brewing are in possession of MBC Holdings.
“If we have not received money from the ethanol plant, we would have shut down,” said Jack Lee, President and CEO of MBC Holdings company, Minnesota Brewing the parent company.
Minnesota Brewing, is located in St. Paul’s West Seventh Street, cereals Belt Premium breaststroke, Pig’s Eye reserves, Brewer’s Cave and the yellow belly.
The brewery’s sinking began last year to $ 5.4 million a buy equipment for markets incoming traffic jam.
Lee said, despite a growing demand filling, the filling in of equipment failure caused a decline in production and loss of $ 3 million during the last year.
“We have updated our equipment, but both devices are not only accomplish what we need,” said Lee.
The brewery tries to $ 2 million a loan from the city of St. Paul to avoid arrest, but the proposal was rejected by the City’s Credit Committee.
Funding negotiations between the city and the brewery are currently on ice, St. Paul, but some officials have indicated they want to help save the brewery.
Randy St. Paul Kelly mayor and city councillor member Chris Coleman made a commitment to support and work to find alternative financial support.
In a statement issued in the last month, Kelly said that the city is MBC for two months to protect jobs, despite the controversy about the risks of the ethanol plant arises neighbouring citizens.
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