Brewery says it has investor to bail it out
Thursday, November 30, 2006 By Len Boselovic, Pittsburgh Post-Gazette
Pittsburgh Brewing President Joseph Piccirilli said today an unnamed investor has offered "more than enough" money to help current management bring the Lawrenceville brewer out of bankruptcy as early as February.
Mr. Piccirilli said the investor, whose name was not disclosed, is offering more than the $7 million in debt and equity outlined in a reorganization plan the brewer filed in October. Creditors said that plan was not viable.
Pittsburgh Brewing will file an amended reorganization plan in December based on the new proposed financing, company attorney Robert O. Lampl told U.S. Bankruptcy Court Chief Judge M. Bruce McCullough during a
20-minute hearing."The debtor has a funding source who is ready, willing and able," Mr. Lampl said. "We have the elements of a confirmable plan."
Creditor attorneys who spoke at the hearing said they are willing to give the proposed investor time to complete its investigation of the brewery and finalize the financing. One big hurdle in that process is resolving the claims of creditors.
"We believe we can reach agreement with all these parties," said Robert Sable, the attorney who represents the brewery's unsecured creditors.
Pittsburgh Brewing sought bankruptcy protection Dec. 7 after the Pittsburgh Water and Sewer Authority threatened to terminate service over more than $2 million in unpaid bills. An attorney for the authority declined comment on today's developments.