20 April, 2007

USA: Another objection to Pittsburgh Brewing’s bankruptcy plan

U.S. Alcohol and Tobacco Tax and Trade Bureau filed an objection to a plan by private equity fund manager John Milne of Westport, Conn. to give the brewery a $250,000 line of credit, The Pittsburgh Channel published April 19.

Brewery officials said they need the money for ingredients so they can keep brewing beer while their bankruptcy reorganization plan awaits court approval. But officials from the federal bureau oppose the plan because it calls for the credit line to be repaid before other creditors -- including the ATTTB, which is owed federal excises taxes on the beer it brews and ships.

Other creditors have objected to the plan, saying they would get more money if the 146-year-old brewery closed down and was sold.

A judge is supposed to review the bankruptcy plan later this month.

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