06 October, 2006

USA: Pittsburgh Brewing seeking OK for $500,000 credit line

Bankrupt Pittsburgh Brewing Co. asked on October 5 U.S. Bankruptcy Court in Pittsburgh to approve a line of credit for up to $500,000 from Craig E. Newbold, an East Liverpool, Ohio, entrepreneur.

The Lawrenceville brewery, maker of Iron City and IC Light beers, said that $250,000 of the line of credit would be available immediately upon court approval, and the remaining $250,000 would be available 30 days after the first advance, according to court documents. The line of credit, which carries a 10 percent interest rate, would be available until March 31, or whenever the company's reorganization plan is approved, whichever comes first. The money only can be used for working capital, and not to pay for past debt.

Pittsburgh Brewing said it needs an influx of operating capital to help fund ongoing operations and assist in the funding for its reorganization plan. Newbold will not be one of the owners of the company as a result of the line of credit, said Tracey Perles, a company spokeswoman. Judge M. Bruce McCullough scheduled a hearing on the request for Nov. 17.

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