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Wednesday, October 11, 2006

White Knight for Iron City?

Bankrupt Pittsburgh Brewing Co., in need of a cash infusion, may get help from an Ohio businessman to keep brewery workers turning out the Iron City brand. According to media reports in Pittsburgh, Craig E. Newbold, who operated a computer consulting business in the Seattle area before returning to his native Ohio, has offered Pittsburgh Brewing a $500,000 line of credit.

Newbold runs a nonprofit group called the American Spirit Initiative, which promotes itself as working to revitalize the economy in Appalachia and having a positive impact on lives of people in the region.

Pittsburgh Brewing filed for bankruptcy in December. In court documents the company says it needs operating capital to emerge from bankruptcy and has asked that a contract with 160 brewery workers represented by the International Union of Electrical Workers-Communication Workers of America be terminated. Union members voted against accepting concessions put forward earlier by the company.

Pittsburgh Brewing has been producing suds since 1861. With the recent sale of the Rolling Rock brand to Anheuser-Busch -- it now makes that beer in New Jersey -- and the sale of the brewery in Latrobe to City Brewing, many in Pennsylvania fear a similar fate for Iron City. The brand is famous for featuring Pittsburgh's championship sports teams on commemorative cans.

1 comment:

Craiger said...

However they can manage it, I really hope that Pitt Brewing can stay in business. As a beer enthusiast and loyal Iron City drinker, I dearly hope our historic landmark brewery stays afloat.