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Wednesday, November 08, 2006

Pittsburgh Still Brewing: Closed Door Meeting Holds Out Hope

Iron City Beer is still flowing today from Pittsburgh Brewing after a closed door meeting in U.S. Bankruptcy Court on Tuesday. The 145-year-old brewery received a reprieve after a hearing on the brewery's unpaid federal excise taxes.

The U.S. Alcohol & Tobacco Tax & Trade Bureau told the court it did not want to shut down the brewery as long as Pittsburgh Brewing follows an earlier order for payment of its excise tax obligations. According to the federal government, Pittsburgh Brewing is the largest brewer in the country behind in excise tax payments.

Pittsburgh Brewing filed for bankruptcy in December 2005 after the Pittsburgh Water & Sewer Authority said it would terminate service unless more than $2 million in unpaid bills were brought current.

A creditor's committee has filed an objection to Pittsburgh Brewing's plan to emerge from bankruptcy and is said to be considering proposing alternative executives to take control of the company.

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