Friday, December 01, 2006
Pittsburgh Brewing: We Have the Money, Almost
The 145-year-old Pittsburgh Brewing Co. may live to brew again. The makers of Iron City told a U.S. Bankruptcy Court judge on Thursday that they have found an investor willing to keep the company in operation.
Brewery President Joseph R. Piccirilli, who was part of a group that purchased the company when it was bankrupt in 1995, said an investor is ready to put up more than $7 million to fund modernization of the brewery and marketing campaigns. Attonreys for the company and investor are trying to finalize details of the deal. Piccirilli and Pittsburgh's attorneys would not identify the mystery investor group, but said they planned to file a revised financial disclosure statement by Dec. 20. The name is likely to be in that filing. The brewery hopes to get creditors to sign-off on a reorganization plan by mid-February.
Pittsburgh Brewing filed for bankruptcy in December 2005 when the Pittsburgh Water & Sewer Authority threatened to shut off water because of unpaid bills. The federal government is also waiting for payment of excise taxes on beer brewed by the company.