Beer, Wine and Spirits. Tastings and Travel. News and Events. Classic Flavors from Breweries, Wineries and Distilleries Across the Drinks World.

Sunday, January 14, 2007

Pittsburgh Brewing Saga Continues: Brewer Works to Resolve Financial Issues

Pittsburgh Brewing Co. continues to try to keep its head above water while it finalizes an agreement with an equity investment firm.

In the latest moves, the company made a $49,000 payment to the U.S. Alcohol and Tobacco Tax and Trade Bureau after the government agency had filed a motion to U.S. Bankruptcy Court Judge M. Bruce McCullough to close the bankrupt brewer because the firm had failed to make a promised payment on Jan. 1st for the overdue excise taxes. Then the company was able to get negotiators for the 145 members of the International Union of Electrical Workers-Communication Workers of America Locals 22B and 144B who work at the plant to agree to contract concessions. The workers will vote on the new pact on Jan. 21st.

John Milne of Westport, Conn., who leads the investor group, will become Pittsburgh Brewing's new CEO. The group must file its reorganization plan with the Bankruptcy Court by Tuesday. Milne has said that part of the plan calls for spending at least $1 million on a marketing campaign for the Iron City brand.

No comments: