Most of America celebrates Independence Day on July 4th. For fans of Iron City beer the real celebration will take place three days later.
U.S. Bankruptcy Judge M. Bruce McCullough has approved Pittsburgh Brewing Co.'s reorganization plan. The company has been operating under bankruptcy protection since December 2005 when mounting debt and the threat by the Pittsburgh Water & Sewer Authority to shutoff service forced the company to file.
Pittsburgh Brewing Acquisition LLC headed by John Milne managed to get creditors to accept $5.03 million to satisfy more than $26 million in debt. The company plans to invest more than $4 million in upgrading the facility and marketing brands from the 147-year-old brewery. The company expects to receive funding from the commonwealth of Pennsylvania, Allegheny County and the city of Pittsburgh.
Pittsburgh Brewing had a previous stint in bankruptcy in 1995.