04 May, 2007

USA: Judge approved Pittsburgh Brewing plan, creditors must now vote

Pittsburgh Brewing Co. could be out of bankruptcy by early next month if its creditors vote to accept a repayment plan approved by a judge, Associated Press reported May 3.

Under the plan approved Wednesday, a group led by private equity fund manager John Milne of Westport, Conn, will pay up to $4.9 million to settle about $26 million in debts with more than 200 creditors.

Creditors have until May 29 to vote on the plan. If approved, U.S. Bankruptcy Judge M. Bruce McCullough could sign off on it at a hearing June 5.

Milne's group plans to take over the 147-year-old brewery on June 8, saving 160 jobs. The group plans to invest at least $3.5 million in the brewery, and get a $2.5 million line of credit.

The brewery makes Iron City, I.C. Light and Augustiner beers.

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