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St. Paul's Summit Brewing Company faces foreclosure
MPR News • • business
Key Points:
- Summit Brewing Company, one of Minnesota's largest brewers, faces potential foreclosure on its St. Paul brewery after BMO Bank sued to collect over $8 million in unpaid debt.
- BMO Bank claims Summit missed a loan payment deadline at the end of last year and, despite a forbearance period until July 31, the brewery indicated in June it could not repay the loan due to deteriorating liquidity and operational flexibility.
- The bank is seeking a court-appointed receiver to take control of Summit's property and operations as part of the foreclosure process.
- Summit CEO Brandon Bland acknowledged financial struggles but emphasized ongoing efforts by management and the board to navigate the challenging capital environment affecting the craft brewing industry.
- No court hearings have been scheduled yet, and Summit plans to explore all available options moving forward.
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