My Christmas is truly ruined!
Pittsburgh Brewing files for Ch. 11 bankruptcy
Wednesday, December 07, 2005
By Len Boselovic, Pittsburgh Post-Gazette
Pittsburgh Brewing, whose Iron City beer has been a staple at Western Pennsylvania weddings, funerals, picnics and sporting events for more than 100 years, today filed for Chapter 11 bankruptcy.
The filing came as the Pittsburgh Water and Sewer Authority threatened to terminate service to the Lawrenceville brewer today over $2.5 million in unpaid bills, some of them dating back to 1996. Late this morning, Gregory Tutsock, executive director of the authority, said service would not be shut off because of the bankruptcy filing.
Chapter 11 gives debilitated companies protection from creditors as they attempt to reorganize their affairs with the aim of emerging from bankruptcy.
The filing, made in federal court Downtown, lists assets between $1 and $10 million and liabilities in the same range. The brewer said it had less than 50 creditors.
Pittsburgh Brewing employs about 250. It has been dogged by credit problems in recent years. In April, the company sought permission from the Pension Benefit Guaranty Corp. to terminate a frozen pension plan. It told the federal agency that it would be forced to go out of business if it had to cover the plan's $5.6 million deficit.
The company said it posted operating losses of $1.2 million over the last three years despite $1 million in cost cuts and millions of dollars in additional concessions from lenders, government agencies and others.
Wednesday, December 07, 2005
By Len Boselovic, Pittsburgh Post-Gazette
Pittsburgh Brewing, whose Iron City beer has been a staple at Western Pennsylvania weddings, funerals, picnics and sporting events for more than 100 years, today filed for Chapter 11 bankruptcy.
The filing came as the Pittsburgh Water and Sewer Authority threatened to terminate service to the Lawrenceville brewer today over $2.5 million in unpaid bills, some of them dating back to 1996. Late this morning, Gregory Tutsock, executive director of the authority, said service would not be shut off because of the bankruptcy filing.
Chapter 11 gives debilitated companies protection from creditors as they attempt to reorganize their affairs with the aim of emerging from bankruptcy.
The filing, made in federal court Downtown, lists assets between $1 and $10 million and liabilities in the same range. The brewer said it had less than 50 creditors.
Pittsburgh Brewing employs about 250. It has been dogged by credit problems in recent years. In April, the company sought permission from the Pension Benefit Guaranty Corp. to terminate a frozen pension plan. It told the federal agency that it would be forced to go out of business if it had to cover the plan's $5.6 million deficit.
The company said it posted operating losses of $1.2 million over the last three years despite $1 million in cost cuts and millions of dollars in additional concessions from lenders, government agencies and others.