Minnesota Brewing Files Bankruptcy
St. Paul Maker Of Grain Belt, Pig's Eye Beers To Continue Operating
POSTED: 8:58 a.m. CST February 22, 2002
UPDATED: 9:03 a.m. CST February 22, 2002
Minnesota Brewing, maker of Grain Belt and Pig's Eye beers, said Thursday it filed for Chapter 11 protection from creditors.
Brewery president Jack Lee said investors in Gopher State Ethanol provided $3 million to pay the brewery's suppliers. Gopher state is a second company based at the St. Paul brewery,
Minnesota Brewing said it plans to file a reorganization plan in U.S. Bankruptcy Court next week. The brewery will keep making beer and its 180 workers will remain at their jobs.
The company recently asked the city of St. Paul to provide a $2 million loan guarantee.
Lee says that guarantee would have held off the Chapter 11 filing.
Copyright 2002 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

