Pittsburgh Brewing Has New Deal in Hopper
Napsha, Joe, Tribune-Review/Pittsburgh Tribune-Review
The bankrupt brewer of Iron City and IC Light said Thursday it is close to getting financing so it can continue to brew beer in Lawrenceville.
Pittsburgh Brewing Co. President Joseph R. Piccirilli said yesterday after a U.S. Bankruptcy Court hearing that the company is finalizing a deal with investors willing to put sufficient funds into the 145-year-old brewery so that it can modernize the plant and market the brands. The deal will keep him in charge, but "with some minor refinements," which he would not specify.
Piccirilli, who bought the brewery in the Pittsburgh bankruptcy court in 1995 and owns a 44 percent stake, declined to say how much capital the company will receive, but said it will be more than the $7 million proposed in a financial reorganization plan filed in mid- October.
"We're raising more than we need. This will let me do what I need to do" to make the company a success, Piccirilli said.
Neither Piccirilli nor his attorney, Robert O. Lampl, would identify the investors. They were identified only as Northeast investors who have dealt with the company's court-appointed financial advisers, Chatsworth Securities LLC of Stamford, Conn.
Lee M. Gerkin, managing director of Chatsworth Securities, could not be reached for comment. Robert D. Albergotti, a Dallas attorney identified in court as the investor's lawyer, also could not be reached.
"We have the elements of a confirmable plan," but it needs to be refined, Lampl told Judge M. Bruce McCullough. The brewery intends to file a revised financial disclosure statement by Dec. 20, and hopes to have the reorganization plan approved by the creditors by mid-February. …