Brewer Files Bankruptcy Reorganization Plan
Leonard, Kim, Tribune-Review/Pittsburgh Tribune-Review
Bankrupt Pittsburgh Brewing Co. today filed a financial reorganization plan that anticipates the brewer of Iron City and IC Light will get $7 million in new financing to keep it alive.
The plan filed in U.S. Bankruptcy Court in Pittsburgh keeps the two key investors in place. Joseph R. Piccirilli, company president, would retain 50 percent ownership of the historic brewery he bought in 1995. Piccirilli said in the plan that he is owed $2 million related to guaranteeing debts.
Also, Jack P. Cerone, a Chicago area attorney who paid $1.5 million three years ago to buy two brewery loans worth almost $6 million, would increase his stake in the Lawrenceville brewery from 20 percent to 40 percent.
Cerone has an $8 million claim against the brewery related to the loans. At the time that Pittsburgh Brewing filed for bankruptcy in December 2005, Cerone owed 10 percent of the stock and had rights to buy an additional 10 percent.
Pittsburgh Brewing said it anticipates getting $7 million in new financing, consisting of a mix of new equity investment and a commercial loan.
The plan was filed this afternoon, hours before the deadline would have expired for Pittsburgh Brewing's exclusive rights to file a reorganization plan. …