One of Minnesota’s largest brewers could lose its St. Paul brewery to foreclosure after its lender sued them to collect more than $8 million worth of unpaid debt.
In a lawsuit filed last week, BMO Bank alleges Summit Brewing Company missed a loan payment deadline at the end of last year. The bank then agreed to a forbearance period — holding off trying to collect the loan — until July 31.
But BMO alleges in court filings that Summit indicated in a June letter that it still didn’t have the ability to repay the loan, and that its “liquidity position and operational flexibility continue to deteriorate.”
BMO wants a judge to appoint a receiver who could “take possession of, manage, operate, and property” belonging to Summit, according to the lawsuit.
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