Lenders Take Over Drink Firm City Brewing, Management Steps Down

A group of City Brewing Co.’s lenders have taken control of the firm after the beverage maker sealed a restructuring deal, according to a Wednesday press release.

• The deal had “significantly” reduced debt and enhanced liquidity
• David Taylor, executive chairman of City Brewing, has stepped down
  • Ross Sannes, chief executive officer, will continue to lead the business alongside a new board of directors
• NOTE: Earlier this year, City Brewing has held discussions with creditors about an out-of-court restructuring, Bloomberg News reported in March
  • The most recent debt deal follows a restructuring last year, where the company shuffled assets ...