Brewery says it has investor to bail it out

Thursday, November 30, 2006
By Len Boselovic, Pittsburgh Post-Gazette

Pittsburgh Brewing President Joseph Piccirilli said today an unnamed
investor has offered "more than enough" money to help current
management bring the Lawrenceville brewer out of bankruptcy as early as
February.

Mr. Piccirilli said the investor, whose name was not disclosed, is
offering more than the $7 million in debt and equity outlined in a
reorganization plan the brewer filed in October. Creditors said that
plan was not viable.

Pittsburgh Brewing will file an amended reorganization plan in December
based on the new proposed financing, company attorney Robert O. Lampl
told U.S. Bankruptcy Court Chief Judge M. Bruce McCullough during a
20-minute hearing.

"The debtor has a funding source who is ready, willing and able," Mr.
Lampl said. "We have the elements of a confirmable plan."

Creditor attorneys who spoke at the hearing said they are willing to
give the proposed investor time to complete its investigation of the
brewery and finalize the financing. One big hurdle in that process is
resolving the claims of creditors.

"We believe we can reach agreement with all these parties," said Robert
Sable, the attorney who represents the brewery's unsecured creditors.

Pittsburgh Brewing sought bankruptcy protection Dec. 7 after the
Pittsburgh Water and Sewer Authority threatened to terminate service
over more than $2 million in unpaid bills. An attorney for the
authority declined comment on today's developments.