Rivertowne’s brewery, restaurants go up for sale
Rivertowne Brewing and its four area restaurants are going up for sale as part of the company’s bankruptcy reorganization.
Bidders for Rivertowne’s Export-based brewery and four restaurants have until Oct. 10 to submit offers to U.S. Bankruptcy Court for the Western District of Pennsylvania before a sale Oct. 16. Judge Gregory L. Taddonio will preside.
Rivertowne’s restaurants are located in Verona, where the company was founded in 2002, Monroeville, North Huntingdon, and the North Shore.
The brewery and restaurants can be sold separately or together in a package.
Rivertowne filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in May. Since then, the company’s 140 employees have continued operations while creditors were held at bay and the company reorganized.
Gordon Brothers Commercial & Industrial LLC, a Boston-based investment company, has submitted a cash bid of $1.35 million for Rivertowne’s brewery, with the right to acquire the restaurants as well.
Gordon’s so-called “stalking horse” bid sets the minimum amount that can be offered for Rivertowne’s assets.
Daniel Schimizzi, a lawyer with the Downtown firm of Whiteford Taylor & Preston, which represents Rivertowne, described the bidding and sale as a “very open process.”