Summit will keep beer flowing as loans are transferred to new lender

Summit Brewing will avoid foreclosure after it reached an agreement to have its outstanding loans acquired by a new lender.

Last month, Chicago-based BMO Bank sued to foreclose on the St. Paul brewery and place Summit’s assets in receivership after the company failed to pay off a $1.25 million revolving line of credit. The court filing states Summit owed the bank $8.2 million in total.

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Summit now says it has an arrangement in place for BMO Bank to offload that debt onto a new lender. The brewer said the agreement offers a new chance for the company to get on stable financial footing.

While the exact details of the deal are still in process, Brandon Bland, Summit’s president and CEO, said the development marks &ldqu...