ST. LOUIS — St. Louis craft brewery Urban Chestnut Brewing Co. said Friday it plans to file for Chapter 11 bankruptcy protection, with plans to reorganize the business with backing from a new investor.
Urban Chestnut has yet to file for Chapter 11 protection, a spokesperson said. The decision to file for bankruptcy comes as Urban Chestnut said it's reached an agreement with its new investor, Brian Travers.
The brewery did not disclose financial terms of its deal with Travers. It also did not share details on how much debt it's seeking to slash. It said the moves announced Friday will provide a "financial restructure that will relieve the company of the financial pressure it has experienced since the pandemic." Urban Chestnut faces two pending lawsuits filed earlier this year that involve two separate creditors alleging it has failed to pay loans totaling more than $400,000.