Summit Brewing avoids foreclosure as a new lender takes over its loans

St. Paul's Summit Brewing Company reached an agreement that ends BMO Bank's role as its lender; its outstanding loans were acquired by a new lender the company did not name. BMO had sued to foreclose last month, and Summit owed about $8.2 million. The brewery says its taproom and day-to-day operations continue as usual and it expects no change in supply. Deal terms are still being finalized, and the new lender is working with Summit on a recapitalization and growth plan.

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