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

Summit will keep beer flowing as loans are transferred to new lender Kyle Brown KSTP (KSTP/file) 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.RELATED: Summit Brewing, $8.2 million in debt, faces foreclosureSummit 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 “a day of gratitude and genuine excitement” and allows the brewery to operate as usual.“There is still meaningful work ahead, but we now have a clear path forward that lets us get back to doing what we do best: making great beer and supporting everyone who has supported us over the past 40 years,” Bland said in a statement. “We’re excited to see this iconic Twin Cities brewery thrive for the next 40.”Summit, famous for its Extra Pale Ale, was founded in 1986 and is widely considered Minnesota’s first modern craft brewery.