Overview
- BMO Bank sued last week in Ramsey County seeking foreclosure and the appointment of a receiver to take possession of and operate Summit Brewing's property and assets.
- The bank says Summit owes about $8.22 million from two loans issued Dec. 31, 2024 — a $6.875 million term loan and a $1.25 million revolving credit line — secured by the St. Paul site and most company assets.
- Summit missed a payment in December 2025, entered a forbearance that expired July 31, 2026, and told BMO on June 15, 2026 that it would not have sufficient liquidity to repay.
- Summit’s leadership says the brewery will keep day-to-day operations running while it pursues refinancing, strategic transactions and restructuring after months of talks with advisors and the lender.
- The case underscores wider industry strains — craft beer production has fallen roughly 16% since 2019 — which could make refinancing, finding buyers, or resolving the debt more difficult if receivership moves forward.