Overview
- BMO Bank filed the foreclosure complaint that was reported on Sept. 14, 2026, seeking repayment and asking a court to appoint a general receiver to take control of Summit’s property and operations.
- The bank says Summit took two loans at the end of 2024 totaling $8.125 million and that the balance including interest and fees stood at about $8,220,742.10 at the end of August.
- Summit missed a loan payment in December 2025, entered a forbearance that ended July 31, 2026, and told the lender on June 15 that it would not have sufficient liquidity to repay the debt.
- Summit’s CEO says the brewery will continue normal day-to-day operations while the company and its advisors pursue refinancing, strategic transactions and restructuring options.
- If a receiver is appointed the court-picked manager could run the brewery and protect creditor interests, a step that could affect employees, taproom service and any ongoing sale or refinancing; watch for scheduled hearings and any new financing offers.