As first reported by Albuquerque Business First on Tuesday, the ongoing Chapter 11 bankruptcy case filed by Bosque Brewing came to an abrupt end after a federal judge’s ruling.
Following a hearing last week, Judge Robert H. Jacobvitz dismissed the Chapter 11 filing, citing that Bosque simply had too many debts for any restructuring deal to overcome. No one, not even Bosque’s attorney, opposed the motion and it was officially granted Monday.
From here, there are some possible paths forward, but the likeliest is that Bosque will be declared insolvent. The brewery claimed in court filings to have approximately $2 million in assets, while owing $4 million to Live Oak Bank of North Carolina. That is the largest debt of any of the creditors, so it is likely that Live Oak will be the lone recipient…