TROY HILL — Pointing to estimated liabilities of up to $10 million, Pennsylvania Brewing Company — owners of the Troy Hill business Penn Brewery — filed for Chapter 11 bankruptcy protection on March 31. However, the location has remained in operation and leadership has vowed to move forward with the brewery.
“We want to address this directly and transparently before any speculation begins: Penn Brewery is not closing,” wrote Stefan Nitsch, the brewery’s owner, in a statement released to social media on April 2. “Like many businesses, we are utilizing Chapter 11 as a strategic tool to restructure and secure a stronger future.”
According to court documents obtained by The Chronicle, Pennsylvania Brewing Company estimates it has between $1 million and $10 million in liabilities, with First Commonwealth Bank listed as its highest debtor at $5.1 million. Meanwhile, the company estimates having up to $50,000 in assets…