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Bank Begins Foreclosure Process for St. Paul’s Summit Brewing
BMO says Summit missed a loan payment and defaulted, and the bank wants a receiver to sell the brewery’s assets.
- On Thursday, Sept. 10, Chicago-based BMO Bank filed a lawsuit in Ramsey County District Court seeking to foreclose on Summit Brewing Company and appoint a receiver over at least $8.22 million in unpaid debt.
- Summit defaulted on a 2024 loan agreement in December 2025, entering a forbearance period ending July 31, 2026 after notifying BMO it would lack sufficient liquidity to pay.
- Collateral for the loans includes the 910 Montreal Circle property and brewing equipment, with the debt comprising about $7.88 million in principal, more than $313,000 in interest, and approximately $32,000 in fees.
- Summit CEO Brandon Bland stated the brewery "will continue to operate during the receivership proceedings" while leadership evaluates every available option for the business.
- Industry-Wide volume declines and rising costs have pressured craft brewers, with more than a dozen Minnesota breweries closing recently as part of a broader national trend affecting the sector.
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25 Articles
25 Articles
Duluth News Tribune+16 Reposted by 16 other sources
Bank begins foreclosure process for St. Paul’s Summit Brewing
Summit took out loans that totaled more than $8 million in 2024 as the craft brewing bubble began to burst, court documents say.
·Cherokee County, United States
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Coverage Details
Total News Sources25
Leaning Left2Leaning Right6Center13Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
C 62%
R 29%
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