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Celis Brewery Completes Recapitalization Through Successful Chapter 11

Celis Brewery, the original craft brewer in Austin, Texas, was founded in 1991. After a sale to Miller Brewing Company in the mid ’90s, the company shut down and was restarted in 2016. Rapid growth and overleverage resulted in financial default in 2018. This was followed by a Chapter 11 filing in 2019 to prevent foreclosure by the secured lender. The company’s Chapter 11 Plan of Reorganization was confirmed in early 2020 allowing the company to continue operations and expand its distribution of its signature Celis White and other microbrews, as well as expansion of its on-premises tap room and beer garden.

The Solution
Harney Partners was hired as Financial Advisor to the Company
Arranged for DIP financing facility through an existing financial partner
Provided oversight and reporting during the Chapter 11 proceeding
Supported the company's finance and accounting function as well as the preparation of reporting for the Bankruptcy Court and U.S Trustee's office
Prepared financial forecasts for feasibility and other requirements for the confirmation of the Plan of Reorganization
Led a competitive market process to achieve the best terms for exit financing
The Results
Plan of Reorganization confirmed by Bankruptcy Court
Gained support of secured creditors and SBA through the assumption of debt by these institutions
Celis Brewery’s new equity and recapitalization provided the brewery with the financing needed to expand operations and distribution of its craft beer
Services & Roles
Bankruptcy Advisory
Financial Advisor
*Some engagements may have been performed by team prior to joining Harney Partners.