BMO Bank Files Foreclosure Against Summit Brewing Over $8.2 Million Debt

BMO Bank has filed a foreclosure lawsuit in Ramsey County Court against Summit Brewing Company to collect at least $8,220,742.10 in unpaid debt. The debt stems from a $6.875 million term loan and a $1.25 million revolving line of credit issued in late 2024. The brewery defaulted on a payment in January 2026 and subsequently failed to meet the terms of a forbearance agreement that expired on July 31, 2026.

BMO Bank is requesting that a judge appoint a general receiver to take possession of and manage the company's assets, including its brewing equipment and the facility located at 901 Montreal Circle in St. Paul. The bank dissolved the forbearance agreement in August to demand full repayment of the loans.

CEO Brandon Bland attributed the financial distress to rising costs, shifting consumer habits, and a difficult capital environment affecting the broader craft brewing industry. He stated that the board and management team worked with outside advisors for months to pursue refinancing and restructuring, but failed to reach a resolution with the lender. Summit Brewing intends to maintain its day-to-day operations, including its taproom and distribution, while evaluating options for new investment or restructuring to avoid closure.