AMERICAS DISTRESS DAILY: Lenders Take Control of PBR Brewer

A group of City Brewing Co.’s lenders have taken control of the firm after the beverage maker sealed a restructuring deal.

• The transaction “significantly” reduced debt and enhanced liquidity, the company said. Earlier this year, City Brewing had held discussions with creditors about an out-of-court restructuring.
• David Taylor, executive chairman of City Brewing, which makes White Claw and Pabst Blue Ribbon, stepped down. Ross Sannes, chief executive officer, will continue to lead the business alongside a new board of directors.

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