Big haircut for Tribe Brewing creditors, new owners to take control
Key Points
- A majority of creditors voted in favour of the proposal which delivers them just 5.3 cents in the dollar but enables Tribe Brewing to continue as a going concern.
- The new owners are a group of noteholders including former Kathmandu founder Jan Cameron.
- Administrator FTI Consulting said Tribe Brewing’s 110 employees will have their entitlements preserved in full.
Creditors to collapsed craft beer company Tribe Brewing have voted in favour of a proposal which returns them just 5.3¢ in the dollar and hands ownership to a group of convertible noteholders which includes Kathmandu founder Jan Cameron.
It was a painful decision for creditors owed a combined $72 million, because administrators FTI Consulting had warned that if they rejected the only deal on the table and Tribe went down the path of liquidation, they would receive nothing.
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