Big haircut for Tribe Brewing creditors, new owners to take control

Simon EvansSenior reporter

Apr 4, 2023 – 5.41pm

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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.

Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide.