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Heileman debts topped $1 billion.

Heileman debts topped $1 billion

Documents filed with the Securities and Exchange Commission show the long-term debt of G. Heileman Brewing Co., which was purchased in 1987 by Australian brewer Alan Bond, totaled more than $1 billion as of June 30.

Analysts previously estimated the debt of Heileman from the 1987 purchase by Bond Corp. Holdings Ltd. of Perth, Australia, at $850 million.

The report, filed with the SEC, showed Heileman lost $126.7 million on sales of $796.4 million in the fiscal year that ended June 30.

Heileman spokesman William Eiler recently said Heileman broke even on operating income -- or income before interest payments, taxes and non-cash charge -- for fiscal 1989.

Eiler added Heileman surpassed that performance for the first half of the current fiscal year.

"The trend is up," Eiler said. Bond Corp. Holdings posted the largest corporate loss in Australian history for the fiscal year ending June 30. The company lost $740.7 million on revenue of $6.6 billion.
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Title Annotation:Heileman Brewing Co.
Publication:Modern Brewery Age
Date:Feb 19, 1990
Words:164
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