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G. Heileman debt restructuring possible.

G. Heileman debt restructuring possible

According to recent reports, G. Heileman Brewing Co. is close to an accord with its debt holders.

Several major banks are reportedly considering assumption of an equity position in Heileman. Apparently the debt holders have decided that their loans can best be recovered if Heileman can continue to operate. President Murray Cutbush, in speaking of the possible debt-restructuring, said, "[It] will put Heileman on a viable financial footing to continue into the future.

"The banks are taking a write-off of their debt," he continued, "having an equity investment in lieu thereof. We will not be hamstrung in putting an appropriate amount of support behind our major brands." Cutbush added that no sell-off of major Heileman brands will take place, although the company may continue with plans to sell some unnecessary breweries and minor brands.
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Title Annotation:G. Heileman Brewing Company Inc.
Publication:Modern Brewery Age
Date:Apr 23, 1990
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