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Sale of Hibernia nears completion.

Sale of Hibernia nears completion

The sale of Hibernia Brewing Ltd., of Eau Claire, WI, which has been delayed for six months by concerns about a gasoline leak on brewery property, is expected to be completed in the next month, a secured creditor of the bankrupt company says.

Richard Gannon, senior vice president at First Wisconsin National Bank of Eau Claire, said the bank reached an agreement last week to close the deal with liquidator Jerry Golberg, of Watford City, ND, who submitted the high bid of $250,000 at a bankruptcy auction in October.

A month after the auction, soil tests revealed that some gasoline had leaked from two underground tanks at the 101-year-old brewery, which closed in August of 1988. The transaction was put on hold while the parties involved waited for the results of a study about the extent of the leak and how to clean it up.

"We think we've resolved the contamination problem, and we hope to close the deal within 30 days," said Gannon, who declined to release details of the settlement, which was approved last week by the U.S. Bankruptcy Court in Eau Claire.

Gannon said he believes the tanks, and possibly some contaminated soil, will have to be removed but that the leak did not create a major problem.

The former Walter Brewing Co. had used the underground tanks to fuel delivery trucks. Golberg previously acknowledged that he had been approached by several potential operators about leasing or buying the Eau Claire brewery, which includes 63,497 square feet of space in four buildings. But Gannon said that, in recent negotiations, the buyer did not indicate his intentions for the brewery.
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Title Annotation:Hibernia Brewing Ltd.
Publication:Modern Brewery Age
Date:May 28, 1990
Words:280
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