San Diego Beer News announced today the final chapter in a long a chaotic journey for Modern Times Brewing to find a buyer.
The long and convoluted story began back in April when Modern Times Brewing of San Diego announced that its senior lender had filed legal action which resulted in receivership and a sale of the brewery through auction. Although Maui Brewing had shown interest in acquiring Modern Times back at that time by offering a “stalking horse” bid, the sale went to a full auction process in June.
Brewery X, a craft brewer based in Anaheim, California was the apparent winning bidder and appeared to be the new owner of Modern Times. But three days later the auction was thrown into disarray as the winning bid by Brewery X was disputed by a company associated with North Carolina-based TRU Colors Brewery which filed an objection to the outcome of the June 17 auction. A Superior Court judge ruled that Brewery X was in fact the legitimate winner of the auction at which point Brewery X elected not to complete the sale process.
After Brewery X dropped out in early July, it was unclear if Maui Brewing had moved on to new adventures or might still be interested.
And now we know. Both companies confirmed the deal which is set to close by October.
Full story here.