Big Buck Brewery ready to emerge from Chapter 11

Modern Brewery Age,  March 14, 2005  

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Big Buck Brewery & Steakhouse is set to emerge from Chapter 11 bankruptcy within the next two months, company executives say. The company, which is a brewpub chain, filed for Chapter 11 protection in June, needing to restructure nearly $16-million in secured debt to the Wayne County Employees' Retirement System.

The restructuring plan was filed with the bankruptcy court in Detroit in October. Grosse Pointe-based acquisition company BBAC LLC purchased the $12 million in principal debt for $6.5 million and is actively working with existing management to resurrect the brewery's finances. A group of unsecured creditors is owed a total of $600,000 and will be paid $150,000.

Company CEO Mark Provenzano said Monday once the company emerges from bankruptcy, BBAC will play a "big role" in how the company operates.

The company operates three Michigan brewpubs. Big Buck closed its Grand Rapids location in September 2003. A fifth site in Nashville, Tenn. was never developed due to lack of funding. Furniture that had been ordered for that location is being used to replace older furniture at the operating sites.

The company, which opened as a microbrewery, will continue brewing its signature beers. The company gave up bottling beer in 2000 but Provenzano said it is considering bottling some of its specialty brews.

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