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September 19, 2007 - Investors Take Over Pittsburgh Brewing, Rename It Iron City Brewing
Can an infusion of money and management from new owners and a name change to reflect its most popular product turn around the nearly two year bankruptcy disaster that was Pittsburgh Brewing Company?

A group of investors headed by Connecticut businessman John N. Milne believe it can happen. They formally took control of the 146-year-old Lawrenceville brewery late yesterday afternoon, "promising to invest $4.1 million to modernize the plant and renew the appeal of Iron City and two affiliated brands, IC Light and Augustiner," according to Pittsburgh Brewing was forced into bankruptcy in December 2005 when the Pittsburgh Water & Sewer Authority threatened to terminate service because of more than $2 million in unpaid bills. It had posted operating losses of $1.2 million over the three years prior to bankruptcy, losses continued during its bankruptcy, with the brewery losing $3 million last year on sales of $24.5 million.--JACK CURTIN