[Updated x4] Green Flash Brewing Inc. Foreclosed, Sells Green Flash and Alpine Assets
(San Diego, CA) – As a conclusion to Green Flash Brewing ending their national expansion strategy, closing Virginia Beach and Cellar 3, we have just learned that Green Flash Brewing, Inc.’s largest shareholder, Comerica Bank has foreclosed on it’s loans due to outstanding debt and poor business health and that Green Flash and Alpine assets have been sold to a risk management company in Michigan named WCIPA, LLC. We are still trying to learn more about this company. Here is the official memo that Green Flash President and CEO Mike Hinkley sent to over 100 shareholders this morning.
“Dear GFBC, Inc. Shareholders,
On behalf of myself and the Board of Directors of GFBC, Inc. (the “Company”), I am truly sorry to report that the Company’s senior lender, Comerica Bank, has foreclosed on its loans and sold the assets of the Company (other than the Virginia Beach brewery) to WC IPA LLC through a foreclosure sale which closed on March 30, 2018. As such, the Company no longer owns the Green Flash and Alpine businesses. Comerica Bank is currently conducting a separate process to sell the Virginia Beach brewery.
After a general slowdown in the craft beer industry, coupled with intense competition and a slowdown of our business, we could not service the debt that we took on to build the Virginia Beach brewery — and in early 2018, the Company defaulted on its loans with Comerica Bank. While we took substantial efforts to recapitalize the Company over the past several months, both before and after the bank default, we were ultimately unable to close a transaction.
While the Green Flash and Alpine brands will continue, they will do so under new ownership — and GFBC, Inc. and Alpine Beer Company, Inc. will be wound down and dissolved. I sincerely thank you for your support over the years.
Update 10:04am 4/3/18 – Here is a look to the California Alcohol Board. It would appear this new LLC has kept President Mike Hinkley on as an officer. LINK