A family business is trying to save its struggling brewer from bankruptcy, but it’s going to have to do some soul-searching.
Nadal family businesses has spent years trying to make it profitable and make it the go-to brewery for a number of the world’s most famous brewers, including Guinness, MillerCoors and Corona.
But as the company has lost customers to bigger brands, the brewer has been forced to raise prices and raise prices more, according to The Wall Street Journal.
Nadal, a small brewery with no employees, has been working on a plan to save it from the brink of insolvency.
It hopes to find a buyer, but its biggest competitor, the family-owned Deloitte & Myers, is looking to buy in for $10 million to $20 million, according the WSJ.
The brewer, which makes specialty beers and is owned by its two sons, says it has already secured more than $500 million in financing.
But it is trying desperately to stay afloat, and the company is hoping to raise another $100 million through a private placement.
In January, the WSJC reported that the family is looking for a buyer for the brewery and hopes to have the deal completed by the end of the month.
Nadel says it will use the proceeds to pay for a turnaround plan and the acquisition of assets, including its plant in Chicago.
The company also plans to expand its sales in the Midwest, which are struggling to keep up with demand.
The family is also working on its plans for a new brewery in Chicago, which would allow it to keep selling beer in its home state of Minnesota.
The brothers are the first to be named in the bankruptcy filing, which has raised the prospect of the family having to sell its assets to fund a deal.
The deal would be a boon for the family’s finances, as it would help pay for the purchase of the company’s assets and to keep it afloat.
The Wall Street News also reported that Nadel has been in talks with investors and that they have been interested in the deal.