The rescue plan, put forward by owners Nathaniel and Callum Reeve, has been signed off on by creditors who have settled for just 15c on the dollar.
South East Brewing Company, which trades as Kaiju Beer, located in Dandenong South in the city’s southeast, melbourne-craft-brewer-kaiju-puts-forward-rescue-deal-amid-5m-debt-pile/news-story/d5494ff5f071a65433d9194a29f04a75″ title=”www.heraldsun.com.au” data-tgev=”event119″ data-tgev-container=”bodylink” data-tgev-order=”d5494ff5f071a65433d9194a29f04a75″ data-tgev-label=”news” data-tgev-metric=”ev”>called in the administrators last month after it collapsed into insolvency amid a $5m debt pile.
The Reeves, who are brothers, will inject $680,000 within 12 months to settle all creditor claims, in exchange for control of their brewery.
It’s understood Callum has been required to stand down as chair of the Independent Brewers Association due to a requirement in their constitution that orders board directors to resign if their breweries enter administration.
Bright Brewery national business development and brand manager Evin Craney, who was previously deputy chair, is now listed as chair on the association’s website.
Kaiju is an award-winning brewery, taking out the title of Champion Medium Australian Brewery at the Australian International Beer Awards last year.
Its products are sold at major liquor outlets including BWS, Liquorland and Dan Murphy’s.
Under the rescue deal, signed off on by creditors late last week, employees, who are owed $215,230, will get paid out in…
