Dregs of Rivertowne’s brewpub chain for sale again in bankruptcy saga
Two closed taverns that once belonged to bankrupt Rivertowne Brewery Co. are for sale again after a deal to sell the Verona property fell through and the North Huntingdon site never attracted a buyer at auction.
Fybo Management Inc., one of the interlocking bankrupt companies that operated Rivertowne’s Murrysville brewery and its four taverns, wants at least $140,000 from an auction for the two liquor licenses and assets remaining at the two locations. A Jan. 24 hearing is scheduled in bankruptcy court in Pittsburgh.
The real estate at the North Huntingdon and Verona sites is not for sale, nor are the assets of the closed Monroeville Pour House and Rivertowne North Shore, both of which closed last year as the Rivertowne chain collapsed into bankruptcy in May.
Fybo wants bids of at least $10,000 each for the personal property at its North Huntingdon Pub & Grille on Route 30 and its Rivertowne Inn on Jones Street in Verona. It wants at least $60,000 for each of its liquor licenses at both sites.
Rivertowne is conducting the auction, in part, because Helltown Brewing of Mt. Pleasant and Brewery Acquisition Co. terminated a deal to buy the assets of the Verona site for $218,500. The North Huntingdon Pub & Grille did not attract any bidders when the property, along with Rivertowne’s other assets, was placed on the auction block in October.
The sales agreement was approved Nov. 2 by Judge Gregory Taddonio as part of Helltown’s $1.75 million purchase of Rivertowne’s brewery in Murrysville.
Shawn Gentry, owner of Helltown, said he and his majority partner, Arnold Burchianti of Mars, Butler County, backed out of the deal to acquire the Verona assets because of difficulties in buying that property, which was leased by Rivertowne. Similar difficulties arose with assets at the Monroeville Pour House, which Helltown offered to buy for $123,250 before terminating that deal as well.
As part of Rivertowne resolving its Chapter 11 bankruptcy case, S&T Bank of Indiana took over the assets of the North Shore tavern, which closed Oct. 31. S&T Bank held the North Shore tavern’s assets as collateral for financing.
The 2.9-acre North Huntingdon property is owned by Rivertowne partners Christian Fyke and Joseph Boros Jr., both of Monroeville, according to Westmoreland County Recorder of Deeds documents. While Fyke and Boros are partners in bankrupt Fybo Management, the property, purchased for $520,000 in 2011, is owned by them personally, according to the deed.
Joe Napsha is a Tribune-Review staff writer. You can contact Joe at 724-836-5252 or firstname.lastname@example.org.
Joe Napsha is a Tribune-Review staff writer. You can contact Joe at 724-836-5252, email@example.com or via Twitter .