As we reported, Modern Times Beer and Coffee Company of San Diego, California announced in February that it was closing four of its eight taprooms, including the taproom in Portland, Oregon. That began a period of uncertainty and speculation that culminated in April when Modern Times announced that a court-ordered receivership sale of the company was imminent. Today we learned that Maui Brewing Company made an offer.
“While this is just the first step in a long process, we believe in the Modern Times brand and feel it provides a tremendous opportunity for us,” Garrett Marrero, Maui Brewing co-founder and CEO, said in a press release. “They have an amazing, dedicated team and we hope to contribute to the next stage in their journey as a craft brewery.”
Maui Brewing’s bid to buy the company is an initial offer in the bankruptcy process. This kind of offer is often referred to as a “stalking-horse” bid. It marks a starting place for the auction of a company’s assets. Maui Brewing may increase its offer as the bidding ensues.
Brewbound reports that qualified overbids – those higher than Maui’s stalking horse bid – are due at 5:00 P. M. on June 3rd. Likely, an actual auction will take place on June 8th, with a hearing to confirm the winning bid later in the day in the Superior Court of Orange County.
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Maui Brewing Company produced over 62,000 barrels of beer in 2021, a 55 percent increase over the previous year. In 2021, it ranked 44th on the Brewers Association’s list of top 50 craft breweries in terms of production. Southern California is Maui Brewing’s second-largest market. Maui Brewing’s top market is its home state of Hawaii.
For more background on the situation at Modern Times Beer, read the report from the San Diego Beer News.
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