Mendocino Brewing Company, Inc., Releta Brewing Company LLC and MB Financial Bank, N.A Enter into Ninth Amendment to the Credit and Security Agreement
March 01, 2017 at 01:55 pm EST
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Effective February 23, 2017, Mendocino Brewing Company, Inc., Releta Brewing Company and MB Financial Bank, N.A. to the Credit and Security Agreement by and between the Borrowers and Cole Taylor Bank dated June 23, 2011, as previously amended on March 29, 2013, January 21, 2015 (the Second Amendment), June 20, 2016, July 22, 2016, September 21, 2016, October 18, December 22, 2016 and January 25, 2017. The Agreement provides the Borrowers a credit facility, secured by the personal property of the company and RBC, and the Registrant's Ukiah, California facility, among other items of the Borrowers' property. Prior to the Ninth Amendment, the credit facility was to mature on February 28, 2017, and consisted of a $1,250,000 revolving facility, a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure line of credit. Borrowers advised the Lender that they were unable to pay the Obligations (as defined in the Agreement) by the current maturity date of February 28, 2017 and requested that the Lender amend the Credit Agreement to extend the current maturity date. The Ninth Amendment extends the maturity date of the Credit Agreement from February 28, 2017 to March 31, 2017. Lender has absolutely no commitment and has made no agreement to extend the maturity date beyond March 31, 2017. In connection with the Ninth Amendment, Borrowers paid a $15,000 amendment fee to the Lender, which was charged to the revolving line of credit provided by Lender under the Agreement.
Mendocino Brewing Company, Inc. (MBC) is a craft brewer. The Company produces ales and lagers in its breweries in the United States. The Company operates through two segments: brewing operations, tavern and tasting room operations in the United States and Canada (the North American Territory), and distributor operations in Europe (including Austria, Belgium, Denmark, Ireland, Italy, the Netherlands, France, Finland, Germany, Greece, Iceland, Liechtenstein, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom) (the Foreign Territory). The Company's operations in the North American Territory consist primarily of brewing and marketing craft beers. The Company's operations in the Foreign Territory consist primarily of the marketing and distribution of Kingfisher Premium Lager in the Foreign Territory through Indian restaurants, chain retail grocers, liquor stores and other retail outlets (such as convenience stores).
MENDOCINO BREWING COMPANY, INC. 
