USA, OH: Actual Brewing Company files for chapter 11 bankruptcy protection

In the wake of sexual assault allegations against Actual Brewing Company founder Fred Lee, the Columbus, Ohio-based craft beer company has filed for chapter 11 bankruptcy protection, according to Columbus Business First.

Citing financial filings in the case, the outlet reported that Actual Brewing lost $558,080 in 2018 and $255,225 in 2016 (2017 numbers were not disclosed). The company reported assets of between $500,000 and $1 million as well as liabilities of between $500,000 and $1 million.

Actual’s largest unsecured claim is a $100,000 loan made by John Dilley, Business First reported. The company also owes federal taxes of $55,000 and thousands of dollars to other creditors, including the Ohio Department of Job and Family Services ($3,750), the city of Columbus ($3,500), Keg Logistics ($21,392), mobile canner Iron Heart Canning ($5,087), and its landlord, Plaza Properties ($39,068).

A 2016 tax filing revealed that 54 people invested in Actual Brewing, but Business First cited sources saying the Lee and his wife, Mira Lee, who is also an owner, had accepted additional investments that diluted their share of the company to about 30 percent.

Lee previously stepped down as CEO after Columbus Alive reported that numerous women alleged Lee sexually assaulted or harassed them. Lee has denied the claims.

Meanwhile, the company is facing a civil lawsuit from an investor attempting to recoup $50,000, the outlet reported.

25 February, 2019