USA, MS: Biloxi Brewing Company files for bankruptcy

One Gulf Coast business might be shutting its doors for good. Biloxi Brewing Company filed for Chapter 7 bankruptcy on Aug. 1, WLOX reported.

Filing a business bankruptcy lets the owners turn their business over to the trustee for an orderly liquidation. The business stops operating, and the court liquidates its assets and pays what it can to business creditors. Exemptions don’t apply in a business bankruptcy, so the trustee can take anything the business owns: The entire company is liquidated.

When the liquidation is complete and the proceeds have been paid out to creditors, the business won’t owe any remaining debts. Lease obligations, contracts, utility bills, credit cards, loans, overdue accounts, and all other business debts will have been paid to the extent possible by the bankruptcy trustee.

Before opening the location in downtown Biloxi, Biloxi Brewing Company brewed out of Lazy Magnolia in Kiln. CEO Mark Cowley was one Coast businessman to push for the allowance of craft beer sales at breweries back in 2016.

The company has been at the Bohn Street location since 2017.

08 August, 2019