VANCOUVER, BC – After three years of operation under three different names, the Vancouver brewery currently known as TBA Beverage Co. is looking for investment or sale of company assets while it undergoes restructuring.
Later in 2018, Craft Collective acquired Postmark Brewing, although that partnership appears to have been severed earlier this year, when Postmark was relaunched as Settlement Brewing, and Craft Collective was rebranded as TBA Beverage Co.
While TBA has continued operations, a page on the website of corporate consultants The Bowra Group indicates that in April the company “filed a Notice of Intention to Make a Proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act”, and that Bowra Group is “seeking offers or an investment in, or the assets of, TBA”.
A recent management change has refocused the company on our own branded products as the path to enduring success. These efforts have proved fruitful in streamlining results and setting the company on a path to long term success. Unfortunately, with the downturn in the hospitality sector alongside some legacy internal issues it has become apparent that a restructuring is necessary to ensure that the company can consolidate our recent successes and emerge as a Company valued by employees, customers and suppliers.
Since the recent pandemic hit our revenue has been cut by approximately half with the shutting down of restaurants and pubs. We have seen strong retail sales since the pandemic has hit, but sadly, they are insufficient to cover the cost of operations. TBA has received an increased line of credit from its secured lender to help it during this process and the secured lender has committed to supporting this restructuring process.
The deadline for investment and purchase bids passed earlier this month, and it has not been announced if any successful offers were made. Further details and updates will be reported here on CBN as they become available.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
