Bucephalas Stables Corp. o/a Indie Alehouse Brewing Co., NOI

Bucephalas Stables Corp. o/a Indie Alehouse Brewing Co., an Ontario-based craft beer brewer, filed an NOI on July 7 listing approximately $6.8 million in liabilities, including nearly $3 million to BDC and approximately $800,000 to BMO.

From its facility in Niagara Falls, Bucephalas brews beer for wholesale for over 150 retail locations (including LCBO stores and grocery stores), restaurants, and bars across Ontario. The company also operates a brewpub called the Indie Ale House located on Dundas Street in Toronto’s Junction neighbourhood, and a restaurant inside the Eataly department store located in Yorkville, Toronto.

The company’s financial difficulties arose when a major equipment supplier entered receivership in late 2018, resulting in the company losing $760,000 in deposits paid for brewing equipment. It was then hit by the COVID-19 pandemic, and has since struggled to maintain its significant debt payments to BDC and BMO.

Fuller Landau is the proposal trustee.

Counsel is Miller Thomson for Bucephalas, Aird & Berlis for the proposal trustee, Torkin Manes for BMO, and Blaney McMurtry for BDC.