OLYMPIA — Fish Brewing Company, a pioneer in Olympia’s craft brewing industry since 1993, is unable to pay its debts and a court-appointed receiver has taken control of the brewery’s assets.
Thurston County Superior Court documents show that Daniel J. Fallon, of Kirkland, was recently assigned to the benefit of the brewery’s creditors. Fallon is president, broker and owner of McCallen & Sons Inc.
Fish Brewing owes creditors $4.8 million with assets of $2.6 million. Creditors listed in court documents include South Sound Bank of Olympia, with a lien of $1.3 million, Pinnacle Capital Partners LLC of Tacoma, with a lien of $215,000 and CEL Holding LLC of Beaverton, Oregon, with a lien of $40,000. More than 100 shareholders were also listed.
Court documents state that Fallon will take over for Fish Brewing’s president and chief executive officer, S.A. Leone.
The court agreement between Leone and Fallon states that McCallen & Sons will administer and liquidate the estate, converting it into money to pay back creditors.
In the event all debts and liabilities are paid in full, the retainers off the estate would be returned to Leone.
The court-appointed receivership comes shortly after Fish Brewing in February closed its new pub and restaurant at Point Rushton in Tacoma.