GREENSBORO, N.C. — One of Greensboro’s best-known businesses is seeking federal bankruptcy protection, citing the lingering response to COVID-19 as the reason.
On Oct. 16, Natty Greene’s Brewing Co. LLC filed for Chapter 7 bankruptcy in a move that affects brewing operations at 1918 W. Gate City Blvd., across from Greensboro Coliseum.
The Natty Greene’s restaurant in downtown Greensboro is a separate corporate entity and will remain in operation, according to Drew Brown, an attorney who has represented the company since its founding in 2004.
Unlike Chapter 11 bankruptcy, Chapter 7 is not a reorganization strategy. Nor does it involve filing a repayment plan as Chapter 13 does. Instead, under Chapter 7 the appointed bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay creditors.
© 2020 Cox Media Group