Despite the huge success of their star gin, the St. Laurent Distillery struggled with about $13.5 million in debt and filed for bankruptcy.
The Rimouski company has thus taken steps with its creditors, the “Journal Le Soir” announced on Thursday.
Local media reported that Distillerie du St Laurent co-owner Joël Pelletier signed a letter of intent last week to make an offer to creditors, as required by law.
A total of 29 creditors make the list, including several large ones such as Investissement Québec ($3.85 million) and Desjardins Venture Capital ($1.35 million).
Note that the company inaugurated new facilities in Rimouski last July. Originally valued at $9.5 million, the project ended up costing $11.5 million.
His first product, Gin St.Laurent, was a huge hit and is now available in 14 countries around the world. It owes its unique appearance to the fact that it is made with seaweed from the river.
The St. Laurent Distillery now produces seven different spirits.