Bosque Brewing files for Chapter 11 bankruptcy amid mounting debt - Kylie Garcia and Olivier Uyttebrouck, Albuquerque Journal
One of New Mexico’s most well-known brewers is seeking Chapter 11 protection after accruing millions in liabilities.
Bosque Brewing Co. LLC initiated a Chapter 11 bankruptcy filing with the United States Bankruptcy Court for the District of New Mexico last week. The company plans to continue serving pints while it reorganizes its finances through a court-approved reorganization plan, according to a statement Bosque spokesperson Natasha Souther provided to the Journal.
“This process is designed to allow us to continue operating our restaurants while we work with stakeholders to create a stronger path forward,” the statement said. “Our locations remain open, our teams remain focused, and our commitment to providing excellent hospitality and great experiences has not changed.”
Bosque Brewing Co., founded in 2012, is one of New Mexico’s largest brewers, with a footprint that spans nearly a dozen locations across the state, including a brewery and several taprooms and restaurants. The brewery has a large market reach, selling its products in stores across New Mexico and in El Paso. The company also owns Restoration Pizza.
The Albuquerque-based company lists $10 million to $50 million in liabilities compared with less than $10 million in assets, according to the petition.
The bankruptcy filing comes just weeks after Bosque announced a new partnership with Marble Brewery, which is handling the brewing, production and distribution of Bosque’s core beers.
Marble co-owner Jarrett Babincsak said Bosque’s restructuring will not impact the two breweries’ partnership.
“We will continue to brew the beers we’ve agreed to make, and also help them as partners and friends in any way we can,” Babincsak said. “We believe Bosque will come out the other side of this process better positioned for the future.”
Before the partnership, Bosque was producing core beers in Colorado for several months due to wastewater constraints at its Bosque North brewing facility in Bernalillo.
The two Albuquerque brewers said the partnership would concentrate dollars and jobs inside New Mexico, support creative ventures and more specialty beers, make Bosque’s beer more accessible, save costs and time for Bosque and create opportunities for collaboration.
Babincsak said such partnerships are taking place more and more in response to a contraction felt across the craft brewery industry.
Craft beer volume sales dropped by roughly 4% from 2023 to 2024, which was also the first year since 2005 that the number of breweries closing outpaced those opening, according to the Brewers Association, which represents small and independent brewers. Overall, U.S. beer production and imports were also down 1% last year, association data says.
In recent weeks, Albuquerque has seen several local brewers shutter their doors, including Cazuela’s Mexican Grill and Brewery, Voodoo Girl Pies & Pints and Sobremesa.
Bosque initiated the Chapter 11 filing to avoid that fate. Chapter 11 bankruptcy allows a company to reorganize its finances while remaining operational.
“We view this as a proactive step to ensure the future success of Bosque,” the company said in a statement.
In its Oct. 6 filing, Bosque Brewing lists Sysco, the restaurant supply company, as its largest unsecured creditor with a vendor invoice of $487,881.
Other large unsecured creditors include Richard and Michelle Dowdican of Los Ranchos for $400,000 and Todd Schumacher of Albuquerque for $113,500.
Bosque lists credit card debt of $114,839 owed to Chase Bank. It also owes about $86,000 to New Mexico United through a sponsorship agreement. The petition lists about 190 unsecured creditors in all.
The debtor, Bosque, will ultimately propose a court-approved plan to repay creditors without liquidating assets. The debtor’s reorganization plan must be accepted by a judge and the majority of its creditors.
“We are truly grateful for 13 years’ worth of continued support from our employees, guests, and patrons, and look forward to continuing to serve our communities for years to come,” the company said.
NM Finance Authority says it’s approved $52 million in housing loans - Patrick Lohmann, Source New Mexico
The leader of the New Mexico Finance Authority on Friday said the authority has already approved more than one-third of $125 million in housing-related loans, which were a key part of the Legislature’s “historic” housing spending in 2024.
NMFA CEO Marquita Russel provided an update on the status of the authority’s loan fund Friday during a presentation to an interim legislative committee. Lawmakers in 2024 approved nearly $200 million in new housing-related spending, citing a growing shortage and homelessness crisis.
The Legislature made a change during the authority’s Opportunity Enterprise Revolving Loan Fund, allowing the authority to award housing loans, and it gave the authority $125 million to loan out.
The fund offers low-interest loans to help developers break ground on either middle-income housing projects, which Russel referred to as “workforce housing,” or affordable housing infrastructure, including water, electrical or other utilities.
Its first round of funding began in September 2024. Since then, the authority has approved about $52 million in two rounds of funding, and it has set aside about $50 million for a third round.
“So there’s not a lot available for round four. It depends largely on how round three pencils out,” she said.
The funding has gone to projects in Bernalillo, Doña Ana, Otero, Santa Fe, Taos and Valencia counties, she told lawmakers.
Among the “workforce housing” projects she described are townhomes in Taos, the Santa Fe Midtown project and military housing in Alamogordo.
As for affordable housing infrastructure, she listed the San Roque and San Mateo Manor apartment projects in Albuquerque, among others.
In total, statewide developers asked for nearly $200 million in loans across three rounds, she said. The authority can offer loans up to $15 million per recipient at 60% of the current Wall Street Journal prime rate, which means about 4.35%, as of Monday.
In addition to the loans, the Legislature in 2024 approved $20 million on homelessness initiatives and $50 million for the New Mexico Mortgage Finance Authority, which recently rebranded as Housing New Mexico.
New Mexico marks Indigenous Peoples Day - Danielle Prokop and Julia Goldberg, Source New Mexico
About three dozen people gathered under cloudy skies at the Indian Pueblo Cultural Center in Albuquerque Monday morning to see the first traditional dance performances for Indigenous Peoples Day.
Gov. Michelle Lujan Grisham in 2019 declared the second Monday in October Indigenous Peoples Day, and an official state holiday. In a statement on social media Monday, alongside photos from celebrations at the Santa Fe Indian School, the governor noted that New Mexico “is home to 23 sovereign tribes, nations, and pueblos, each with rich cultures, languages, and traditions that have shaped this land for thousands of years. Today is a day to celebrate Indigenous resilience, recognize the ongoing contributions of Native peoples, and recommit to honoring tribal sovereignty and supporting Indigenous communities. Let’s listen, learn, and celebrate together.”
At the Indian Pueblo Cultural Center, The Pueblo Dance Group, which includes members from the Pueblos of Laguna, Acoma, Zuni and Hopi Tribe, opened the celebration Monday morning. One of the group’s founders’ Chris Charlie (Laguna Pueblo) noted the group performed at the International Balloon Fiesta earlier in the week and would be heading for New York City for another performance this month.
‘We’re here to entertain you guys and bless you,” Charlie said to the crowd of about three dozen assembled to watch the dances.
In Santa Fe, the celebration began over the weekend, with dancers from numerous tribes leading into a Monday Honoring Native Nations Powwow on the Plaza.
Kathryn Keyope (Acoma Pueblo) told Source NM that the holiday provided an opportunity to bring “a little bit more awareness… just to spread knowledge [and] bring awareness to everybody around us that comes to visit. We are getting a lot more non-Natives who come and watch us perform, so we definitely appreciate that they enjoy seeing us keeping our roots.”
Her husband Johnathan Keyope noted that they are able to share that history not just with visitors to New Mexico, but in other communities as well. “Some of the areas when we perform back east, local tribes are just far and few in between. So it’s great that we can share ourselves…to educate and to give everyone awareness and knowledge that we’re still here, and we do this; to let people know of our beautiful history and our beautiful culture.”
NM environment department fines state transportation agency $2M for hazardous waste violations - Danielle Prokop, Source New Mexico
Last month, state environment officials issued an order to the New Mexico Department of Transportation to pay $2 million for mishandling and failing to clean up hazardous waste.
It was one of 165 active matters listed in the New Mexico Environment Department’s enforcement roundup for September, which includes updates in allegations of pollution, workplace safety violations and more from the agency.
The order, issued Sept. 25, stemmed from violations and inspections conducted in 2023 at NMDOT’s Materials Testing Laboratory in Santa Fe. The lab, which has been in operation since 1957, conducts experiments on construction materials.
The order said the inspection in 2023 found containers without labels for hazardous waste; improper storage; spills; a lack of employee training and a failure to pay for hazardous waste licenses for the years of 2020 through 2023.
Inspectors “observed numerous containers of hazardous waste that were open and/or deteriorated to the point they could not be considered closed,” the order said.
Further, NMDOT could not provide any documentation demonstrating any plans with first responders in Santa Fe in case of an emergency during the inspection, the order stated.
The 20 violations documented in the 2023 inspection generated a fine of just over $2 million dollars, according to the order, which either needs to be paid or disputed within the next 30 days.
An email and text message to spokespeople at the New Mexico Department of Transportation were acknowledged but unreturned Monday, due to the state holiday.
Another significant fine included a proposed penalty of $300,000 to Aliya’s Foods in Albuquerque after the company failed to protect against hazards that resulted in an employee’s arm amputation after getting it caught in a machine earlier this year.
Aliya’s Foods, which specializes in preparing ready-to-eat frozen meals, did not return messages Monday requesting comment.
The April inspection found employees were cleaning an industrial machine while it was still running. Inspectors also found the worker, employed for less than two months, never received formal training on the machine’s safety mechanisms.
“Employers have a legal and moral obligation to protect workers from preventable hazards, and the Occupational Health and Safety Bureau professionals hold employers accountable to such standards,”Bruce Baizel, the division director for NMED’s Compliance and Enforcement Bureau, said in a statement. “Aliya’s Foods ignored clear warnings about unsafe machinery and failed to enforce basic safety procedures. As a result, a worker suffered a catastrophic and life-changing injury.”
Pacific Fusion to set up shop in Los Lunas as construction of Mesa del Sol campus gets underway - Hannah Garcia, Albuquerque Journal
Los Lunas will be home to Pacific Fusion’s first New Mexico build center by year’s end, where the team will manufacture components for its demonstration system.
Pacific Fusion, a California-based nuclear fusion energy company, selected Albuquerque’s Mesa del Sol for its $1 billion research and manufacturing campus, where the demonstration system will be located, beating out California cities Alameda and Livermore.
“We are moving quickly to build the future of fusion energy in New Mexico, and that starts with this build center,” Carrie von Muench, co-founder and chief operating officer of Pacific Fusion, said in a statement. “We’re grateful for the partnership of the village of Los Lunas. We will begin hiring for skilled roles immediately.”
In the first announcement since the September selection, officials said the 200,000-square-foot build center will be located and leased in the Los Morros Business Park. Pacific Fusion expects the facility to be in operation by the end of the year and is currently looking to hire 30 to 40 employees. Officials did not disclose the costs of the center.
Victoria Archuleta, village of Los Lunas senior economic developer, told the Journal that the existing building Pacific Fusion is leasing used to be a Merillat Cabinetry manufacturing site. She said the city did not offer any kind of incentives, and the company is acting as a “normal tenant.”
“Now that they’re here in Los Lunas, it’s important for us to lean into looking at who some of their suppliers are,” Archuleta said. “Looking at the supply chain and who might want to set up shop next to them. We’re definitely open to looking into that and welcoming additional business that would support that clean energy development.”
Expected to be operational by 2027, Pacific Fusion officials anticipate the Albuquerque campus will bring more than 200 jobs across research, engineering, manufacturing and technical fields.
Over the next decade, officials also project that the combined facilities will generate more than $1.2 billion in economic impact, including $57 million in direct benefits to New Mexico, Bernalillo and Valencia counties, and the cities of Albuquerque and Los Lunas.
In the competition to be chosen, Albuquerque city councilors unanimously approved $776.6 million in industrial revenue bonds for the Pacific Fusion site just over a week before the company made its selection. The IRBs grant Pacific Fusion tax exemptions for 20 years, and the company is getting $10 million in economic development incentives for the buildout of the main facility.
The company’s quick search for a viable site was due in large part to the more than $900 million in Series A funding Pacific Fusion received last year from venture capital firms General Catalyst and Breakthrough Energy Ventures, among others.
Founded in 2023, Pacific Fusion is working to “power the world” with abundant and affordable fusion energy, offering on-demand power without carbon emissions, long-lived radioactive waste or dependence on intermittent resources.
Archuleta acknowledged that Pacific Fusion’s selection of Los Lunas for the build center is a “big deal.” She said Los Lunas, which also houses a Meta Platforms Inc. data center campus, is the first to see the ripple effects of New Mexico’s winning bid.
“As one of New Mexico’s fastest-growing communities, we’re excited to see Pacific Fusion join our family of forward-thinking employers who are shaping the future of technology, opportunity, and prosperity right here in Los Lunas,” Los Lunas Mayor Charles Griego said in a statement.