This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:06 p.m. on Jan. 27, 2026.
Amazing Brewing Company, a craft beer brand undergoing rehabilitation, will enter bankruptcy proceedings after failing to find a buyer. The company once led Korea's craft beer boom and raised funds from a Silicon Valley-based investment firm, but it could not overcome the industry slump and failed to sell its management rights. As a result, venture capital (VC) firms that invested money in the company face a total loss.
According to the investment banking (IB) industry and according to legal sources, the Seoul Bankruptcy Court decided on Jan. 23 to terminate Amazing Brewing Company's rehabilitation proceedings. It came about half a year after the decision to commence rehabilitation last August. The company had repeatedly extended the deadline for submitting its rehabilitation plan but failed to meet the final deadline set for the 14th. If no appeal is filed within 14 days, the decision to terminate rehabilitation is finalized and the case converts to bankruptcy.
Launched as a brewpub in Seongsu-dong, Seoul, in 2016, Amazing Brewing Company is regarded as a leading brewery in Korea's craft beer market. It gained word-of-mouth traction with the concept of a "brewery in the city" and built its name with products such as "Amazing Lager" and "Jin Lager." It then expanded its distribution to convenience stores, big-box retailers, and overseas markets, growing rapidly.
Riding its growth, it attracted investment in 2017 from Altos Ventures (16.19% equity) and BonAngels Venture Partners (5.55%), becoming the first in Korea's craft beer industry to secure Silicon Valley capital. In 2021, it raised a total of 11 billion won in a Series B round joined by LB Investment (8.25%), Hana Ventures (8.25%), and Kakao Investment (6.2%). Ilshin Holdings (8.93%), 70% owned by Vice Chairman Gwon Min-seok, son of IS Dongseo Chairman Gwon Hyeon-un, and the home furniture brand Iloom (1.63%) also invested.
Building on that, Amazing Brewing Company pursued an initial public offering (IPO), but it shelved the listing plan as the craft beer market's growth slowed after the COVID-19 pandemic. Borrowing fund that increased during plant expansion also became a financial burden. It sought a turnaround through collaborations with OTOKI, but it could not withstand low margins and rising materials and supplies and logistics costs. According to the 2024 audit report, the net loss was 2.9 billion won and the accumulated deficit was 13.9 billion won.
Once bankruptcy proceedings begin, a court-appointed trustee will dispose of the company's remaining asset and distribute the proceeds to creditors. However, analysts say recovery is virtually impossible because major financial investors hold convertible preferred shares (CPS) and redeemable convertible preferred shares (RCPS). In rehabilitation and bankruptcy, creditor repayment takes priority, while CPS and RCPS are legally considered stock. Because priority claims such as wages and taxes, which are estate claims, are handled first, VC investors are unlikely to receive any payout.
The overall slump in Korea's craft beer industry is continuing. Sevenbrau, known for "Gompyo Wheat Beer," and Y Brewery, which grew through convenience store collaborations, are also undergoing rehabilitation. Sevenbrau is extending its rehabilitation plan submission deadline and seeking to sell management rights through a stalking-horse process.