City Brewing has launched a deal with support of certain existing creditors that would provide more breathing room to the privately held beverage maker, according to 9fin sources.

The transaction involves shuffling assets into a non-guarantor restricted subsidiary, raising new money at that restricted subsidiary, and pursuing a non-pro rata exchange of existing debt. All of the company’s existing revolver lenders and around 73% of the existing first lien term loan holders are on board so far, according to details in a presentation to lenders viewed by 9fin.