We Continue to Provide Power to Help You Get Work Done. As part of the Chapter 11 filing, private equity firm KPS Capital has made a $550 million “stalking horse” offer to buy all of Briggs & Stratton’s assets. Briggs & Stratton Corp., the century-old maker of engines for lawn mowers and garden equipment that’s at risk of going bankrupt, hired restructuring advisers to help rework debt that starts coming due this year. The Vanguard Engines & … Briggs & Stratton filed for bankruptcy (docket 1) in St. Louis with Judge Barry Schermer hearing the case. Steve Andrews assumed the position of Briggs & Stratton's President and CEO just over a month ago after most recently serving as CEO of International Equipment Solutions LLC. NewsAPI.org: Briggs & Stratton files for bankruptcy protection. After emerging from Chapter 11 restructuring as a new company with a new owner and a new CEO, Briggs & Stratton, LLC, a company with a 113-year legacy, also has a new beginning. Briggs & Stratton Corporation, the company behind the well-known small engine brand, has filed for Chapter 11 bankruptcy in the U.S., but it appears the brand will survive. This step was the difficult but necessary and appropriate one to take to secure our business and financial success moving forward. Gas engine maker Briggs & Stratton filed for bankruptcy on Monday to effectuate a sale of the company as it faces losses, pending debt payments and the coronavirus crisis. ... Restructuring Transaction Fee. Measuring interactions with the ads on the domain. “The challenges we have faced during the COVID-19 pandemic have made reorganization the difficult but necessary and appropriate path forward to secure our business,” says Todd Teske, Briggs & Stratton’s chairman, president, and Chief Executive Officer. Throughout this process, Briggs & Stratton will maintain normal business operations, and we continue to produce, distribute, sell and fully back our broad portfolio of products. This site uses Akismet to reduce spam. Briggs & Stratton estimated charges between $35 million and $45 million associated with the strategic repositioning, of which, approximately $20 million to $25 million are cash charges. Case Information These are used to track user interaction and detect potential problems. Customers > Liabilities assumed include rebates and allowances, warranties, employee accrued vacation and post petition vendor accounts payable. Supplier/Vendor Letter >, FAQs The company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. Our commitment to YOU, our customer, has not changed. Media: Rick Carpenter, carpenter.rick@basco.com The company tapped Houlihan Lokey Inc. Wall Street Stock Market & Finance report, prediction for the future: You'll find the Briggs & Stratton share forecasts, stock quote and buy / sell signals below.According to present data Briggs & Stratton's BGG shares and potentially its market environment have been in bearish cycle last 12 … Suppliers/Vendors > MILWAUKEE, WI (October 27, 2020) - After emerging from Chapter 11 restructuring as a new company with a new owner and a new CEO, Briggs & Stratton, LLC, a company with a 113-year legacy, also has a new beginning. The Wisconsin-based engine manufacturer reported debt exceeding $1 billion in a St. Louis bankruptcy court on Monday. We refer to this automatically-collected information as âDevice Information.â, gdpr, __cfduid, PHPSESSID, wordpress_test_cookie, woocommerce_items_in_cart, woocommerce_cart_hash, wp_woocommerce_session, wordpress_logged_in, wordpress_sec, wp-settings, wp-settings-time, __cf_mob_redir, wordpress_cache, realag, _ga,_gid,_gat,_cb,_chartbeat2,_chartbeat4, chartdefaults, comment_author, comment_author_email, comment_author_url, JSESSIONID, _os_session,anonymous_votes,csrf-param,csrf-token,user,user-id,user-platform,intercom-session,intercom-lou,intercom-session, Wheat Pete’s Word, Sept 9: Broadcast risks, upping seeding rates, and tickling 200 bushels per acre. Briggs & Stratton Corporation () Stock Market info Recommendations: Buy or sell Briggs & Stratton stock? This is the same judge that approved the appalling Ch.11 reorganization plan for Peabody Energy (BTU) a few years ago. To register an account you must accept our Privacy Policy, which describes how your personal information is collected, used, and shared when you visit or make a purchase from RealAgriculture.com. "We have a proud past and a bright future, with our foundational expertise in applying power. Briggs & Stratton must still go through the Chapter 11 court process, which will allow for bids from other potential suitors, but KPS says it has already negotiated a new contract with the United Steelworkers union, which represents hundreds of the engine maker’s employees. Briggs & Stratton said it will continue to operate throughout the restructuring process and does not expect any interruptions to its day-to-day operations. The Company has reached an initial agreement with KPS Capital Partners, which will acquire essentially all of the company’s assets and assume certain customer, employee and vendor liabilities. The negative outlook reflects the heightened risk that the company could default on its debt obligations or pursue a distressed debt restructuring within the next six months. (Photo by Kiernan McCloskey, Flickr.com; CC BY-SA 2.0), They don't call him Wheat Pete for nothing. For additional information, please call (866) 544-7045 (Toll Free within U.S. and Canada) or (781) 575-2084 (International). Briggs & Stratton Corp. has hired Houlihan Lokey Inc. as restructuring advisers to help rework debt that will begin coming due this year, reports Bloomberg, ahead of a June 15 interest payment on unsecured bonds that mature in December. “Throughout this process, Briggs & Stratton products will continue to be produced, distributed, sold, and fully backed by our dedicated team,” continues Teske. 07/20/2020. Briggs & Stratton, the world’s leading manufacturer of small gasoline engines , filed for Chapter 11 bankruptcy protection. We are maintaining high levels of service to our customers and our relationships with vendors and other business partners across the value chain. MILWAUKEE — After emerging from Chapter 11 restructuring as a new company with a new owner and a new CEO, Briggs & Stratton LLC, a company with a 113-year legacy, also has a new beginning. On July 20, 2020, Briggs & Stratton Corporation announced it was filing voluntary petitions for a court-supervised reorganization under Chapter 11 of the U.S. Bankruptcy Code to address its debt obligations and facilitate the potential sale of the Company. On July 20, 2020, Briggs & Stratton Corporation announced it was filing voluntary petitions for a court-supervised reorganization under Chapter 11 of the U.S. Bankruptcy Code to address its debt obligations and facilitate the potential sale of the Company. 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