Briggs & Stratton, the world’s leading manufacturer of small gasoline engines , filed for Chapter 11 bankruptcy protection. 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. Ahead of that restructuring, Briggs & Stratton said it was suspending the dividend "in an effort to strengthen the balance sheet and provide additional funds to invest for future initiatives." If you are a third party looking for claims information, or if you would like more information about the restructuring process, please visit our noticing agent website, at www.kccllc.net/Briggs. Briggs & Stratton, a Missouri- and Wisconsin-based producer of gasoline engines for outdoor power equipment and several affiliates filed chapter 11 petitions today, July 20, in the bankruptcy court for the Eastern District of Missouri, reporting $1 billion to 10 billion in both assets and liabilities. 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. 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. Investors:  1-800-365-2759. Briggs & Stratton filed for bankruptcy (docket 1) in St. Louis with Judge Barry Schermer hearing the case. Investors > These help us improve our services by providing analytical data on how users use this site. Briggs & Stratton said it will continue to operate throughout the restructuring process and does not expect any interruptions to its day-to-day operations. 07/20/2020. The Wisconsin-based engine manufacturer reported debt exceeding $1 billion in a St. Louis bankruptcy court on Monday. NewsAPI.org: Briggs & Stratton files for bankruptcy protection. Press Releases © 2020 Briggs & Stratton Corporation. 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. 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. Coinciding with the filing, Briggs & Stratton announced a stock and asset purchase agreement worth $550 million with KPS Capital Partners, a New York private equity firm that also owns the TaylorMade golf brand and Life Fitness gym equipment. Briggs & Stratton, at one time the world’s largest gasoline engine and outdoor power equipment maker, filed for chapter 11 bankruptcy on June 20, 2020. Learn how your comment data is processed. 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 … We Continue to Provide Power to Help You Get Work Done. Unsecured creditors were anticipated to incur substantial financial losses as a result of the restructuring. The company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. Customers > Steve Andrews assumed the position of Briggs & Stratton’s president and CEO just more than a month ago after most recently serving as CEO of International Equipment Solutions. Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. Briggs & Stratton Hires Restructuring Adviser May 28, 2020 | Posted in Ag Equipment Business 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. Liabilities assumed include rebates and allowances, warranties, employee accrued vacation and post petition vendor accounts payable. 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. 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. The realag team working as a group to bring you the latest in machinery content. “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. 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. "We have a proud past and a bright future, with our foundational expertise in applying power. It's September and that means it's time to talk about wheat, wheat, wheat. For additional information, please call (866) 544-7045 (Toll Free within U.S. and Canada) or (781) 575-2084 (International). (Photo by Kiernan McCloskey, Flickr.com; CC BY-SA 2.0), They don't call him Wheat Pete for nothing. 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. 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. July 20, 2020 Press Release >, Letters To stay afloat during the bankruptcy process, the company has obtained $677.5 million in “debtor-in-possession” financing, with $265 million committed by KPS and the remaining $412.5 from existing bank lenders. 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. “Throughout this process, Briggs & Stratton products will continue to be produced, distributed, sold, and fully backed by our dedicated team,” continues Teske. MILWAUKEE, Oct. 27, 2020 /PRNewswire/ -- 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 website cannot function properly without these cookies. General > Earlier this month, Briggs & Stratton did not make a $6.7 million interest payment while at the same time awarding executives and other key employees more than $5 million in cash retention awards. 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. Preference cookies enable the website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in. Upon the earlier to occur of: (A) in the case of an out-of-court restructuring transaction, the closing of such restructuring transaction; and (B) in the … ", - Todd Teske, Briggs & Stratton's Chairman, President and Chief Executive Officer. Additionally, as you browse the Site, we collect information about the individual web pages or products that you view, what websites or search terms referred you to the Site, and information about how you interact with the Site. KPS to buy Briggs&Stratton, this is the news that has brightened the powertrain business sky, obscured by the clouds of lockdown.The Covid-19 was particularly inauspicious for the Milwaukee-based engine maker. Media: Rick Carpenter, carpenter.rick@basco.com Customer Letter > This site uses Akismet to reduce spam. All Rights Reserved. ... Restructuring Transaction Fee. Suppliers/Vendors > The company tapped Houlihan Lokey Inc. 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MILWAUKEE, Oct. 27, 2020 /PRNewswire/ -- 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 Vanguard Engines & … Registration confirmation will be e-mailed to you. In this week's episode of Wheat Pete's Word, host Peter Johnson is answering the most timely questions regarding the winter wheat crop, choosing seeding rates, the importance of seed treatments, and so much more.…, When you visit the Site, we automatically collect certain information about your device, including information about your web browser, IP address, time zone, and some of the cookies that are installed on your device. This step was the difficult but necessary and appropriate one to take to secure our business and financial success moving forward. In a St. Louis bankruptcy court on Monday to track user interaction and detect potential problems 's Chairman, and... 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