Its plan is to redirect the money it … Briggs and Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. Fox Business | July 20, 2020 . The U.S. Dept. Briggs & Stratton (B&S) one of the largest producers of gasoline engines for outdoor power equipment, and a manufacturer of power generation, pressure washer, lawn and garden, turf care and job site products, has filed Chapter 11 Bankruptcy. Briggs & Stratton also declared a dividend of $0.05 per share, down from its previous-quarter payout of $0.14 per share. Briggs said the repositioning will enable it to focus its businesses with expected annual sales of approximately $1.0 billion in the design, production and sale of: – Briggs & Stratton residential engines. – Vanguard commercial battery systems. KPS on Monday said it will acquire Briggs & Stratton's assets, including equity and foreign subsidiaries, for about $550 million, and it would act as the stalking-horse bidder in the court-supervised sale process. In its recent second quarter conference call with financial analysts, Briggs & Stratton revealed that as part of an ongoing analysis of its business and markets, it would sell “certain assets” within its broad portfolio. Briggs & Stratton previously hired Houlihan Lokey Inc. to advise it on strategic options including refinancing its debt, selling assets and cutting costs. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. Accordingly, simplification and focus are necessary to properly execute on the significant opportunities we see in the foreseeable future. The manufacturer said priority is being placed on divesting the turf products business headquartered in the US, as well as the pressure washer and … – Vanguard commercial engines. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. “Our success, however, has also created complexity that can at times limit our ability to compete effectively and develop certain attractive long-term opportunities. Market data provided by Factset. Briggs & Stratton Corp. agreed to pay $33.65 million to settle a decade-long patent-infringement case filed by a Toro Co.-owned business. A bankruptcy court judge has approved the sale of Briggs & Stratton Corp. to KPS Capital Partners, a New York private equity firm. KPS said it has entered into a new collective bargaining agreement with the United Steelworkers of America for Briggs & Stratton's hourly employees at its Wisconsin manufacturing facilities. HOW FRED SMITH RESCUED FEDEX FROM BANKRUPTCY BY PLAYING BLACKJACK IN VEGAS. Briggs & Stratton HYBRID – In 1980, at the tail end of the energy crisis, Briggs & Stratton developed the first gasoline-electric hybrid automobile. "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," said Todd Teske, Briggs & Stratton's chairman, president and chief executive. The report quotes the Milwaukee Business Journal, which says these creditors wish to delay the manufacturer’s fast-track plan to sell its assets at auction. Briggs & Stratton sold to KPS, names new CEO in wake of bankruptcy filing Marcia Gruver Doyle | September 25, 2020 Private equity firm KPS Capital Partners has … Small engine manufacturer Briggs & Stratton Corp., founded in Milwaukee in 1908, on Monday filed for bankruptcy protection with plans to sell its assets to … Briggs & Stratton said it has obtained $677.5 million in debtor-in-possession financing, with $265 million committed by KPS and $412.5 million from a group of lenders. KPS acquired the assets free and clear of liens, claims, encumbrances and interests through a sale under Section 363 of the United States Bankruptcy Code. Here's everything you need to know, You should shop for cheaper car insurance every few months — here's why, Today's mortgage refinance rates experience a minor surge | January 11, 2021, Today's mortgage rates climb upward | January 11, 2021. Briggs & Stratton Corp. has filed for bankruptcy protection and agreed to sell assets to KPS Capital Partners LP as the company has faced declining … Briggs & Stratton Corp. will not exit Ch.11. Briggs & Stratton files for bankruptcy protection Small engine manufacturer Briggs & Stratton Corp., founded in Milwaukee in 1908, has filed for bankruptcy protection with plans to sell its assets to a private equity firm that specialises in manufacturing and has done previous deals in Wisconsin. KPS, through an affiliate, has also agreed to invest $265 million in a FILO tranche of Briggs & Stratton’s Debtor in Possession (“DIP”) financing to support the Company’s operations. Legal Statement. “We believe that the assets sales could be sufficient to address the upcoming maturity,” he said. Its plan is to redirect the money it … – Vanguard commercial battery systems. 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