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These are used to track user interaction and detect potential problems. July 20, 2020 Press Release >, Letters 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. There was no need for a … Media: Rick Carpenter, carpenter.rick@basco.com 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. 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. Registration confirmation will be e-mailed to you. 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. 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. 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. 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. 07/20/2020. 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. 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. KPS Capital Partners has agreed to act as a stalking horse, as other competing offers are being solicited. Bloomberg reports that some holders of these notes have organized and are working with Gibson Dunn & Crutcher LLP and Imperial Capital LLC to advise them … 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 company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. 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 said it will continue to operate throughout the restructuring process and does not expect any interruptions to its day-to-day operations. Investors:  1-800-365-2759. 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. Our commitment to YOU, our customer, has not changed. "We have a proud past and a bright future, with our foundational expertise in applying power. Measuring interactions with the ads on the domain. Briggs & Stratton, the world’s leading manufacturer of small gasoline engines , filed for Chapter 11 bankruptcy protection. The Vanguard Engines & … Our portfolio of innovative engines, robust lines of products and high-performance commercial batteries positions Briggs & Stratton to meet our global customers' needs for power to get work done, now and in the future. 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. The Wisconsin-based engine manufacturer reported debt exceeding $1 billion in a St. Louis bankruptcy court on Monday. Briggs & Stratton Corporation and its affiliates received provisional approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Houlihan Lokey Capital, Inc. as their investment banker. General > Case Information Retirees >, Contacts NewsAPI.org: Briggs & Stratton files for bankruptcy protection. Press Releases 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. Under that approved plan, a select group of institutional noteholders effectively received recoveries that were much larger than retail noteholders. Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. We remain committed to delivering the industry’s most innovative engines, commercial battery systems and robust lines of standby generators, job site products and turf care equipment. We Continue to Provide Power to Help You Get Work Done. 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. 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. (Photo by Kiernan McCloskey, Flickr.com; CC BY-SA 2.0), They don't call him Wheat Pete for nothing. The Wisconsin-based engine manufacturer reported debt exceeding $1 billion in a St. Louis bankruptcy court on Monday. S&P could lower its rating on Briggs & Stratton if the company: — Enters into or plans to announce a distressed restructuring or bankruptcy filing. These help us improve our services by providing analytical data on how users use this site. The company tapped Houlihan Lokey Inc. 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. 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. 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