July 20, 2020, 1:57 PM. As part of the Chapter 11 filing, the Milwaukee-area company said Monday it has secured secured debtor-in-possession financing of $677.5 million from KPS Capital Partners LP, the private equity firm purchasing its assets, and its existing lenders to allow it to continue operating ahead of the closing of the deal. Share Followers 1. 20, 2020, 07:16 AM (RTTNews) - Briggs & Stratton Corp. (BGG) announced Monday that … Briggs & Stratton announced on Monday an agreement to sell most of its assets to KPS Capital Partners and that it was filing for a Chapter 11 bankruptcy reorganization petition. The company was founded in Milwaukee in 1908 by Stephen Foster Briggs and Harold M. Stratton. In its most recent third quarter that ended March 29, Briggs & Stratton reported an 18% drop in sales from the previous year and a net loss of $145 million, or $3.47 a share, compared with net income of $8 million, or 19 cents a share, for Q3 2019. Latest Stories . Briggs & Stratton announced on Monday an agreement to sell most of its assets to KPS Capital Partners and that it was filing for a Chapter 11 bankruptcy reorganization petition. After the announcement, Briggs & Stratton shares (BGG) fell 27% premarket, and were down 88% in the year to date. Engine maker Briggs & Stratton files for Ch. Most people know about Briggs & Stratton, the small engine company. By kscarbel2, July 20 in Odds and Ends. Briggs & Stratton files for bankruptcy protection. “Over the past several months, we have explored multiple options with our advisors to strengthen our financial position and flexibility,” Chief Executive Todd Teske said in a statement. Briggs filed for Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri. Its engines are used in lawnmowers, pressure washers, electrical generators and other products. Briggs & Stratton Files For Chapter 11 Bankruptcy; To Be Acquired By KPS Capital For $550 Mln . Briggs & Stratton Corp., billed as the world’s largest manufacturer of small gas engines, has filed for bankruptcy protection citing challenges due to the coronavirus pandemic. Briggs & Stratton Corp., billed as the world’s largest manufacturer of small gas engines, has filed for bankruptcy protection citing challenges due to the coronavirus pandemic. WAUWATOSA, Wis. -- Briggs & Stratton Corp., billed as the world's largest manufacturer of small gas engines, has filed for bankruptcy protection citing challenges due to the coronavirus pandemic, the company announced Monday. It does not include any of Briggs & Stratton’s international subsidiaries. Briggs and Stratton may not have produced motorcycles in during their 112-year history, but their diminutive engines powered untold numbers of homemade minibikes during that period. The net loss included $134 million in non-cash charges. (RTTNews) - Briggs & Stratton Corp. (BGG) announced Monday that it has filed voluntary petitions under Chapter 11 of the Bankruptcy Code with the … Briggs & Stratton Corp., présenté comme le plus grand fabricant mondial de petits moteurs à essence, a déposé une demande de protection contre les faillites en invoquant des défis dus à la pandémie de coronavirus, a annoncé la société lundi. The Independent. Briggs & Stratton also obtained $677.5 million in DIP financing, with $265 million committed by KPS and the remaining $412.5 from Briggs & Stratton’s existing group of ABL lenders. Source: Briggs & Stratton | Diesel Progress. Sep 29, 2020 . 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. Briggs & Stratton, the small-engine and lawn-equipment manufacturer, filed for Chapter 11 bankruptcy on Monday. Headquartered in Wauwatosa, representatives for Briggs & Stratton Corp. said the decision to file for bankruptcy stems from its recent financial challenges associated with the coronavirus pandemic. BMT Certified Know-It-All! Briggs & Stratton announced on Monday an agreement to sell most of its assets to KPS Capital Partners and that it was filing for a Chapter 11 bankruptcy reorganization petition. 11 bankruptcy Briggs & Stratton Corp., billed as the world’s largest manufacturer of small gas engines, has filed for bankruptcy protection citing challenges due to the coronavirus pandemic By The Associated Press July 20, 2020, 8:22 AM 2020-08-23 Michael Aistrup. Turn on desktop notifications for breaking stories about interest? 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. Briggs & Stratton files for Chapter 11 bankruptcy reorganization, sells assets. As someone who loves minibikes and these little engines, it makes me very sad. (Source: KFVS) July 20, 2020 at 11:18 AM CDT - Updated July 20 at 11:22 AM . “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, the company’s CEO. Jul. In Briggs & Stratton LLC’s first significant capital project under the company’s new ownership, the Wauwatosa-based manufacturer will invest … Following court approval, the DIP facility will enable the company to continue normal operations and to meet its financial obligations during the Chapter 11 process. 24/7 coverage of breaking news and live events. Founded my Stephen Foster Briggs and Harold M. Stratton in 1908 in Milwaukee, Wisconsin, the company recently filed for Chapter 11 bankruptcy. Briggs & Stratton files chapter 11 bankruptcy. Briggs & Stratton announced that KPS Capital Partners LP, through a newly formed affiliate, has acquired substantially all the assets of Briggs & Stratton Corp. and certain of its wholly owned subsidiaries. Briggs & Stratton said it 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 Milwaukee-based Briggs & Stratton is a Fortune 1000 manufacturer of small utility engines such as those used in lawn and garden equipment. In Briggs & Stratton LLC’s first significant capital project under the company’s new ownership, the Wauwatosa-based manufacturer will invest $9.4 million in new equipment and add 34 employees at its complex in Auburn, Alabama. Engine Maker Briggs & Stratton Files For Ch. Briggs & Stratton files for Chapter 11 bankruptcy 21 July 2020 Briggs & Stratton Corporation announced it has filed for Chapter 11 bankruptcy protection to address its debt obligations and facilitate the potential sale of the company. 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 Files Chapter 11, Sets Sale Agreement. Briggs & Stratton has filed for Chapter 11 and will be sold to KPS Capital Partners The company is one of the largest small engine manufacturers in the world It is the largest manufacturer of air-cooled gasoline engines The coronavirus pandemic has claimed another victim, this time in the form of Briggs & Stratton. (Source: KFVS) July 20, 2020 at 9:18 AM MST - Updated July 20 at 9:22 AM . BGG stock isn’t trading as of yesterday (July 20) afternoon. 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