Briggs & Stratton, the Milwaukee-based engine and equipment manufacturer, has been through a lot in the last few months, including a bankruptcy, 31st edition of the Italian construction equipment exhibition has been rescheduled for March 2023, The new online editorial news service from Conexpo-Con/Agg has gone live today, We use cookies to give you the best viewing experience. The local Milwaukee newspaper says that Briggs & Stratton executives declined to be interviewed for their article. Legal Statement. In mid-September a federal bankruptcy court judge approved the sale of Briggs & Stratton’s assets to KPS Capital Partners, a private equity firm. Engine maker Briggs & Stratton files for Ch. “We believe that the assets sales could be sufficient to address the upcoming maturity,” he said. Shares will continue to be traded until the effective date when the shares will be cancelled. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. 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. Briggs & Stratton Chairman, President and CEO Todd Teske said that decision was the result of a project first announced last August in which the … 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. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. Briggs & Stratton files for Chapter 11 bankruptcy reorganization, sells assets July 20, 2020, 1:57 PM 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. of Commerce (DOC) has announced “a positive preliminary determination” that certain small vertical shaft gasoline engines 99 to 225. A group of banks including Wells Fargo, Bank of America, BMO Harris Bank and PNC Business Credit have committed to provide exit financing to Briggs & Stratton, KPS said. Kirkland & Ellis is legal counsel for KPS. HOW FRED SMITH RESCUED FEDEX FROM BANKRUPTCY BY PLAYING BLACKJACK IN VEGAS. A bankruptcy court judge has approved the sale of Briggs & Stratton Corp. to KPS Capital Partners, a New York private equity firm. Fox Business Flash top headlines are here. A bankruptcy court judge has approved the sale of Briggs & Stratton Corp. to KPS Capital Partners, a New York private equity firm. The manufacturer said priority is being placed on divesting the turf products business headquartered in the US, as well as the pressure washer and … Briggs & Stratton Corporation is an American Fortune 1000 manufacturer of gasoline engines with headquarters in Wauwatosa, Wisconsin.. Engine production averages 10 million units per year as of April 2015. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. KPS, through an affiliate, has also agreed to invest $265 million in a FILO tranche of Briggs and Stratton’s Debtor in Possession (“DIP”) financing to support the Company’s operations. 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. "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. Finally, in 2015, Briggs & Stratton acquired Billy Goat Industries, a manufacturer of specialty turf equipment such as aerators, sod cutters, brush cutters, blowers, lawn vacuums and debris loaders. 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. The creditors say a business reorganization could result in a better financial outcome for the company’s trade creditors, retiree health plan and pensioners. PNC Business Credit will provide exit financing for a new company created through the acquisition of Briggs & Stratton’s assets, according to a spokesman for KPS. 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 HYBRID – In 1980, at the tail end of the energy crisis, Briggs & Stratton developed the first gasoline-electric hybrid automobile. Accordingly, simplification and focus are necessary to properly execute on the significant opportunities we see in the foreseeable future. The company gave no indication as to what assets might be sold. Briggs & Stratton also declared a dividend of $0.05 per share, down from its previous-quarter payout of $0.14 per share. The case is Briggs & Stratton Corporation, 20-43597, U.S. Bankruptcy Court, … 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 … Briggs & Stratton previously hired Houlihan Lokey Inc. to advise it on strategic options including refinancing its debt, selling assets and cutting costs. About Briggs & Stratton With over 110 years of experience, Briggs & Stratton is trusted by millions of people around the globe and backed by the largest service network in the industry. 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. Check out what's clicking on FoxBusiness.com. According to a report in the Milwaukee Journal Sentinel this week, Briggs & Stratton faces a 15th July deadline in efforts to avoid bankruptcy.. 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. The newspaper says the company "..has been slammed by plummeting sales from the COVID-19 pandemic, foreign competition and dried-up capital markets for refinancing debt and selling assets." – Vanguard commercial battery systems. ©2021 FOX News Network, LLC. – Briggs & Stratton standby power generation. And what I forgot to mention is in a case like Briggs is contemplating, what generally happens is Briggs sells the other brands so gets cashed up . Small-engine manufacturer Briggs and Stratton announced on Monday it has filed for Chapter 11 bankruptcy and will be selling off most of its assets. Powered and implemented by FactSet Digital Solutions. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. “Streamlining our portfolio and focusing on power application will enable us to better balance our cost structure, improve resource allocation, and to fund new growth opportunities.”, Briggs & Stratton Senior Vice President and Chief Financial Officer Mark Schwertfeger also told the analysts that the asset sales could also be used to retire some $195 million in senior financial notes that will mature at year’s end. The debtor-in-possession facility, following court approval, will ensure it has enough cash to fund its operations--such as paying employee wages and benefits and handling orders and shipments--during the chapter 11 process, the company said. – Vanguard commercial engines. Market data provided by Factset. 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