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." This step was the difficult but necessary and appropriate one to take to secure our business and financial success moving forward. The website cannot function properly without these cookies. The negative outlook reflects the heightened risk that the company could default on its debt obligations or pursue a distressed debt restructuring within the next six months. July 20, 2020 Press Release >, Letters It's September and that means it's time to talk about wheat, wheat, wheat. 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. After emerging from Chapter 11 restructuring as a new company with a new owner and a new CEO, Briggs & Stratton, a company with a 113-year legacy, also has a new beginning. NewsAPI.org: Briggs & Stratton files for bankruptcy protection. 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 … The company tapped Houlihan Lokey Inc. Customer Letter > “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. 07/20/2020. (Photo by Kiernan McCloskey, Flickr.com; CC BY-SA 2.0), They don't call him Wheat Pete for nothing. All Rights Reserved. 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. 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. 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. 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. General > We Continue to Provide Power to Help You Get Work Done. The company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. 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. Customers > 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. (Bloomberg) -- Briggs & Stratton Corp., the century-old maker of engines for lawn mowers and garden equipment that’s at risk of going bankrupt, hired restructuring advisers to help rework debt that starts coming due this year. To register an account you must accept our Privacy Policy, which describes how your personal information is collected, used, and shared when you visit or make a purchase from RealAgriculture.com. Register for a RealAgriculture account to manage your Shortcut menu instead of the default. © 2020 Briggs & Stratton Corporation. 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. 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. Learn how your comment data is processed. KPS Capital Partners has agreed to act as a stalking horse, as other competing offers are being solicited. For additional information, please call (866) 544-7045 (Toll Free within U.S. and Canada) or (781) 575-2084 (International). 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. There was no need for a … Our commitment to YOU, our customer, has not changed. 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. 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. Press Releases 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. The Wisconsin-based engine manufacturer reported debt exceeding $1 billion in a St. Louis bankruptcy court on Monday. Unsecured creditors were anticipated to incur substantial financial losses as a result of the restructuring. These are used to track user interaction and detect potential problems. Briggs & Stratton Hires Restructuring Adviser 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. These help us improve our services by providing analytical data on how users use this site. 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. The Vanguard Engines & … 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. ", - Todd Teske, Briggs & Stratton's Chairman, President and Chief Executive Officer. Liabilities assumed include rebates and allowances, warranties, employee accrued vacation and post petition vendor accounts payable. 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. 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 … 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 … Restructuring Hotline 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. 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. 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. This site uses Akismet to reduce spam. 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. The Wisconsin-based engine manufacturer reported debt exceeding $1 billion in a St. Louis bankruptcy court on Monday. 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. 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. Suppliers/Vendors > Retirees >, Contacts Briggs & Stratton said it will continue to operate throughout the restructuring process and does not expect any interruptions to its day-to-day operations. Media: Rick Carpenter, carpenter.rick@basco.com This is the same judge that approved the appalling Ch.11 reorganization plan for Peabody Energy (BTU) a few years ago. Investors > S&P could lower its rating on Briggs & Stratton if the company: — Enters into or plans to announce a distressed restructuring or bankruptcy filing.