Wauwatosa-based engine manufacturer Briggs & Stratton has filed for Chapter 11 reorganization due to the COVID-19 pandemic and resulting economic crisis, according to a release from the company. The company has also entered into a $550 million sales agreement with KPS Capital Partners to sell most of its assets.
Briggs & Stratton has also obtained $677.5 million in debtor-in-possession (DIP) financing. After court approval, the DIP funding will ensure that the company has sufficient liquidity to meet its financial obligations during the Chapter 11 process and continue operations.
