Briggs & Stratton Files for Chapter 11, in Pact with KPS (1)

Briggs & Stratton said it has filed petitions for a court-supervised voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code.

• As part of the plan, it has entered into a definitive stock and asset purchase agreement with KPS Capital Partners
• Under the terms of the agreement, an affiliate of KPS has agreed to acquire substantially all of the company’s assets and assume certain customer, employee and vendor liabilities, and it would act as the stalking-horse bidder
  • Among other things, the sale agreement is subject to higher or better bids from other potential purchasers
• Briggs has obtained $677.5 million in ...