Briggs & Stratton Secures Waiver as Debt Talks End in Stalemate

Briggs & Stratton got permission from certain secured lenders to waive what would be considered a default for its failure to pay interest on junior debt as it continues confidential talks with creditors.

• The lawnmower company said in a filing Wednesday that it’s continuing talks with creditors but failed to reached an agreement with an ad hoc group, and could end up filing for bankruptcy protection with a debtor-in-possession loan and stalking horse bidder in place
• Briggs & Stratton is seeking proposals from potential investors and says in cleansing documents accompanying filing that it’s “open to various alternatives and structures ...