Briggs & Stratton Skips Interest Payment as Restructuring Looms

Briggs & Stratton Corp., the century-old maker of engines for lawn mowers and garden equipment, skipped an interest payment and will award $5.125 million in retention bonuses, setting up for a possible restructuring.

The manufacturer missed a $6.7 million payment due June 15 on its 6.875% notes maturing in 2020, triggering a 30-day grace period to make the payment or be in default, according to a filing. Briggs & Stratton will pay $5.125 million in retention bonuses to its executives and key employees, and restore previous salary cuts, while amending its credit facility for greater flexibility, according to ...