Creditors of Briggs & Stratton Corp. are looking to block the engine maker’s request for final approval of a $677.5 million bankruptcy loan, saying it could be used to force through a below-market sale of the company.
Briggs & Stratton’s proposal to finance its Chapter 11 reorganization contains potentially unnecessary provisions that would pre-ordain a “seemingly low-ball” sale to lender KPS Capital Partners LP, a committee of unsecured creditors said in a Thursday court filing to the U.S. Bankruptcy Court for the Eastern District of Missouri.
The company’s bid to borrow from KPS and lenders led by JPMorgan Chase Bank ...
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