Briggs & Stratton’s Bankruptcy Plan Approved for Creditor Vote

Bankrupt Briggs & Stratton Corp. received court permission to solicit votes for its Chapter 11 plan to wind down the business following an approved bankruptcy sale.

The plan proposed by the 112-year-old manufacturer of engines for lawn-mowers and gardening tools details how much of the $550 million sale proceeds will be distributed to the affiliated debtors. Each affiliate in turn would pay its individual creditors.

Under the plan, unsecured creditors would receive anywhere from 0.1% to 8% of about $748 million in claims, depending on the debtor, according to the disclosure statement approved at a hearing Monday by Judge ...