Briggs & Stratton Corp. won court approval to distribute creditor payments as part of a bankruptcy plan centered on a $550 million sale of the engine manufacturer’s business.
The company’s Chapter 11 plan meets the standards for confirmation, Judge Barry S. Schermer of the U.S. Bankruptcy Court for the Eastern District of Missouri ruled during a telephonic hearing Friday.
Under the plan, Briggs & Stratton is repaying its secured lenders and providing up to 8 cents on the dollar for holders of about $748 million in unsecured claims against five affiliated debtors. The company’s unsecured creditor classes each voted ...
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