We are maintaining high levels of service to our customers and our relationships with vendors and other business partners across the value chain.
On July 20, 2020, Briggs & Stratton Corporation announced it was filing voluntary petitions for a court-supervised reorganization under Chapter 11 of the U.S. Bankruptcy Code to address its debt obligations and facilitate the potential sale of the Company. This step was the difficult but necessary and appropriate one to take to secure our business and financial success moving forward.
The Company has reached an initial agreement with KPS Capital Partners, which will acquire essentially all of the company’s assets and assume certain customer, employee and vendor liabilities. Liabilities assumed include rebates and allowances, warranties, employee accrued vacation and post petition vendor accounts payable. KPS Capital Partners has agreed to act as a stalking horse, as other competing offers are being solicited.
We Continue to Provide Power to Help You Get Work Done.
Our commitment to YOU, our customer, has not changed. Throughout this process, Briggs & Stratton will maintain normal business operations, and we continue to produce, distribute, sell and fully back our broad portfolio of products. We remain committed to delivering the industry’s most innovative engines, commercial battery systems and robust lines of standby generators, job site products and turf care equipment.