Briggs & Stratton cancels auction, will request approval of KPS sale

By Caroline Salls

Pittsburgh, Sept. 1 – Briggs & Stratton Corp. cancelled the auction for substantially all of its assets and will ask the U.S. Bankruptcy Court for the Eastern District of Missouri to approve a sale to an affiliate of stalking horse bidder KPS Capital Partners, LP, according to a notice filed Tuesday.

As previously reported, the KPS affiliate has agreed acquire Briggs & Stratton’s assets for $550 million in cash and assume customer, employee and vendor liabilities.

The company said no other qualified bids were received before the bid deadline.

The sale hearing is scheduled for Sept. 15.

Briggs & Stratton is based in Milwaukee and makes gasoline engines for outdoor power equipment. The company filed bankruptcy on July 20 under Chapter 11 case number 20-43597.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.