Briggs & Stratton disclosure statement OK’d; plan hearing Dec. 18

By Sarah Lizee

Olympia, Wash., Nov. 10 – Briggs & Stratton Corp.’s disclosure statement for its joint Chapter 11 plan of reorganization was approved Tuesday by the U.S. Bankruptcy Court for the Eastern District of Missouri.

A hearing on confirmation of the plan is scheduled for Dec. 18.

As previously reported, the plan provides for distribution of each debtor’s available cash, including net cash proceeds received from the sale of substantially all of each debtor’s assets and cash realized from each debtor’s business and wind-down operations.

Each debtor’s sale transaction proceeds and wind-down proceeds will be used to fund the ongoing wind-down costs of the Chapter 11 cases and distributions to holders of allowed claims under the plan.

Holders of priority tax claims and priority non-tax claims will be paid in full in cash.

Holders of other secured claims will be paid in full in cash, receive the collateral securing their claims or receive other treatment that renders their claims unimpaired.

Holders of general unsecured claims will receive their pro rata share of the net cash proceeds of the applicable debtor after the priority tax claims, priority non-tax claims and other secured claims against the applicable debtor are satisfied in full.

Subordinated securities claims, intercompany interests and equity interests will be cancelled.

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.

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