Briggs & Stratton plan accepted by all voting creditor classes

By Sarah Lizee

Olympia, Wash., Dec. 15 – Briggs & Stratton Corp.’s joint Chapter 11 plan of reorganization was accepted by all voting creditor classes, according to a ballot report filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Missouri.

Specifically:

• 600 holders, or 84.75% in number, of $392.04 million, or 96.35% in amount, of general unsecured claims against Briggs & Stratton Corp. voted to accept the plan, while 108 holders, or 15.25% in number, of $14.84 million, or 3.65% in amount, voted to reject the plan;

• 231 holders, or 79.93% in number, of $315.63 million, or 99.24% in amount, of general unsecured claims against Billy Goat Industries, Inc. voted to accept the plan, while 58 holders, or 20.07% in number, of $2.42 million, or 0.76% in amount, voted to reject the plan;

• 202 holders, or 77.39% in number, of $314.79 million, or 99.39% in amount, of general unsecured claims against Allmand Bros., Inc. voted to accept the plan, while 59 holders, or 22.61% in number, of $1.93 million, or 0.61% in amount, voted to reject the plan;

• The holder of the $220.92 million of general unsecured claims against Briggs & Stratton International, Inc. voted to accept the plan; and

• The holder of the $220.92 million of general unsecured claims against Briggs & Stratton Tech, LLC voted to accept the plan.

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 canceled.

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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