Briggs & Stratton files for bankruptcy protection
Small engine manufacturer Briggs & Stratton Corp. on Monday filed for bankruptcy protection with plans to sell its assets to a private equity firm, reports the Milwaukee Journal.
Briggs filed for Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri. Under Chapter 11, a company and its creditors work out a reorganization plan that enables the business to continue to operate.
Briggs, the world's largest manufacturer of small gasoline engines, employs about 5,000 people worldwide including around 1,300 in the Milwaukee area. Years ago, the company had 11,000 employees just in Wisconsin.
As part of the bankruptcy, KPS Capital Partners LP, a New York private equity firm, agreed to buy all of Briggs’ assets for approximately $550 million.
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