|Bid||0.0000 x 1100|
|Ask||0.0000 x 800|
|Day's Range||0.7200 - 0.7999|
|52 Week Range||0.0887 - 8.7900|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||-0.00|
|Earnings Date||Aug 13, 2020 - Aug 20, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.50|
Moody's Investors Service, ("Moody's") downgraded Briggs & Stratton Corporation's ("Briggs & Stratton") probability of default rating (PDR) to D-PD from Ca-PD following the company's July 20, 2020 announcement that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Briggs & Stratton has also obtained $677.5 million in DIP financing, with $265 million committed by KPS Capital Partners, LP ("KPS") and the remaining $412.5 from the company's existing group of ABL lenders. Briggs & Stratton also entered into a definitive stock and purchase agreement with an affiliate of KPS to acquire substantially all of the company's assets and assume certain liabilities, subject to higher bids from other potential purchasers.
Briggs & Stratton files for Chapter 11 bankruptcy protection and announces a $550 million deal to be acquired by private equity firm KPS Partners.
Briggs & Stratton Corporation (NYSE: BGG), a recognized global leader in providing power to get work done, today announced it has entered into a definitive stock and asset purchase agreement with KPS Capital Partners, LP (KPS), which has more than a 20-year history focused on successfully developing world-class, industry-leading manufacturing companies. Under the terms of the agreement, an affiliate of KPS formed for purposes of this transaction has agreed to acquire substantially all of the Company's assets and assume certain customer, employee and vendor liabilities, and it would act as the stalking-horse bidder through a court-supervised sale process (known as a Section 363 process). Among other things, the sale agreement is subject to higher or better bids from other potential purchasers.