On Sept. 15, U.S. Bankruptcy Court Judge Barry Schermer approved Briggs & Stratton’s plan to sell the company to New York City private equity firm KPS Capital Partners.

Depending on when the sale is completed, Briggs’ unsecured creditors will receive 7-10 cents on the dollar.

Briggs & Stratton Corp.’s unsecured creditors will receive 7 cents to 10 cents on the dollar. According to a report from the Milwaukee Business Journal, attorneys for Briggs & Stratton and its unsecured creditors committee said the sooner the sale is transacted, the more money will be available.

Schermer's approval of the plan allows Briggs and KPS to proceed with the transaction they announced July 20 when Briggs filed for Chapter 11 bankruptcy, according to the report. Ronit Berkovich, an attorney for Briggs, told the Milwaukee Business Journal that the sale will be completed the week of Sept. 21. The report went on to say that $35-$45 million in funds will available to the unsecured creditors, yielding 7-8.4 cents on the dollars, according to Rob Start, attorney for the creditors committee. If the funds reach close to $50 million, that figure could go up to 10 cents on the dollar, he added. 

According to the report, "Briggs financial performance has improved since July 20 when the company filed for bankruptcy, which will provide more cash than the company and its advisers initially assumed, Berkovich said. Also, the company received regulatory approvals sooner than anticipated, which helps accelerate the deal, she said."

You can find the complete report here.