According to a report from the Milwaukee Business Journal, Briggs & Stratton has agreed to pay $33.65 million to The Toro Company to settle a patent-infringement case from May 2010.
Steve Andrews assumed the position of Briggs & Stratton's President and CEO just over a month ago after most recently serving as CEO of International Equipment Solutions LLC. While still new to the role, he reflects on early observations and reinforces a strong, promising future for Briggs & Stratton.
Todd Teske, the former chairman and CEO of Briggs & Stratton, has filed an $11.6 million claim in the bankruptcy case seeking his share of payments that are likely to be in the range of 7-8 cents on the dollar
Was the Briggs board a mutual protection society for its top executives and, frankly, its members? Or did the board, through no fault of its own, encounter impossible obstacles and have no choice but bankruptcy?
According to a report from the Milwaukee Business Journal, KPS Partners have replaced Todd Teske with Steve Andrews, who "led KPS Capital Partners’ portfolio company International Equipment Solutions LLC."
Some of Briggs’ businesses align with and complement Generac product lines, including power generators, light towers, heaters and commercial lawn and garden products, Generac said.
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.
Briggs & Stratton’s 30-day grace period on a $6.7 million interest payment expired on July 15, 2020, however the company has received a 4-day extension on its revolving credit agreement according to an 8-K filing with the U.S. Securities and Exchange Commission.
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