Briggs & Stratton Corp. (fka BGGSQ)

[barnyarddog]

...with respect to its indebtedness, which could result in the Company seeking relief in bankruptcy proceedings...


FROM....Filing (8-k)
July 15 2020
https://ih.advfn.com/stock-market/NYSE/briggs-and-stratton-BGG/stock-news/82863624/current-report-filing-8-k

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
As previously reported, the Company, with the approval of the Board of Directors of the Company, chose not to make an interest payment of $6.7 million due on June 15, 2020 with respect to the Company’s outstanding 6.875% senior notes due 2020 (the “Notes”) and, as provided for in the indenture governing the Notes (the “Indenture”), entered into the 30-day grace period (the “Grace Period”) to make such payment. The Company did not make such interest payment prior to the expiration of the Grace Period, which resulted in an event of default under the Indenture. While the event of default is continuing under the Indenture, the Trustee or holders of at least 25% in aggregate principal amount of the Notes may, among other things, accelerate 100% of the principal of, and accrued and unpaid interest on, the Notes to be due and payable immediately upon such acceleration and seek immediate repayment in full of such amounts.

The Company is continuing to engage in negotiations and discussions with respect to the Company’s indebtedness. There can be no assurance, however, that the Company will be able to negotiate acceptable terms or to reach any agreement with respect to its indebtedness, which could result in the Company seeking relief in bankruptcy proceedings.