Briggs & Stratton enters into $550M sales agreement with KPS Capital, files Chapter 11 reorganization

Manufacturer Briggs & Stratton Corp. announced early Monday an agreement to sell most of its assets to KPS Capital Partners for about $550 million and at the same time filed a Chapter 11 bankruptcy reorganization petition. The sale and Chapter 11 filing comes after Wauwatosa-based Briggs & Stratton received two extensions on its revolving credit agreement. In June, the company elected for a 30-day grace period on a $6.7 million interest payment, according to an 8-K filing with the U.S. Securities…