NYSE Updated Aug 21, 2020 7:59 PM The assets are being sold under section 363 and a "stalking horse" bidder was selected from a number of interested parties. The first problem for unsecured noteholders is the expected total $146.8 million negative operating cash flow and $66 million restructuring disbursements for the period ending November 20 according to the DIP budget. Register. thinking of making a quick profit based on the 7 day forcast. Briggs & Stratton Corp. (OTCPK:BGGSQ) filed for bankruptcy on July 20 and will be liquidating in Ch.11. Is Briggs & Stratton Corp. price going up? Pesticides may indeed kill plant pathogens, but... Kubota Corporation announced that it has developed... Ordinarily, if you want to know how soil... FocusOn Mining, Aggregates & Construction. selection of stocks like Briggs & Stratton Corp.. *August 11: Hearing to approve bidding procedures, *August 28: Deadline for submitting qualified bids, *November 19: Sale closing (subject to extension to December 31 for antitrust approval), (There is a rather lengthy post-closing adjustment time period. 2021 Mid-Atlantic Nursery Trade Show Opens Its Virtual Doors, Disgruntled Ex-Mercedes-Benz Worker Goes On Incredible US$6.8 Million Wrecking Spree With Stolen JCB, USDA To Spend $70 Million in 2021 To Fight Plant Pests And Diseases, Opioid Use Hits Construction Industry as Overdoses Soar, Take a Look at the All New WRIGHT™ ZXT™ Rider, 21 for 21! Unsecured notes are most likely too far under water to get a recovery. Briggs & Stratton Corporation [BGG] is following downward trend in the market concluded with the last trading session. Briggs & Stratton said it has obtained $677.5 million in debtor-in-possession financing, with $265 million committed by KPS and $412.5 million from a group of lenders. There are currently 1 sell rating for the stock. future. Briggs & Stratton Corp. projections, The shares of the Industrials sector company has a current value of $1.93 after BGG shares went down by -4.45% during the last trading session. Find the latest Briggs & Stratton Corporation (BGGSQ) stock discussion in Yahoo Finance's forum. Briggs & Stratton Corporation stock is now -60.81% down from its year-to-date (YTD) trading value. Briggs & Stratton Corporation stock is lower by -86.83% over the last 12 months, and the average rating from Wall Street analysts is a Sell.InvestorsObserver’s proprietary ranking system, gives BGG stock a score of 2 out of a possible 100.. That rank is influenced by a short-term technical score of 0. Sales of small engine sales used in lawn mowers have been declining for a number of years as consumers switched to battery/electric powered lawn mowers or hired lawn care businesses to take care of their yards. can be a Sign in, Not a member? Briggs & Stratton filed for bankruptcy (docket 1) in St. Louis with Judge Barry Schermer hearing the case. I discovered it a week and a half ago. Policy, Briggs & Stratton Corp. Stock Price Forecast for 2021, Briggs & Stratton Corp. Stock Price Forecast for 2022. This is a well-known household name. Will BGG price drop? According to our analysis, this can happen. Briggs & Stratton Corporation () Stock Market info Recommendations: Buy or sell Briggs & Stratton stock? It should be 40.08. The closure of Briggs & Stratton’s Murray facility will affect more than 600 full-time positions, said Mark Manning, president of the Murray Calloway Economic Development Corporation. Sidoti have made an estimate for Briggs & Stratton Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 19, 2018. To top KPS Capital's bid, the bid would have to be at least $570.25 million ($550 million + $16.5 million termination payment + $2.75 million expense reimbursement payment + $1 million minimum bid increase) and assume the same liabilities as KPS Capital's bid. MZP News, a free online newspaper packed with exclusive content, news, articles and much more! thoughts on this stock? BGG's rank also includes a long-term technical score of 0. 0.000001 USD . It gets even more complicated. respond to me with ur thoughts. The company did not go into bankruptcy because of being overly leveraged. Is BGG stock price going to drop? The non-current liability figure also includes the estimated benefit obligation for the retiree welfare plans of $50.6 million that was terminated by management the day before the company filed for bankruptcy, which decreases the non-current liability total figure. At first thought the unsecured notes, which trade in a range of 8-10, might be an interesting investment, but after more in-depth analysis, it seems that unsecured noteholders will receive no recovery. Briggs & Stratton Corp. said Tuesday it may buy some assets of Murray Inc., the lawn mower manufacturer that filed for bankruptcy and owes Briggs $40 million. Latest Update: Briggs & Stratton Investors Are Being Wiped Out By Bankruptcy Liquidation. Term Box: bad, high-risk 1-year investment option. A high-level overview of Briggs & Stratton Corp. (BGGSQ) stock. Already a member? Bobcat Company Expands Zero-Turn Mower Line To 21 Models, Immunity-Boosting Silica Nanoparticles Could Replace Pesticides, Kubota Develops a Smartphone App that Streamlines Troubleshooting of Construction Machinery, Ground-Penetrating Radar May Be An Easier Alternative To Soil Sampling. The Briggs & Stratton stock price is The inability to refinance $196 million in unsecured notes that are due December 15 and the September 15 springing maturing date for ABL term loans forced them to file for bankruptcy after using the 30-day grace period for unpaid interest payments. Like the other 2 comments, it needs to be updated. Briggs & Stratton, a maker of small engines, generators and some outdoor products has recently declared bankruptcy after years of falling stock. The consensus among Wall Street analysts is that investors should "sell" Briggs & Stratton stock. They are not selling Briggs & Stratton as an entity - they are selling the company's assets. Briggs & Stratton also declared a dividend of $0.05 per share, down from its previous-quarter payout of $0.14 per share. Under that approved plan, a select group of institutional noteholders effectively received recoveries that were much larger than retail noteholders. Then there is the very large pension liability that was estimated on June 30 to be $176 million, which is a major portion of the $319.667 million non-current liabilities from the above table that is not being assumed. Debt, not including $195 million for unsecured notes, is expected to increase $204.3 million from $359.7 million to $564.1 million. There is an ad hoc unsecured noteholder group that holds $125 million unsecured notes (64%) that could try to negotiate some type of deal, but I would not invest in the unsecured notes based on that wishful thinking. ), The $550 million cash bid is somewhat misleading because KPS Capital would also assume certain liabilities. Management decided to use Ch.11 to liquidate instead of Ch.7 because management and secured creditors would control the bankruptcy process and not an appointed Ch.7 bankruptcy trustee. The Briggs & Stratton Corporation traded at the price of $6.00 with 705686 shares were bought and sold during the latest trading session. To facilitate the sale, Briggs & Stratton filed for voluntary reorganization under Chapter 11 of the United States Bankruptcy Code. Within 60 days the buyer needs to prepare a good faith estimate of a number of financial items that impact the actual purchase price ("Post-Closing Statement"). I just do not see a strong bidding process for the assets, especially because of the current very uncertain economy. Yes. Is Briggs & Stratton Corp. a profitable investment? There was no need for a restructuring support agreement prior to filing for bankruptcy because they are not restructuring. Briggs & Stratton Corporation has entered into a definitive stock and asset purchase agreement with KPS Capital Partners. Mar 6, 2020, 9:33am CST. Briggs & Stratton stock was trading at around $3 per share mid-morning on Friday. Just using the $325.9 million ABL claim and the $204.3 million increase in debt estimated in the DIP budget, there would be $530.2 million in higher priority claims ahead of any unsecured note recovery. The stock should be sold because shareholders will receive no recovery and based on various financial figures filed with the court, it seems that unsecured notes are way under water. It is unclear if any bidder will top the stalking horse bid. I have already added some companies... phambachphi408_4810 — Shares will continue to be traded until the effective date when the shares will be cancelled. It may be a long time before a Ch.11 reorganization plan is filed, but it is already very clear that current BGGSQ shareholders will receive no recovery and shares will be cancelled on the plan effective date. In April 2019, Briggs & Stratton’s stock (US:BGG) hit a 44-year low, plunging 44.5 percent on news that it missed a dividend payment and was closing a 630-worker manufacturing plant in Kentucky. Will Briggs & Stratton Corp. stock price fall? If you are looking for stocks with good return, Briggs & Stratton Corp. stock CORP DL-,01 (BS7.F) stock discussions in Yahoo Finance's forum. Then there is a 60-day review period, which is followed by a 30-day dispute resolution period. According to the Declaration by Jeffrey Lewis of Houlihan Lokey Capital (docket 36), they received 5 other proposals (not including just DIP financing proposals). to 0.153 USD at 2021-01-10, but your current investment may be devalued in the Briggs & Stratton Corporation represents 43.73M in outstanding shares, while the company has a total market value of $255.38M with the latest information. Briggs & Stratton Corporation [NYSE: BGG] slipped around -0.24 points on Tuesday, while shares priced at $2.61 at the close of the session, down -8.42%. I have already added some companies... Stock price is not right, need update please. stock price predictions may be different due to the different analyzed time series.
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