Briggs news

[PTmowerMech]

I haven't read this yet. Too busy. Just wanted to post it so I didn't lose it.

Briggs & Stratton skips $6.7 million interest payment, awards $5 million to executives
Briggs & Stratton Corp. has chosen not to make a $6.7 million interest payment, but the company’s board of directors has voted to give executives and other key employees more than $5 million in cash retention awards, according to a filing with regulators.

 

[slomo]

Sounds like a "perfectly" working corporate mess. Key employees are the Sr VP's and such. NOT the workers on the factory floor doing all the work. Cash retention awards sounds nice. Probably tax free no doubt.

slomo

 

[Hammermechanicman]

Don't be suprised to see executives jumping ship and popping golden parachutes. Then some sort of reorganization filing. If they can't sell off enough assets to stay liquid first thing is to stop paying bills and start dumping cash on the high ups then declare some sort of bankruptcy and reorganize. Welcome to america.

 

[tom3]

But first they raid the pension plan, then turn what's left of it over to the government. Assuming they still have a a pension plan that is. Lots of mumbo jumbo in the articles but the execs have to stay on board until next year to keep the cash, and they had their pay cut during the virus shut down. Hard to tell what's going on behind the curtains though.

 

[ILENGINE]

Looks like Briggs is moving toward filing Chapter 11. Dumping the power equipment side of the business was step one.

 

[bertsmobile1]

looks like a legal thieft of money from creditor being done before they declare bankruptcy at the end of your financial year and shaft all of their suppliers.
And being al election year what are the chances of a government bail out in order to "Make America Great Again".
Please Mr President, we are bankrupt & will have to close all USA factories & outsorce to China without a government "loan" .

 

[Hammermechanicman]

Well at least there are enough chineese parts for Briggs engines (carbs and coils) to keep the engines running when the OEM briggs parts prices go sky high like murray parts.

 

[Scrubcadet10]

Clones will take over most every OPE soon.

 

[7394]

looks like a legal thieft of money from creditor being done before they declare bankruptcy at the end of your financial year and shaft all of their suppliers.
And being al election year what are the chances of a government bail out in order to "Make America Great Again".
Please Mr President, we are bankrupt & will have to close all USA factories & outsorce to China without a government "loan" .

My thoughts as well Bert. Let the tax payers foot the bill again.. Harley Davidson did it with Regan presidency.

 

[Hammermechanicman]

Like the Powerless........er..i mean Powermore crap engines.