Briggs & Stratton, a large producer in outdoor power equipment, now has until Sunday to raise additional money and avoid having to seek protection in bankruptcy court.
The company, based in Wauwatosa, Wisconsin, previously had until Wednesday to make a $6.7 million interest payment. Missing the payment would have violated the terms of its loan agreements, giving a consortium of banks the right to demand immediate repayment.
On Tuesday, the banks, led by JPMorgan Chase, agreed to give Briggs until Sunday to raise additional money, according to documents filed late Wednesday with the U.S. Securities and Exchange Commission.
Briggs is continuing to negotiate with the banks to find a way to raise the money needed to help the company get through the economic downturn brought on by the coronavirus pandemic.
This story originally appeared in the Milwaukee Journal Sentinel. To read the whole story, click here.