COVID-Driven Oil Crash Forces More Companies into Bankruptcy

Two additional companies in the oil and gas industry have filed for Chapter 11 Bankruptcy, as COVID-19 continues to devastate the U.S. economy.

The new filings brings The Buttonwood Tree's tally to 19 companies within the Energy sector that defaulted since May 18. The sector is behind only Consumer Discretionary for most affected sector.

Source: The Buttonwood Tree

Briggs & Stratton Corp., the world’s largest manufacturer of small gasoline engines, filed for bankruptcy protection on Monday, July 20.

The company plans to sell all of its assets to KPS Capital Partner. KPS is a private equity firm in New York that specializes in manufacturing and industrials. The stalking horse bid set a minimum price for the sale. And KPS agreed to buy out all of Briggs’ assets for around $5...

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