https://www.jsonline.com/story/mone...-files-bankruptcy-protection/5470618002/



"KPS has a proven track record of investing in manufacturing facilities and operating them profitably and sustainably," Steelworkers President Tom Conway said in a statement.

Retirees, on the other hand, are losing their supplemental health and life insurance.

On Sunday, Briggs' board of directors voted to terminate the group insurance plan for retirees. "Your health and life insurance coverage (under the plan) will end on August 31, 2020. Any eligible claims incurred on or before August 31 will be covered by the plan," the company said.



The company warned that its losses, the pandemic and pending debt payments raised substantial doubt about its ability to continue as a going concern. Yet in June, while it skipped a $6.7 million interest payment, the company awarded its executives and other key employees more than $5 million in cash retention awards.

Such awards are often given before a company files for bankruptcy.

"Whether you like the management team or not, they likely get to stay in place for the foreseeable future," Hayes said.