Savings, reducing stock levels, reorganizing – as part of the restructuring process, KTM not only wants to get rid of its billions in debt, but also get back on the road to success. Time is running out: the motorcycle manufacturer from Mattighofen has 90 days to draw up the restructuring plan so that it can convince creditors.
Almost exactly 72 hours after KTM announced that it would file for bankruptcy for KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklung GmbH, the self-management restructuring procedure was opened at the regional court in Ried im Innkreis on Friday.
The motorcycle manufacturer now has 90 days to submit a restructuring plan, which will also be approved by creditors. If the green light is given, the company must pay the agreed quota and is relieved of the remaining debts. If there is no blessing, the leading company can be exploited.
The schedule is tight. The reporting meeting will take place on December 20, where the restructuring managers will report on the status quo. Claims can be submitted until January 16 and the restructuring plan will be voted on on February 25.
Three experienced curators
The regional court has appointed three experienced administrators who now act as supervisors and controllers: Peter Vogl is responsible for KTM AG, Robert Tremel for KTM Components GmbH, Franz Mitterbauer from Altheim for KTM Forschungs & Entwicklung GmbH.
Parallel to the opening of the insolvency proceedings, the state of Upper Austria is also rolling up its sleeves. “The state will exhaust all available options to support KTM employees,” said state Governor Thomas Stelzer.
Markus Achleitner, Councilor for Economics of Upper Austria, reveals that the AMS Upper Austria, the Upper Austrian Chamber of Labor and the Upper Austrian Chamber of Commerce have been invited to a roundtable discussion next week: “The aim is to investigate which support measures are possible and how they can best be implemented.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
