It is routine when negotiating serious violations, but also in insolvency proceedings, but before the first trial for KTM there is great concern at the regional court of Ried im Innkreis. Reason: No one can predict how many of the nearly 2,500 creditors will come to the first reporting meetings on Friday.
Friday will be the first fateful day for KTM in the battle for the future. The three reporting meetings focus on how the reorganization administrators assess the situation at the motorcycle manufacturer. Can the three companies continue?
With the announcement on Tuesday evening that the search for investors was underway worldwide and that Citigroup was supporting the process as a partner, the company gave itself some breathing space, but still needs the permission of the administrators and the court to proceed.
Nearly 2,500 creditors in total
The three KTM meetings were scheduled every two hours on Friday: the KTM AG meeting starts at 9 a.m., followed two hours later by that of KTM Components GmbH and then that of KTM Forschungs und Entwicklung GmbH at 1 p.m. Court officials are trembling not because of the public outcome of the appointments, but because of the uncertainty about how many of the nearly 2,500 creditors will attend the appointments.
“It is not yet possible to estimate how many people involved in the proceedings will participate in the meeting,” spokesman Stefan Kiesl said in a broadcast, in which he also made it clear that camera crews were not allowed to enter the courthouse on Friday. . Images and radio recordings may be made in court, it is said.
Normally creditors are represented by lawyers or creditor protection associations (KSV1870, Creditreform, AKV). That is why court hearings in bankruptcies are often small-scale. In any case, the court has already made room for KTM and scheduled the hearings in the jury courtroom. “This is our largest hall,” says Kiesl.
Video transmission in the additional hall is also possible
Another room has also been reserved in which the meetings can also be broadcast via video. A separate entrance to the building will also be opened for people who are allowed to participate in the meetings. This is emphasized to relieve pressure on the main entrance.
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.
