The battle to save the group around motorcycle manufacturer KTM will not pause around Christmas and New Year: on Friday, December 27, Pierer Industrie AG must present its restructuring plan as part of the European restructuring process. This concerns bonds and promissory notes for an amount of 247.5 million euros.
A week after the regional court in Ried im Innkreis gave the green light on Friday, December 27, for the continuation of the bankrupt KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklung GmbH, Stefan Pierer’s motorcycle manufacturer group, another important date in the fight for the future and salvation of the group around KTM. Because: Pierer Industrie AG has until Friday to submit a restructuring plan to the Wels Regional Court.
Proceedings were initiated to avoid bankruptcy
Pierer Industrie AG, which also includes Pierer Mobility AG (which in turn includes KTM AG) and Pankl AG, is in the middle of a European restructuring process. This was requested to avoid bankruptcy.
The goal: later repayment dates
In concrete terms, this procedure concerns Pierer Industrie AG, which wants later dates for the repayment of the full capital amount of two bonds (total: 115 million euros) and two promissory notes (total: 132.5 million euros).
Interest will be paid as agreed, Pierer Industrie AG said. The bondholders are represented by Gregor Royer.
Source: Krone
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