In the fight to save bankrupt motorcycle manufacturer KTM, the company has now decided on the following steps: an extraordinary general meeting will be convened at the end of January. In addition, chairman of the supervisory board Josef Blazicek has resigned from his mandate. At the same time, Remus boss and renovator Stephan Zöchling is brought on board.
“Where was the supervisory board all this time? Why didn’t he intervene?” These types of questions have been raised time and time again behind closed doors since the extent of KTM’s problems became known. On November 29, a self-administration restructuring procedure was opened for three companies (KTM AG, KTM Components GmbH, KTM Forschungs & Entwicklung GmbH).
At the same time, the provisional debt mountain became known – it is estimated at around two billion euros. And this after achieving record sales and turnover in recent years…
Annual General Meeting at the end of January
With the first sign of life after the bankruptcy declaration on December 17, Pierer Mobility AG announced that it wanted to reorganize its ownership structure. At the same time, the search for investors was officially launched, which is supported by Citibank. In order to allow fresh capital to flow into the company and thus ensure the survival of the motorcycle manufacturer and its associated group of companies, a general meeting is necessary. This is scheduled for the end of January, Pierer Mobility AG announced on Thursday evening.
Supervisory board and board of directors: two roles for Remus boss
At the same time, Pierer Mobility also announced that the supervisory board is being restructured. Josef Blazicek resigned as chairman on Thursday. In his place, Stephan Zöchling will join the supervisory board. Zöchling is head of sports exhaust system specialist Remus, also bought the remaining assets of the former Sberbank in Vienna and has experience in restructuring in the automotive sector. At Pierer Industrie AG, which in turn owns Pierer Mobility AG, Zöchling now joins the board of directors, together with Pierer Mobility AG and KTM AG co-boss Gottfried Neumeister, from which Friedrich Roithner is leaving.
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.
