How much debt does motorcycle manufacturer KTM have? When the bankruptcy of three Mattighofen companies was declared, there were almost two billion euros in debt. On January 24, real figures will be on the table for the first time during the exam meetings. The creditors still have time to register their claims; These are also stressful times for creditor protection associations.
On November 29, the self-administration restructuring procedure was opened for KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklung GmbH, instantly putting more than 3,600 employees in fear for their jobs, as well as countless suppliers and subcontractors for their jobs. money and an entire region around their leading company…
Since then, three other companies in the group of companies, Vöcklabrucker Metallgiesserei GmbH, Avocodo GmbH and Pierer E-Commerce GmbH, have been forced into bankruptcy – all inevitable subsequent bankruptcies. Meanwhile, in the background, discussions with potential investors are in full swing to initiate the restructuring of the motorcycle manufacturer.
There is still time to file claims until January 16
January 24 will be an important day with a view to the future: during the control meetings at the regional court in Ried im Innkreis, the restructuring managers will present details about the financial situation and the future. It will also become clear how high the company’s debt actually is. When the bankruptcy was declared, the three companies had a total of around two billion euros in debt. Creditors now have until January 16 to register their claims.
Christmas holidays shortened to be able to process questions on time
KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklung GmbH together have almost 2,500 creditors. This also means sheer stress for the creditor protection associations, which represent many creditors in court. “Our insolvency team of eight people in Linz has shortened the Christmas holidays in order to be able to process creditor inquiries and representation orders on time,” says Petra Wögerbauer from the Kreditschutzverband von 1870. In December and between the New Year holidays there were many inquiries from creditors abroad -EU countries, reports Wögerbauer.
“The creditors have diverse and sometimes complicated legal relationships with the debtors, which require careful legal investigation,” confirms Daniel Nobis of the Alpine Creditors Association. Legal resources from the other offices in Austria were brought together. Nobis expects the number of registered claims to increase “significantly” before the restructuring plan meeting on February 25.
Many last-minute submissions or even afterwards
Iris Scharitzer of the Austrian Creditreform Association also sees it: “We are prepared for the fact that many creditors will submit their claims in the last few days or even later.”
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.
