After an important hurdle was taken last week, KTM was saved from the abyss today. During today’s meeting on the restructuring plan, the creditors agreed to the restructuring plan submitted by KTM AG.
KTM AG, a full subsidiary of Pierer Mobility AG, had applied for a judicial restructuring procedure with self -administration last year on 29 November. The purpose of the procedure was to agree with the creditors within 90 days.
Last week the creditors had given their approval to the European restructuring procedure, today content had to be voted on the repair plan. The plan, which provides for a cash quota of 30% of the claims of the creditors, was accepted by the creditors after a long deliberation.
With a total of 3,847 claims filed by creditors, the hearing, which started this morning at 9 am, originally planned for 3 hours, but in the end it was only just before 2 o’clock in the afternoon that the green light came from the creditors.
To meet the claim of 30% of the debts, KTM AG must have been transferred an amount of 548 million euros to the manager of the restructuring plan by 23 May 2025 at the latest. Once the payment is made, the plan will be confirmed by the court at the beginning of June and will be legally binding.
“I am grateful and happy today. KTM is back on track. Our employees have done everything in the past three months to ensure that the race can continue. We have closed an important chapter today. But one chapter never tells the whole story. Now we can continue the beautiful story of KTM. We do this for the millions of KTM fans worldwide, which we are grateful every day. For our racers, whom we are damn pride. And for our location Austria, to which we are very attached to our hearts. KTM remains one of the top employers in the Upper-Austrian industry. “
To finance the kasquota and further production, the group needs a fresh capital of around 800 million euros. Citigroup Global Markets Europe AG (“Citigroup”) was instructed to support this investment process in a structured, transparent and efficient manner in the importance of all stakeholders.
In order to be able to gradually rebuild production from mid -March 2025, KTM AG will receive financial resources worth 50 million euros from the extensive circle of shareholders. The planned full occupation of the four production lines in one -shift service must be reached within three months.
– Thanks for information from Motorfreaks.