Austrian motorcycle maker maker KTM will initiate a legal restructuring proceeding with self-administration. The application will be submitted on Friday, 29 November, with the goal of concluding the process within 90 days. Speaking in a …
Austrian motorcycle maker maker KTM will initiate a legal restructuring proceeding with self-administration. The application will be submitted on Friday, 29 November, with the goal of concluding the process within 90 days.
Speaking in a public address, Stefan Pierer, CEO of KTM, and co-CEO Gottfried Neumeister, unveiled a comprehensive plan to navigate the current financial challenges and ensure a robust future for KTM. The move is to avoid bankruptcy and KTM will have to forward a credible restructuring plan to address current debt and the future continuation of the company.
KTM currently carries a debt of around 1.5 billion euros , a significant rise from the 300 million euro it carried on its books just two years ago. The rise in debt is attributed to KTM’s purchase of Italian bike makerThe Mattighofen firm’s share price has also taken tumble with a loss of 84%, according to a Bloomberg news report. Additionally, the Bloomberg report mentions a massive decline in sales as well as dealer inventory moving slowly.
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