Austrian motorcycle giant declares concordat
One of Europe’s leading motorcycle manufacturers KTM These days it is on the verge of bankruptcy. The company soon concordat will apply. Application will be made on Friday. The company plans to enter into a restructuring process after this application and in 90 days plans to complete.
Although company officials do not go into details about this situation, they state that they encounter significant obstacles. “The restructuring processadapting to changing markets” and they believe it will provide an opportunity to secure their position as a global leader in the motorcycle industry.
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There will be cuts in the number of employees and production
The restructuring process is expected to have serious effects in the short term. Pierer Mobility AG stated that “additional potential losses” may occur in this process. In addition, it was stated that the number of employees will be reduced and the production capacity will be reduced.
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It is stated that KTM has accumulated problems for years, but the recession in Germany and the stagnation in the European economy have made this situation worse. In America, it is stated that high interest rates and the cost of living negatively affect consumer purchasing power.
KTM CEO Stefan Pierer described the process as a “pause for the future” and said: “The KTM brand is my life’s work and I will fight for it.” The company is preparing for a difficult restructuring process to maintain its global leadership position.
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