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The first reactions to KTM’s insolvency

Markus Achleitner (left) and Andreas Stangl (right) are also shocked by the impending insolvency at KTM.(Bild: Krone KREATIV/Markus Wenzel)

The necessary financing for KTM AG could not be arranged - the insolvency application for the motorcycle manufacturer and two subsidiaries is unavoidable. This news spread like wildfire on Tuesday. From the mayor of Mattighofen to the president of the Chamber of Labor and the regional economic councillor: read the initial reactions here.

The insolvency announcement at KTM shocks many. This is what...

• Daniel Lang, Mayor of Mattighofen: "It's a shock, but there's also a certain amount of confidence that the announced cuts will remain and that we'll be able to get going again from March. Now it's time to get to work and stand together."

• Michael Seemayer, regional managing director of the Pro-Ge trade union: "The situation means a great deal of uncertainty for employees. It's particularly sad so close to Christmas."

The situation has come to a head in the last two weeks

November 12, 2024: Pierer Mobility declares that KTM AG needs far-reaching restructuring. There is a liquidity requirement in the three-digit million range.

November 25, 2024: Pierer Industrie AG initiates European restructuring proceedings to extend maturities of bonds and promissory note loans (total: EUR 247.5 million).

November 26, 2024: Pierer Mobility declares that an insolvency petition will be filed for three KTM companies. Restructuring proceedings are opened for Pierer Industrie AG at almost the same time.

• Andreas Stangl, President of the Upper Austrian Chamber of Labor: "It is important that employees do not rush to terminate their employment contracts. This could result in the loss of entitlements."

• Markus Achleitner, Upper Austrian Economic Councillor: "KTM is an important leading company in Upper Austria. We trust that Pierer and his team will bring about a successful restructuring. There is close coordination between the AMS, the Chamber of Labor and the province of Upper Austria to ensure that all steps are taken to support the employees."