The motorcycle giant said it had financing requirements currently amounting to “a high three-digit million” sum.
KTM is reportedly billions in debt, will temporarily cease production, and is facing further layoffs.
KTM addressed its 5000 employees on Wednesday to announce the restructuring where CEO Stefan Pierer said the business was facing “major challenges” financially.
“The proceedings give the opportunity to continue to manage the assets under supervision and to reorganize the KTM Group independently. All other subsidiaries of KTM AG, in particular all sales companies, are not affected,” a Pierer Mobility statement read in part.
“The aim of the proceedings is to agree a reorganization plan…
