The financial woes of the Pierer Mobility Group continue. Today, the PMG – parent company of KTM – announced they are to apply for a so-called judicial restructuring proceedings with self-administration. This is a form of bankruptcy protection, allowing a company to be reorganized and reach an agreement with its debtors.
While it is always dangerous to make comparison between legal jurisdictions, especially between systems based on the Napoleonic code and Roman law as found in most European countries, and those based on common law as found in the US and UK, the restructuring proceedings bear some similarity to chapter 11 bankruptcy protection in the US, although the conditions and operation are very different.
The website of the…
