The Pierer Mobility group has announced that struggling bike manufacturer KTM will enter self-administration and apply for the initiation of judicial restructuring proceedings.
The Austrian marque is undergoing a significant financial crisis and was seeking at least 100 million euro to continue operating beyond 2024.
The company, currently competing in MotoGP, has laid off hundreds of employees and plans to pause production of its bikes in January and February of next year.
However, on Tuesday KTM owner Pierer Mobility AG announced that the company’s management was expecting to be unable to secure the necessary financing in time, and so it will begin a formal restructuring process.
The company has opted…
