EQS-News: PIERER Mobility AG: KTM AG takes a pit stop for the future and prepares application for a judicial restructuring proceeding with self-administration

CORPORATE NEWS       

Wels, November 26, 2024

 

PIERER Mobility AG: KTM AG takes a pit stop for the future and prepares application for a judicial restructuring proceeding with self-administration

 

As reported, KTM AG is in the process of implementing restructuring measures due to high financing needs. The management of KTM AG assumes that it will not be possible to secure the necessary interim financing in a timely manner.

 

The Executive Board of KTM AG therefore decided to file the application for the initiation of judicial restructuring proceedings with self-administration over the assets of KTM AG and its subsidiaries KTM Components GmbH and KTM F&E GmbH on November 29, 2024.

 

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.

 

The aim of the proceedings is to agree a reorganization plan with the creditors within 90 days. A redimensioning is intended to sustainably secure the existence of the KTM Group and to create the basis for emerging strengthened from the process.

 

Stefan Pierer, CEO of KTM AG: "Over the past three decades, we have grown to become Europe's largest motorcycle manufacturer. We inspire millions of motorcycle riders around the world with our products. Now we are taking a pit stop for the future. The KTM brand is my life's work, and I will fight for it."

 

Making KTM robust for the future

 

Since September 2024, Gottfried Neumeister has joined the Executive Board as Co-CEO. Stefan Pierer: "Gottfried Neumeister has brought impressive experience and a breath of fresh air and has made a significant contribution to addressing the current situation. I am convinced that together we will get the company back on track for success."

 

Gottfried Neumeister, Co-CEO of KTM AG: "The enthusiasm of our employees is our most important competitive advantage. Their passion is the reason why KTM is globally synonymous with peak performance. We build our motorcycles reliably and robustly for every race, for every terrain. Now it's about making the company robust. Robust for the future. So that we can quickly focus again on what we do best: building the coolest motorcycles in the world."

 

Bold and profound measures

 

For the success of the restructuring proceedings, a restructuring plan must be agreed upon with the creditors. Stefan Pierer: "The core shareholders stand by KTM and PIERER Mobility and its stock market listing. The goal is clear: KTM should emerge stronger from this difficult time."

 

Contact Investor Relations

Hans Lang & Melinda Busáné-Bellér

Tel: +43 676 4140945 & +43 676 4093711

Email: ir@pierermobility.com

Website: https://www.pierermobility.com

 

ISIN: AT0000KTMI02; Swiss Valor Number (Switzerland): 41860974; Ticker Symbol: PKTM; Bloomberg: PKTM SW, PKTM AV; Reuters: PKTM.S, PKTM.VI