A lengthy procedure with a narrow majority
The vote on the restructuring plan took place at the regional court in Ried im Innkreis (Upper Austria). Around 100 participants, including creditors, their representatives and the KTM management, gathered in the jury courtroom. The trial lasted over five hours before the result was clear: the restructuring plan was accepted.
This provides for a one-off payment amounting to 30 percent of the creditors’ claims. A total of 2.25 billion euros in claims are outstanding, of which 2 billion were recognized. The required payment of 548 million euros must be deposited with the restructuring administrator by May 23, 2025 at the latest. The plan is expected to be confirmed by the court at the beginning of June 2025, which would officially end the insolvency proceedings of KTM AG.
Financial challenges and unclear sources of funding
Although the creditors have approved the plan, it remains unclear who will provide the financial resources. So far, it is only known that 50 million euros have been made available from the extended circle of shareholders to ramp up production again from mid-March 2025. The planned full capacity utilization of the four production lines in single-shift operation is to be achieved within three months.
The banks, to which KTM is indebted to the tune of 1.3 billion euros, were skeptical about the restructuring plan. Nevertheless, the necessary capital majority was achieved. Indian partner Bajaj in particular is considered a possible investor, while no other investors are known to date.
BMW as a potential buyer?
Parallel to the financial restructuring, there is ongoing speculation about a takeover by BMW Motorrad. According to media reports, BMW is said to be interested not only in a stake, but in a complete takeover of KTM AG. Such a development could have far-reaching consequences, particularly for the Mattighofen site.
An insider reports that BMW is considering withdrawing production from Austria and relocating it to other sites by the end of 2025. This could affect up to 4,500 jobs. The research and development department could also be relocated from Mattighofen to Munich. BMW could rely on its existing partners in India, including TVS and Bajaj, for production.
Other potential investors
In addition to BMW, there are other interested parties for KTM. Stephan Zöchling, owner of Remus, could be a potential investor, as could KTM’s long-standing partners Bajaj (India) and CFMoto (China). Oberbank in Linz, which has close ties to BMW, is also said to support the sale.
The economic and political consequences of a takeover would be considerable. Should KTM fall into Bavarian hands, this could have serious consequences for the Austrian supplier industry. Experts warn of a “chain reaction”, as numerous local suppliers could be excluded from the value chain.
Employee losses and structural problems
Since announcing its insolvency in November 2024, KTM has cut around 1,800 jobs worldwide. According to reports, the reason for the economic difficulties is an overproduction of around 250,000 motorcycles since 2022. This miscalculation has caused massive debts of over 2 billion euros.
The future of KTM AG now depends on whether the company can raise the required 548 million euros on time and how negotiations with potential investors develop.
Conclusion: KTM AG has cleared an important hurdle with the approval of the restructuring plan. Production can start up again in Mattighofen, but the financial situation remains tense. The question of whether KTM will remain an independent company or be taken over by a large group remains open.
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