and the fortunes of PIERER Mobility AG
PIERER Mobility AG: Far-reaching restructuring and additional liquidity requirement at KTM AG
12-Nov-2024 / 20:42 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to article 17 Regulation (EU) No 596/2014 (MAR)
Ad hoc announcement pursuant to article 53 LR
In the course of liquidity planning for the 2025 financial year, PIERER Mobility AG has to cover additional liquidity requirements at the level of KTM AG. As of June 30, 2024, the KTM AG Group was responsible for more than 95% of PIERER Mobility AG’s revenue.
Ongoing discussions with core shareholder Pierer Bajaj AG and major financial creditors of KTM AG on financial restructuring. The Executive Board is currently working on securing the financing of KTM AG, in particular on a bridge financing in the three-digit million range. To this end, discussions are ongoing both with the core shareholder Pierer Bajaj AG and with existing financial creditors. The aim is to agree a standstill agreement with the financial creditors involved for the duration of these discussions as basis for the financial restructuring. The negotiations and discussions are currently at an early stage. It is therefore not yet possible to make any concrete statements about the outcome of the negotiations, the conditions and the size of an additional financing.
PIERER Mobility AG: KTM AG takes a pit stop for the future and prepares application for a judicial restructuring proceeding with self-administration
26.11.2024 / 14:02 CET/CEST
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.”
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.”
With reference from https://www.pierermobility.com/
and https://www.pierermobility.com/en/newsroom/eqsfeed/2891375
–Wayfarer
Associate Editor, Bikernet.com™
wayfarer@Bikernet.com
