At KTM AG, which is in a tailspin, unlike last reported, December wages are being paid out; In the background, company boss Stefan Pierer is trying to save his life’s work.
KTM AG will file for bankruptcy on November 29, 2024. The aim is to proceed with self-administration and a debt repayment of 25 to 40 percent. As reported, the insolvency fund will withhold salaries for November and December, as well as the Christmas bonus. Once a restart plan is submitted and accepted, the funds will be paid out.
“Given the critical situation in Upper Austria, this will definitely take another three to four weeks. “It has now been decided that KTM AG itself will pay the wages for December,” Heinz Kinigadner (64) confirmed exclusively to SPEEDWEEK.com on Thursday. “People need something for the Christmas season – you can’t expect that from people.” That’s why the December salaries will now be paid a little earlier, at the beginning of next week.
The former KTM savior and mastermind Stefan Pierer has been going over the books for months and turns every stone twice, this was also confirmed by KTM icon Heinz Kinigadner. “I would like to support Stefan during this difficult time,” said Kini, who is currently in Dubai supporting his son Hannes at the rally, where he is competing in a buggy with co-driver Sam Sunderland, a former Dakar motorcycle winner. Kini is in close contact with Pierer and knows: “It cannot be denied that mistakes were made – that is now coming through from the depths.”
When asked about the next few weeks, the two-time motocross champion said: “Sure, it will be difficult! Employees will earn less on a lower hourly basis. But we are convinced that Stefan Pierer will implement his plan.” And Kini also refers to those who write letters to the editor and comments in the daily press: “Without Pierer, KTM wouldn’t be where we are. He is a sports fanatic through and through – so he knows that KTM doesn’t work without sports. I have complete trust!”
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