After the Upper Austrian motorcycle manufacturer KTM filed for insolvency in the Ried regional court on Friday, restructuring administrator Peter Vogl reported on Monday that the KTM AG company would be continued “after the first surveys carried out”. Meanwhile, the Chamber of Labor has been informing the workforce at works meetings since Monday and obtaining powers of attorney to submit applications to the insolvency fund.
Further statements from the restructuring administrations – in addition to KTM AG, the subsidiaries KTM Components GmbH and KTM F&E GmbH are affected – will only be made after the first creditors’ meeting, Vogl said. The three KTM companies have billions in debt.
Around 3,600 employees are affected by the bankruptcy. Works meetings are scheduled until Wednesday at the three affected companies KTM AG, KTM Components GmbH and KTM F&E GmbH in Mattighofen, Munderfing and Schalchen, coordinated with the shifts and working hours. Nine colleagues were on site, said Karoline Neumüller, head of the insolvency department of the Upper Austrian Chamber of Labor (AK) in an APA interview. The employees are informed what a restructuring process with self-administration means, that their employment relationships have not been terminated and “who pays what money,” explained Neumüller.
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Source: Nachrichten
