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The next question would be, of the 130K bikes not sold, are some of them on the dealers floor pending the flip to the dealers flooring line? Same would be for their bicycle inventory.
I must have got one of the last of the warm fuzzy feelings when I bought my '21 FE 350 from (now defunct) KTM of Aspen. The owners manual came in a literal warm, fuzzy felt envelope; along with a grid notebook for tracking maintenance, a Husqvarna branded ball point pen, a very well thought out tool kit, extra throttle cams, and flag handguards. These details went a long way towards making my life long dream / mid-life crisis / business expense purchase of being able to walk into a dealer, point at a bike, and say, "I'd like to buy that one today" feel rewarding.
Since then, the owner of the shop sold the franchise to an auto dealership style chain store where I have to play charades to the parts person to explain what an in-line fuel filter is, as well as educate them on the differences between two stroke, and four stroke engines. With the next closest dealer being an hour away, Rocky Mountain ATV / MC has become my "local dealer" of choice.
Also honorable mention to the memory of KTM of Aspen; when I finally got around to inspecting my steering bearings & suspension linkage after a year of riding, I was delighted to discover they were still full of grease.
They are already bankrupt. I think you ment liquidated.
Less talk about fucking manuals please!
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Self-administration is a measure that allows for a 90 days effort to reorganize and secure financing to continue operations before the company falls into insolvency.
Bankruptcy and liquidation is not their current situation, it's what happens if the restructuring is not accepted at the end of February.
Nope, sorry.
https://www.merriam-webster.com/dictionary/bankrupt
Even still I am sure the clown posse will be along shorty to thank you for your infinite wisdom.
The bankruptcy system in the US covers both restructuring and liquidation. If you can't pay your obligations as they come due and seek a legal timeout, we consider that bankruptcy. They put a nicer spin on it in Europe but we're talking about the same thing.
Over in the USA there's Chapter 11 Bankruptcy Protection. Austria doesn't seem to have that but have the process they're using which is something similar. Either way it's really not a great position to be in.
Just read an article that said that KTM isn’t making December payroll. Couple that with the production shutdown after the first of the year and it would seem that their workforce is going to be very different if they are able to restart production later in 2025. With the reliability issues that they’ve had recently and a less experienced workforce, I’d probably not buy a new one until at least the 27/28 model years!!!!!!
It will be just like the auto, RV, and other business here during and after covid. Most people can't be out of work for 3 months even with partial pay. They also can see the writing on the wall that maybe they should start looking for a more secure job.
Then, just as you stated, the workforce will have vastly less experience and/or loyalty.
Maybe in Austria they have a better "backup" work force than we do here in the states. The second string crew here proved to be pretty bad. I hope they can come out on the other side strong and selling good bikes again. I currently own 2 gas gas bikes. I had a hard time sourcing valves for the 23 250f a few months back.
I can only imagine this area will suffer even more in the future.
And... that's still a no. I'm as much an Austrian lawyer or banker as yourself, so I know nothing about this, except what I can read from reliable sources. Did you consider that maybe a dictionary definition doesn't tell you that much about the intricacies of Austrian business law?
From https://www.usp.gv.at/en/veraenderung-aufloesung/insolvenz/ablauf-insol…
Insolvency proceedings are conducted either as bankruptcy proceedings OR as reorganisation proceedings:
The restructuring proceedings enable the restructuring and subsequent continuation of the company. This requires a restructuring plan. During the proceedings, the debtor or an administrator manages the company. If the restructuring plan is fulfilled, the debtor is released from the remaining debts.
In bankruptcy proceedings, the company is in any case continued by an administrator. The debtor loses the power of disposal over the assets and is not released from the residual debts. However, it is also possible to submit a restructuring plan in ongoing bankruptcy proceedings.
In short, bankruptcy and restructuring are 2 different things, they are now in the process of restructuring, bankruptcy is what might happen if the restructuring plan is not successful, thank you for your attention.
Based on info in this link posted by beagle, they've already shut the production line down earlier than they said they would. Won't start back up until March...per the article.
https://es.motorsport.com/motogp/news/crisis-ktm-pago-sueldos-filial-qu…
Yeah, I guess the dictionary and wikipedia are both wrong and you're right again.
https://en.wikipedia.org/wiki/Bankruptcy
"Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts."
My apologies if they have not yet been officially declared BANKRUPT by their Austrian Overlords.
https://montreal.ctvnews.ca/bombardier-to-lay-off-120-employees-1.7132363
I expect that KTM, based on Austrian BK rules, will get out from under this current situation for 20-30 cents on the dollar.
30% if they get to reorganize on their own/of their own plan with gov’t over-sight and SP gets to -potentially- retain ownership post re-org.
20% if the Austrian gov’t takes the reins and, most likely, SP is out and the govt assigns new leadership.,
This is what I’m guessing after reading up a little bit on the process over there.
Austrian bankers must be easy going fellows. That's over 2 billion hit. Another issue is the remaining 1 billion has to be paid off in 2 years and the most they ever made was 100 mill/report. Given the debt they ran up that was likely a lie as they stuffed the dealers. Under all these condition I just don't see it.
Pit Row
How does this make capital easier to come by to manufacture dirt bikes and for consumers to buy them?
WTF does your boyfriend have to do with my question?
He is the fellow leading the whole shitshow. Ask him.
Whatever happens, banks are set to lose big money in this and they know it, it all depends if they think they can get more than 30% if they let PMG bite the dust or if they stand a better chance of getting 30% in 2 years after restructuration.
With PMG earnings of 143, 171 and 76 millions these past 3 years (after paying interest on their debts btw) of course they could never reimburse their debts just doing business as usual, they'll need to generate cash for instance sell some assets, starting with the obvious ones like MV, electric bicycles... or sell a big chunk of their shares to investors...
PS: it's not me against Webster and Wikipedia, it's wether you think the general page about bankruptcy on these websites is more accurate on the matter of Austrian bankruptcy laws than an Austrian gov website purposely set to explain Austrian business laws to businesses 🤷♂️
I thought they divested their interest in MV.
Also the way the company is structured they have to maintain 75% ownership so NO they cant sell shares.
https://www.crash.net/motogp/news/1061593/1/mv-agusta-issues-statement-amid-ktm-sale-rumours
Yes El Hefe' Has taken arguably the most valuable asset aside from the KTM brand and given it away. Eliminating any doubt about him not trying to save PMG.
The daily drip drip drip of bad news just keeps tarnishing the brand. I wonder how they will survive this, and if so, will they maybe revert back to a much smaller company focusing on their bread n butter dirt bikes? And I feel for all the KTM-only dealerships (we have 2 around here) that will have one helluva time surviving. I can't imagine many people are walking into those showrooms if they've followed the news. It's a very bizarre story overall that such a behemoth of a company could get themselves into such trouble.... sorta boggles the mind.
Except for the complaints about manuals this has been a terrific thread. Informative and much less name calling then a regular vital 26 pager. Excellent work guys! As the owner of a 24 sx and a 24xc I won't need a new dirtbike for a couple years. If I did it would not be a ktm product. I also have a 2008 990 adventure. There's no fuckin way I would be buying an 18000$ ktm adventure bike right now. Even if it was marked down 40% . How can you have any confidence in your 2 year warranty? Especially with the 790/890 issues. And getting parts which are difficult now. Parts availability after this fiasco are gonna be shit show. If I was a betting man I would say this the end of the line.Only hope is for a massive company like Volkswagen who owns ducati?? to come in and buy it for next to nothing and continue on. Im just a over the hill concrete guy so what the fuck do I know? But I am a lover of all things motorcycle 🏍 😉
IMHO, KTM is a victim of Greed, simple as that. Other than that - Coulda Woulda Shoulda!
The Evil Ones (10000 plus there Minions) control all of us and 95% of the Assets of Earth, they have all the Capital and we are getting it back, if one chooses to believe that🙂
I do that's for sure! Do you really know how to pull the hole shot? It easy and there is only one step and after that step it all just happens! You got to believe you can do it!!
The current world drama that is playing out is all about our freedom on this planet. What did he just say😅 Welp it is true. So make a Keyword List and start researching! There is a plethora of sites to peruse for information. Yes!! Some of it might not be true and correct. Use your God given discernment skills!
Is all the PMG information true and correct? But we all have interest in dirt bikes and thus we dig relentlessly for the truth, why, its my dirtbike😉 So how about your Freedom to ride your dirt bike. The oppressors close moto tracks and facilities - over charge us for everything and anything! paging RH......
What is coming cannot be stopped. What is coming is in our control if we choose to awake up and look around at the CURRENT EVENTS and how they affect you! Again each has freewill and choice, so choose wisely
Fun fact and I only have my word to support me. 1975 in Germany I was racing the 250 Class called the JR Pokal Series. I finished in the top 3 in both the North and Sud Championships riding against a Jr rider supported behind by Maico. The other rider rode for Kramer Maico. The fun fact, I only lost one hole shot all season. I chose to believe that I could.
Again no hate or anger from me as I believe that life is in our control - if one chooses to believe.
I guess you could say that what has frustrated people in the past is that the Japanese manufacturers take longer on model development and are overly pragmatic and conservative on their decisions. Clearly there is a reason for that now that we've seen what can happen. They are not in the business of going out of business.
Post a reply to: KTM to file for Bankruptcy/ Self Restructuring on Friday