KTM is planning more job cuts amid its financial woes with reports suggesting up to 500 workers will lose their jobs.
250 workers had already been laid off due to the Austrian manufacturer’s economic issues and it has since been reported by Der Standard that 500 more will soon face losing their job. attempts to restructure the company.
The job cuts come under KTM’s restructuring plans, which have been created in an effort to keep the company afloat, though it has not been confirmed when the redundancies for these workers will be finalised.
Peter Vogl, the administrator overseeing the restructuring process, believes the job cuts are a necessity and that KTM AG, as well as its subsidiaries KTM Components and KTM F&E, will be able to continue functioning after the process is complete.
Der Standard has also revealed that KTM is in debt to 1360 creditors, including owing €796 million to 180 different banks.
The list of KTM’s creditors is supposedly 34 pages long, with the first 13 pages covering Austrian companies.
The remainder of the list is from a variety of international countries including: Germany, France, Italy, Spain, Portugal, the Netherlands, Slovakia, Slovenia, Poland, Ireland, Switzerland, Great Britain, Canada, the USA, Argentina, Thailand, Taiwan, China, South Korea, Myanmar, Australia, India and Japan.
As well as the banks, the list of KTM creditors also includes smaller businesses including coffee suppliers and bakeries.
KTM’s MotoGP project is still set to go ahead for the 2025 season despite the financial crisis, although development on the RC16 has been paused.
The Austrian manufacturer is contracted to remain on the grid until at least 2026 and is confident that regardless of its financial problems, it will be lining up on the grid in Buriram.
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