Bajaj Auto Ltd secures loan for KTM AG
Pierer Mobility AG, parent company of KTM, also produces motorcycles under the brands Husqvarna and Gas Gas.
The financing comes from JP Morgan Chase & Co., DBS Bank Ltd., and Citigroup Inc., with proceeds likely intended for the company's motorcycle business efforts to resume manufacturing and stabilize operations.
The infusion comes less than a week before a May 23 deadline for the company to deposit $600 million as part of a restructuring agreement to pay back 30 percent of its debt.
KTM announced its need for the restructuring deal late in 2024, citing a downturn in the market after aggressive growth surrounding the surge of the outdoor recreational market during the COVID-19 pandemic.
Together, Bajaj Auto and Pierer jointly control Pierer Mobility, the parent company of KTM. Bajaj's involvement with KTM AG dates to 2007. Pierer purchased KTM from bankruptcy in the early 1990s.
So far, KTM's American racing efforts have been unaffected by the financial instability, with Chase Sexton finishing second in the Monster Energy Supercross, Tom Vialle winning the 250 SX East division, and some riders signed through the 2026 season.
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Hamilton Spectator
3 minutes ago
- Hamilton Spectator
Disappointment, but no shock in Hamilton as tariff deadline passes without a deal
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