Pierer Mobility shares halted after KTM restructuring plan approved

(Reuters) - Shares in Pierer Mobility AG were halted from trading on Tuesday after being seen up 16.7% in response to the reorganization plan for the company's subsidiary KTM AG being accepted by creditors.

The restructuring plan provides for the motorcycle company's creditors to receive a cash quota of 30% of their claims, to be paid by the company to the restructuring administrator by May 23. 

The group has hired Citigroup to support the investment process for an additional 800 million euros ($840.40 million) required to finance the cash quota and further production.

KTM AG filed for court restructuring proceedings in November.

($1 = 0.9519 euros)

(Reporting by Bernadette Hogg, Editing by Friederike Heine)