Germany’s Weirdest Debt Market May No Longer Be Safe Haven for Lenders

After storied Austrian motorcycle manufacturer KTM AG presented an insolvency plan to creditors last year, several of them convened a video conference to discuss a counter-proposal. More than 100 parties joined, but none of the usual big corporate lenders were involved. Instead, the group featured a motley crew of backers from tiny German towns, Chinese banks and European pension funds, all with wildly varying knowledge of the case at hand. The call was raucous, according to people briefed on th