Insolvency court allows Lilium to continue

The electric aircraft pioneer Lilium can continue its work for the time being. The Weilheim District Court granted the application for insolvency proceedings in self-administration and appointed lawyer Ivo-Meinert Willrodt as the provisional administrator. 

Searching for Buyers and Investors

Lilium CEO Klaus Roewe said the company aims to certify and launch the electric aircraft with new investments following the restructuring. The consulting firm KPMG has been tasked with searching for buyers or investors - initial investor meetings are set to begin shortly, the company announced. The US Nasdaq stock exchange has suspended trading in Lilium shares and warrants starting Wednesday. Two lawyers, Gerrit Hölzle and Thorsten Bieg, have been newly appointed to the management for the insolvency and restructuring proceedings. 

Final Assembly in Progress

The first two Lilium jets are in final assembly. More than 1,000 employees are working towards the first manned flight. The company has orders, reservations, options, and letters of intent for more than 780 Lilium jets from the USA, South America, Europe, Asia, and the Middle East.

The Greens in the traffic light coalition had rejected a federal guarantee for half of a 100-million-euro loan for Lilium in October.

"We had already secured additional private capital subject to conditions to complement the KfW loan," Roewe lamented at the time.

Talks about a French guarantee for a 219 million euro loan for the construction of a battery factory and an assembly line in southwest France had progressed.