{"id":10852,"date":"2024-10-29T20:02:01","date_gmt":"2024-10-30T03:02:01","guid":{"rendered":"https:\/\/evhnews.com\/?p=10852"},"modified":"2024-10-30T20:08:52","modified_gmt":"2024-10-31T03:08:52","slug":"german-air-taxi-manufacturer-lilium-to-file-for-insolvency","status":"publish","type":"post","link":"https:\/\/evhnews.com\/nn\/2024\/10\/29\/german-air-taxi-manufacturer-lilium-to-file-for-insolvency\/","title":{"rendered":"German Air Taxi Manufacturer Lilium to File for Insolvency"},"content":{"rendered":"

German eVTOL maker Lilium has revealed plans to file for self-administered insolvency after failing to secure crucial government funding<\/strong><\/p>\n

By Joe Macey AAM International<\/p>\n

Lilium\u2019s principal German subsidiaries will apply for self-administration proceedings in the next few days with the competent court in Germany.<\/p>\n

This follows a lengthy and complex government approval process for a loan from KfW, which failed in the Budget Committee of the German parliament.<\/p>\n

Lilium\u2019s international competition is receiving grants and loans in the U.S., France, China, Brazil, and the UK. Therefore, German government support was seen by Lilium investors as critical to retain market confidence and potential future investment.<\/p>\n

Lilium CEO Klaus Roewe said;\u00a0\u201cOur plan was to\u00a0obtain shareholder investment in a new funding round anchored by a German government backed loan of \u20ac100 million.<\/em><\/p>\n

\u201cWe had already conditionally secured additional private capital to complement the KfW loan. However, the Budget Committee was unable to agree on the loan and Bavaria couldn\u2019t do it alone.\u201d<\/em><\/p>\n

According to Lilium, the German government support of the KfW loan was a closing condition to already committed private funding and without this support the company was left with no alternative but to cause the principal German subsidiaries to file for self-administration.<\/p>\n

Lilium was also in advanced discussions regarding a French government guarantee of a \u20ac219 million loan to finance a battery factory and an assembly line in the Southwest of France.\u00a0Following the Lilium Jet\u2019s planned first flight in early 2025, Lilium anticipated receiving pre-delivery payments and new investment to finance the company into 2026 when the company expected delivery would begin on its current order pipeline consisting of firm orders, reservations, options, and memoranda of understanding for more than 780 Lilium Jets to operators in the U.S., South America, Europe, Asia, and the Middle East.<\/p>\n

Self-administration, if and when granted by the court, aims to preserve and continue the business that is the subject of the proceedings. Management would retain control and would continue operating the business under the supervision of a custodian. The procedure is often used to initiate investment by new parties or a process to sell the company\u2019s assets and\/or business as a whole. In Germany, the procedure is generally perceived as providing an improved chance for a successful in-court business restructuring.<\/p>\n

Klaus Roewe said;\u00a0\u201cWe deeply regret the insolvency and its consequences for all stakeholders at such a crucial stage of our company\u2019s development.<\/em><\/p>\n

\u201cHowever, while there is no guarantee for success in insolvency proceedings, we hope that the Lilium Jet will get a chance for a fresh start after the self-administration process is completed.\u201d<\/em><\/p>\n

\u201cWe strongly believe that electric flying is our best hope for the decarbonization of aviation,\u201d<\/em>\u00a0Klaus Roewe added.<\/p>\n

… Notes from SP,<\/p>\n

#EVHNews, #Lilium, #eVTOL, #Electric Aviation,<\/p>","protected":false},"excerpt":{"rendered":"

German eVTOL maker Lilium has revealed plans to file for self-administered insolvency after failing 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