Lilium intends to file for insolvency for two subsidiaries
The eVTOL developer Lilium wants to restructure itself in self-administration. Two subsidiaries are insolvent, the parent company could follow.
A model of the early "Lilium Shuttle", currently the "Lilium Jet" is under development.
(Image: Lilium)
On Thursday afternoon, Lilium declared insolvency for "Lilium GmbH" and "Lilium eAircraft GmbH". This is the result of a mandatory notification to the US Securities and Exchange Commission (SEC) published by the company itself. Lilium literally states that the managing directors of the subsidiaries have determined that their companies are "over-indebted".
As a result, both are now to file formal applications for insolvency under self-administration in the coming days. The parent company, Lilium N.V., is currently reviewing its finances and could also declare itself insolvent, according to the press release. It also states that Lilium had been negotiating with the Free State of Bavaria about a guarantee of 50 million euros until the end, but that no agreement could be reached.
This was probably triggered by the fact that the federal government, via KfW, did not want to guarantee a further 50 million. A few weeks ago, Lilium had already warned of imminent insolvency if these guarantees did not materialize.
Share halved on the stock markets
The news of the impending declaration of insolvency was severely punished on the stock markets. On the US stock exchange NASDAQ alone, the share (LILM) lost up to 69 percent at times. According to Bloomberg, this is a record value for this stock. At the time of this report, the share had only recovered slightly to a loss of over 50 percent compared to the previous day's closing price.
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Lilium is developing an eVTOL, an "electric Vertical Take-Off and Landing aircraft" in Gauting, Bavaria, but is also registered in the Netherlands as "Llium N.V.". The Lilium Jet is primarily intended as an air cab, so it will not be available to private individuals. The vertical take-off aircraft will carry up to six passengers, but is currently still at the testing stage. Like its competitor Volocopter, the aircraft does not have a passenger transport license, although its aircraft was allowed to take off for freight transport at the Olympic Games in Paris. According to the previous plan, Lilium wanted to carry out its first flight with passengers in 2025 and deliver the Lilium Jet to customers in 2026.
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