Germany-based Volocopter, an urban air mobility company that develops eco-friendly air taxis to transport people, announced its application to open insolvency proceedings at the Karlsruhe Local Court on 26 December 2024.
The Karlsruhe Local Court began the provisional insolvency administration the following day and appointed Tobias Wahl, partner, and attorney at Anchor Rechtsanwältegesellschaft mbH, as its administrator.
The company has achieved growth through several financing rounds and maintains one of the lowest burn rates in the industry.
However, despite recent fundraising efforts, it has been unable to find a viable solution to continue operations without facing insolvency, says the company.
Business operations will…
