eVTOL manufacturer, Lilium has announced an asset purchase agreement with Mobile Uplift Corporation, a newly formed company backed by a consortium of European and North American investors. The agreement involves Mobile Uplift Corporation acquiring the operating assets of Lilium GmbH and its subsidiary, Lilium eAircraft GmbH. The transaction represents a significant step in Lilium’s financial…
Singaporean oil trader OK Lim, once a leading player in the city’s busy bunker trading sector, has been declared bankrupt after consenting to a multibillion-dollar court judgment in favor of his former company’s creditors. Lim and his children – Evan Lim Chee Meng and Lim Huey Ching – owe a combined $3.5 billion in connection…
Flying taxi startup Volocopter said Monday it was filing for insolvency, days after another fellow German company in the field, Lilium, was saved from collapse.“Despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,” Volocopter said in a statement, adding that the filing was…
German eVTOL manufacturer Volocopter has announced it is restructuring as it looks for investments to continue building its VoloCity air taxi. The company was due to enter the market by the end of this year with an electric aircraft that can link urban centers and airports. Business as usual Volocopter GmbH, which was founded in…
Volocopter, a Bruchsal startup focused in electric vertical take-off and landing (eVTOL) aircrafts, has filed for provisional insolvency after difficulty in finding further funding, marking a setback for the European eVTOL industry. Founded in 2011, Volocopter gained widespread recognition for its innovative air taxi solutions and was often seen as a frontrunner in the race…
This eVTOL Startup Has Filed for Bankruptcy Volocopter GmbH Germany’s Volocopter has entered insolvency proceedings in its home country after a number of successful prototype demos in recent months. The startup’s craft uses a large number of individual propellers arranged around an overhead ring structure, as in a hobby drone, while featuring a small helicopter-style…
Date published: 30 December 2024 The High Court has made a Disqualification Order against the director of a company involved in repair and maintenance of aircraft and spacecraft. The High Court has made a disqualification Order against the director of a company involved in repair and maintenance of aircraft and spacecraft. The Order was made…
Although the industry is known for firms going under, the wider picture shows the problem is less severe, writes Barrett Harris. When examining the insolvency rate, which measures insolvencies relative to the total number of companies, construction ranks third with an insolvency rate of 1.3%, behind accommodation (2.6%) and manufacturing (1.7%). This suggests that, proportionally,…
Dec 29, 2024 02:01 PM IST Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire. Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire. After his oil trading empire collapsed, former tycoon Lim Oon Kuin…
Dem-run city may go bankrupt thanks to public sector pension scheme MSN Read the original article here