German eVTOL developer Lilium (Oberpfaffenhofen) announced it filed for insolvency on February 21 after last-ditch funding options to secure its future did not materialise in time.
“While talks about alternative solutions are still ongoing, the chance for restructuring right now is highly unlikely, and therefore, operations will be stopped. Given the situation, this is deeply regretful for all employees, and Lilium Aerospace thanks them for their resilience and dedication,” the company said in a statement.
An investment consortium called Mobile Uplift Corporation GmbH had pledged more than EUR200 million euros (USD209 million) to help the company recover from its debtor-in-possession…
