Waiting for the money

Insolvency administrator takes over at start-up Lilium

Last week, Lilium filed for insolvency for the second time in just a few months because the 200 million euros promised by a consortium of investors to save the start-up could not be raised(Bild: Lilium GmbH)

The provisional insolvency administrator has taken the helm at the insolvent German electric aircraft manufacturer Lilium. The Weilheim Local Court has appointed lawyer Robert Hänel, as announced by his law firm Anchor Rechtsanwälte. The court published a corresponding notice.

Hänel is now busy gaining an overview of the confused situation at Lilium. According to a statement from the management, the investors are still interested in continuing the company, as Hänel wrote. According to this, the money promised by the investors is available, but the transfer to Lilium's accounts has not yet taken place due to "technical problems".

Already twice in insolvency
Last week, Lilium filed for insolvency for the second time in just a few months because the 200 million euros promised by a consortium of investors to save the start-up company could not be raised. Slovakian entrepreneur Marian Bocek had agreed to be one of the main investors, but his contribution reportedly failed to materialize. According to an earlier report in the "Bild" newspaper, Bocek wanted to contribute 150 million euros.

960 employees affected
"The initial situation in this second insolvency is complicated," said the provisional insolvency administrator. Business operations have been suspended for the time being, and the new insolvency affects around 960 employees who have not received their salaries.

Lilium was one of the best-known German start-ups and was even listed on the US technology exchange Nasdaq. Over the years, investors provided a total of 1.5 billion euros for the development of an electric aircraft. The aircraft was still not ready for series production.

In the fall, Lilium filed for bankruptcy for the first time because it lacked the money to set up production. At literally the last second, the investor consortium Mobile Uplift Corporation (MUC) then signed a purchase agreement for the business assets of the two Lilium subsidiaries Lilium GmbH and Lilium eAircraft on December 24 and announced 200 million euros in fresh money.