Lilium’s new owner Mobile Uplift Corporation (MUC) now expects to take ownership of the company’s assets by the end of the month, a slight slippage over a previous 20 January target.
In addition, MUC – an investor vehicle formed late last year – on 16 January changed its name to reflect the acquisition and is now called Lilium Aerospace, filings to the German companies register reveal.
MUC emerged as the electric air taxi developer’s rescuer in December, announcing an agreement to acquire the assets of two insolvent German operating subsidiaries – Lilium GmbH and Lilium eAircraft – saving them from closure.
In a US stock exchange filing on 8 January, Dutch-registered parent company Lilium NV, which is now being wound up, said the transfer of assets was expected to complete by 20 January.
But MUC/Lilium Aerospace says that date has now moved to the right: “The transfer of ownership of the assets of the subsidiaries is expected to occur at the end of January.”
That follows the new owner’s taking possession of the assets and operations on 7 January.
A previously announced deadline to close an initial capital raise – it has pledged to inject €200 million ($207 million) into the business – complete the transaction and restructure the company by the end of the first quarter remains in place.
In the meantime, MUC/Lilium Aerospace continues to negotiate contractual terms with suppliers to the old businesses as it looks to get development of the Lilium Jet back on track.
Additionally, the revocation of employee terminations is expected to be completed by end of the week, FlightGlobal understands.
Around 800 staff at the two subsidiaries were let go in the run up to Christmas as a precursor to closure. It is not yet clear how many of those employees will return, however.
Meanwhile, Bonn-based consultant Severin Tatarczyk was appointed as managing director of MUC/Lilium Aerospace on 10 January, replacing Phillip Schoeller in the role.
Schoeller is a founder and chief executive of Munich-based investment fund of General Capital that helped to co-ordinate the Lilium rescue effort.
Tatarczyk will lead the business until the transaction is completed before handing over to a chief executive with relevant industry experience, likely to be Lilium boss Klaus Roewe.
