Insolvency and restructuring experts from Gorg and Pluta Rechtsanwalts will shortly begin seeking buyers for Lilium’s main operating units following their appointment to the German firms under a self-administration process.
Lilium GmbH and Lilium eAircraft GmbH were granted permission to enter provisional self-administration by a German court on 29 October.
As a result, Dr Gerrit Holzle and Dr Thorsten Bieg from Gorg were appointed to the company’s board to support the existing management, while Pluta’s Ivo-Meinert Willrodt has become the provisional administrator of both businesses. The latter’s role is to represent the interest of creditors during the process.
Gorg says the aim of the self-administration is “to continue the search for investors” and “to minimise possible delays” of the Lilium Jet’s maiden flight – scheduled for the first quarter of 2025 – “and to continue development as quickly as possible”. Deliveries of the electric vertical take-off and landing jet were supposed to begin in 2026.
“To this end, an M&A process will be launched immediately and talks with investors that have already begun will be continued,” says the restructuring firm.
Operations at sites in Gauting and Oberpfaffenhofen will be continued, retaining around 1,200 employees, it adds.
Insolvency of the two businesses was triggered by Lilium’s failure to secure a vital €100 million ($108 million) loan from Germany’s KfW development bank after the federal government declined to guarantee half the amount.
