Would-be electric air taxi developer Lilium Aerospace appears to have won a stay of execution and has postponed filing for insolvency on the promise that desperately needed investment will arrive next week.
The Munich-based company had warned staff on 13 February that it would be forced to apply for insolvency within 24h if it had not received funding from its backers.
But an email on behalf of interim managing director Severin Tatarczyk sent to all staff on 14 February, seen by FlightGlobal, says, “There will be no insolvency filing today as there are still possible ways forward”.
It is not clear what potential avenues Lilium Aerospace is exploring but options include securing a bridging loan.
“As soon as there is more clarity, we will inform you, by Monday at the latest,” the email says. “I know this is yet another frustrating delay, but I am focused on our number-one priority of paying your salaries and securing the future of Lilium.”
Staff are still waiting for their January salaries – due to arrive on the 31st of last month – after investment in the business failed to materialise as promised.
Lilium Aerospace is in the process of acquiring the operations and assets of Lilium GmbH and Lilium eAircraft GmbH, two subsidiaries of Lilium NV that were on the verge of closure in the run up to Christmas.
Formed as a vehicle for an “experienced consortium of investors from Europe and North America” who promised to inject €200 million ($208 million) into the business, Lilium Aerospace plans to continue development of the Lilium Jet.
But even if the January salaries are settled next week, another sizeable financial outgoing is looming at the end of this month when February’s wages are due.
Lilium Aerospace declines to comment on the latest developments.
