This decision follows the Weilheim local court's approval of insolvency filings for Lilium's German subsidiaries and the granting of the company's application for self-administration. Under this framework, Lilium's management retains control during the restructuring, supported by appointed Chief Insolvency Officers (CIOs) Prof. Dr. Gerrit Hölzle and Dr. Thorsten Bieg, both experienced in corporate reorganization. Attorney Ivo-Meinert Willrodt has been designated as the provisional custodian to represent creditors' interests.
CEO Klaus Roewe expressed confidence in the restructuring process, stating, "With the support of our appointed custodian and the restructuring experts, we at Lilium remain fully focused on re-emerging following restructuring, with fresh investment to support the all-electric Lilium Jet’s path to certification and entry into service."
Despite financial challenges, Lilium continues its operations with over 1,000 employees working toward key milestones, including the first manned flight of the Lilium Jet. The company has communicated payment details to employees and procedural steps to suppliers to maintain project momentum.
The Lilium Jet program is progressing, with two aircraft in final assembly. The first has completed initial low-voltage power-on testing and is advancing to ground tests. A third aircraft's fuselage and wings are under assembly by suppliers Aciturri and Aernnova. Additionally, a fully assembled Lilium Jet airframe has been placed in a static test rig for structural testing, a crucial step toward certification.
Lilium's current order pipeline includes firm orders, reservations, options, and memoranda of understanding for over 780 Lilium Jets from operators across the U.S., South America, Europe, Asia, and the Middle East.
The company has been notified by NASDAQ that trading of its shares and warrants will be suspended starting November 6. Following the suspension, Lilium's ordinary shares may trade over-the-counter, potentially leading to lower trading volumes and further share price declines.
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