Lilium NV (Nasdaq: LILM), a leading name in electric aircraft manufacturing and regional air mobility, has announced the appointment of KPMG as its advisor to ensure a transparent and fair M&A (Merger and Acquisition) process as part of its restructuring. Initial investor briefings are set to begin soon following this critical decision.
Lilium’s Restructuring Process Underway
The Weilheim Local Court in Germany has approved Lilium’s local subsidiaries’ bankruptcy filing, granting the company permission to proceed with self-administered restructuring. Lilium’s management will work under court supervision with support from experts experienced in bankruptcy and restructuring to protect the company.
The court also appointed seasoned attorneys Prof. Dr. Gerrit Hölzle and Dr. Thorsten Bieg as Chief Insolvency Officers (CIOs) to oversee the restructuring process. These experts have previously achieved successful outcomes for companies like Senvion and The Social Chain AG during crisis management. Additionally, Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH has been designated as the provisional custodian, responsible for safeguarding creditor rights in Lilium’s insolvency process.
CEO Klaus Roewe: “Our Goal Remains Lilium Jet Certification and Entry into Service”
Lilium CEO Klaus Roewe emphasized the significance of partnerships during the restructuring and bankruptcy process, stating that Lilium will continue operations under a self-administration model:
“With the support of our restructuring team, Lilium remains focused on securing new investments to advance the certification and entry into service of our all-electric Lilium Jet.”
Key Milestones in the Lilium Jet Project
Development at the company’s German facilities is progressing, with the first two Lilium Jets now in the final assembly line; the first recently completed the low-voltage power-up phase. The third aircraft is in the assembly stage for main airframe parts. By moving the fully assembled Lilium Jet fuselage to the static test fixture, the company is paving the way for essential structural tests needed for the initial manned flights and type certification process.
Lilium’s Order Portfolio Gains Global Interest
Lilium currently holds over 780 orders, reservations, and options for the Lilium Jet, with customers and operators across the U.S., South America, Europe, Asia, and the Middle East. This robust order volume reflects the global interest in the Lilium Jet and the growing demand for all-electric flight.
NASDAQ Trading Suspension
NASDAQ announced on November 6 that trading in Lilium’s stocks and options had been temporarily suspended. Should trading commence on the over-the-counter market, trading volume may decrease, which could further impact the stock price. Lilium’s Board of Directors has authorized the company to file for bankruptcy for the publicly traded parent company registered in the Netherlands.
Lilium NV Focuses on Restructuring and Future Strategy
With swift steps in the restructuring process, Lilium is dedicated to advancing the certification and delivery of flight-ready Lilium Jets, continuing its mission to be a global leader in electric air mobility.
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