Lilium has appointed KPMG to find a buyer for the insolvent company’s assets. First investor briefings will start soon. The appointment follows the approval of the local court in Weilheim for the insolvency filing for the company’s German subsidiaries.
The court has appointed, with immediate effect, two restructuring-experienced lawyers, Prof. Dr Gerrit Hölzle and Dr Thorsten Bieg, to the German subsidiaries’ Boards of Management as Chief Insolvency Officers (CIOs). Both have already successfully advised a large number of companies in crisis situations. Most recently, they worked for Senvion and The Social Chain AG, among others. They will now oversee the reorganisation of Lilium’s German subsidiaries.
The court has also appointed attorney Mr Ivo-Meinert Willrodt, Managing Partner at PLUTA Rechtsanwalts GmbH, as the provisional custodian. The restructuring expert is an attorney and specialist lawyer for insolvency and restructuring law and has already acted as trustee for the solar car start-up Sono Motors and the drone manufacturer EMT, among others. His role is to protect the interests of the creditors in the proceedings.
Lilium CEO Klaus Roewe remains outwardly positive, saying: “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 the company’s financial woes, the threat of a delisting from the NASDAQ exchange may come as early as tomorrow. The first two Lilium Jets are currently on the final assembly line, with the first aircraft having recently completed the initial low-voltage power-on and expected to advance shortly to the ground testing phase.
Photo: Lilium
