Electric flying
Financier is investing 200 million in e-aircraft manufacturer Lilium
It seemed like a Christmas miracle: Investors want to save the insolvent electric aircraft manufacturer Lilium with a lot of money. But before Lilium is truly saved, legal steps are necessary.
The insolvent electric aircraft manufacturer Lilium is to receive 200 million euros from its rescuer. The capital increase is intended to provide Lilium with the necessary financial resources until the small electric aircraft are ready for the market, as the consulting firm Bernstein Group announced on behalf of the investor consortium MUC (Mobile Uplift Corporation). “Wirtschaftswoche” first reported on it.
Lilium filed for bankruptcy in the fall because there was no money to set up production. At literally the last second, the investor consortium signed a purchase agreement for the business assets of the two Lilium subsidiaries Lilium GmbH and Lilium eAircraft. The 200 million euros in fresh money is not the purchase price – this is currently unknown.
Creditors of the Lilium subsidiaries still have to agree
However, according to the MUC, several legal steps are now necessary, even if these are essentially formalities. The creditors’ committee of the Lilium umbrella company has already approved the sale to MUC, but the crucial creditors’ committees for the two Lilium subsidiaries must first be appointed by the Weilheim district court and then also approve the purchase agreement. The electric aircraft, often referred to as “air taxis,” should also be able to be used for other purposes, including as rescue planes for medical emergencies.
Several investors – both old and new – are involved in saving the company, although not all of them are known by name. In any case, these include the German battery developer and manufacturer CustomCells, the venture capital fund Earlybird and the financial investment consultancy GenCap. In the past, the Chinese Tencent Group was also among the investors, but it is currently not being named.
“High risks and challenges”
The partners involved are aware of “the size of the task and the high risks and challenges associated with it,” the statement said – “but the loss of a company like Lilium would be fatal for Germany and Europe.” The company, led by former Airbus manager Klaus Roewe, has around 700 firm and pre-orders from the USA, Great Britain, France, Saudi Arabia and other countries. Customers and investors had already invested 1.5 billion euros in the company, which was listed on the US stock exchange Nasdaq until it filed for bankruptcy. The investor consortium MUC expects the realignment to be completed in the first quarter.
dpa
Source: Stern
