Lilium N.V. (Nasdaq: LILM), a leading electric aircraft
manufacturer and pioneer in Regional Air Mobility (RAM), announces
that it has appointed KPMG to conduct an open, transparent and fair
M&A process. First investor briefings will start soon.
This followed the local court of Weilheim’s approval of the
insolvency filing of Lilium’s German subsidiaries and the court’s
granting of Lilium’s application for self-administration.
Preliminary insolvency proceedings under self-administration are
court-ordered restructuring proceedings aimed at preserving the
business. The management remains in charge and leads the business
through the proceedings, supported by restructuring experts.
The court has appointed to the German subsidiaries’ Boards of
Management with immediate effect two restructuring-experienced
lawyers, Prof. Dr. Gerrit Hölzle and Dr. Thorsten Bieg 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 reorganization of Lilium's German
subsidiaries.
The Local Court of Weilheim 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 welcomed the appointments: “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.”
Work at Lilium’s subsidiaries continues, with the more than
1,000 employees engaged in progressing towards the next significant
program milestone, first manned flight, having been informed on the
details of continued employee payment. The business has also
informed affected suppliers, outlining expectations and procedural
steps.
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 milestone and due to advance shortly into the
ground testing phase. The fuselage and wings of the third aircraft
are currently in assembly at aerostructures suppliers Aciturri and
Aernnova. End of October, Lilium engineers moved a fully assembled,
conforming Lilium Jet airframe into the static test rig for
structural testing, in a significant advance for the program. The
structural strength test is an essential part of the testing plan
for first manned flight and type certification.
The business’ current order pipeline consists of firm orders,
reservations, options, and memoranda of understanding for more than
780 Lilium Jets to operators in the U.S., South America, Europe,
Asia, and the Middle East.
Lilium has been notified by NASDAQ that trading of the company’s
shares and warrants will be suspended at the opening of business on
November 6. Following trading suspension, the Company’s
ordinary shares may commence trading over-the-counter, which may
result in significantly lower trading volumes and could further
depress the share price.
Lilium N.V.’s Board of Directors yesterday authorized Lilium’s
listed entity, the Netherlands-registered public limited liability
company (naamloze vennootschap) to file for insolvency.
Lilium Contact information for media: Rainer
Ohler +49 1724890353
Rainer.ohler@seniorstrategists.compress@lilium.com
Lilium Contact information for investors: Rama
Bondada Vice President, Investor Relations investors@lilium.com
About Lilium Lilium (NASDAQ: LILM) is creating
a sustainable and accessible mode of high-speed, regional
transportation for people and goods. Using the Lilium Jet, an
all-electric vertical take-off and landing jet, designed to offer
leading capacity, low noise, and high performance with zero
operating emissions, Lilium is accelerating the decarbonization of
air travel. Working with aerospace, technology, and infrastructure
leaders, and with announced sales and indications of interest in
Europe, the United States, China, Brazil, the UK, the United Arab
Emirates, and the Kingdom of Saudi Arabia, Lilium’s 1,000+ strong
team includes approximately 500 aerospace engineers and a
leadership team responsible for delivering some of the most
successful aircraft in aviation history. Founded in 2015, Lilium’s
headquarters and manufacturing facilities are in Munich, Germany,
with teams based across Europe and the U.S. To learn more, visit
www.lilium.com.
Lilium Forward Looking Statements This press
release contains certain forward-looking statements within the
meaning of the federal securities laws, including, but not limited
to, the goal and outcome of self-administration proceedings,
expected continuation of work towards program milestones (including
assembly of the first Lilium Jets and first manned flight), the
order pipeline and trading in shares following any suspension or
delisting of Lilium’s shares from Nasdaq. These forward-looking
statements generally are identified by the words “anticipate,”
“believe,” “could,” “expect,” “estimate,” “future,” “intend,”
“may,” “on track,” “plan,” “project,” “should,” “strategy,” “will,”
“would” and similar expressions. Forward-looking statements are
predictions, projections, and other statements about future events
that are based on management’s current expectations with respect to
future events and are based on assumptions and are subject to risk
and uncertainties that are subject to change at any time. Actual
events or results may differ materially from those contained in the
forward-looking statements. Factors that could cause actual future
events to differ materially from the forward-looking statements in
this press release include the risk that appropriate government
approvals for the financing will not be obtained, and the risk that
definitive documentation for the financing will not be agreed, as
well as those risks and uncertainties discussed in Lilium’s filings
with the U.S. Securities and Exchange Commission (the “SEC”),
including in the section titled “Risk Factors” in Exhibit 99.2 to
Lilium N.V.’s Report on Form 6-K filed on July 17, 2024, with the
SEC, which is available at www.sec.gov. Forward-looking statements
speak only as of the date they are made. You are cautioned not to
put undue reliance on forward-looking statements, and Lilium
assumes no obligation to, and does not intend to, update, or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise.
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