Charles Alcock is managing editor of the AIN Media Group, having rejoined the company in 2019. He has been an aviation journalist since 1986, and previously worked for AIN from 1990 to 2017, most recently as editor-in-chief. His main focus is on covering new aviation technology and business models, as well as international news.
Having been raised in the London area, Alcock studied at the University of Manchester in the UK and earned an honors degree in Politics and Modern History. He speaks English and French, and some German.

Managing Editor

Charles Alcock

Lilium has appointed accountancy group KPMG to start a mergers and acquisitions process it hopes will avoid bankruptcy and keep its plans alive to bring its six-passenger eVTOL aircraft to market. The company announced the move on November 5 after a court in Weilheim approved insolvency administration filings and appointed a custodian and “chief insolvency officers.”
According to Lilium, KPMG is about to start briefings with prospective new investors. The company <a href="https://www.ainonline.com/aviation-news/futureflight/2024-11-01/lilium-scrambles-funds-nasdaq-delisting-looms">urgently needs to raise new funds</a> after the German parliament recently blocked loan guarantees needed to support work on the Lilium Jet.
When New York’s Nasdaq market opens on November 6, trading in Lilium’s shares will be suspended. Its ordinary shares can still be traded on an “over the counter” basis, but this is expected to see trading volumes and the stock price fall.
During the self-administration process, Lilium’s management team remains in charge of the company. They are working with court-appointed attorney Ivo-Meinert Willrodt as provisional custodian and two chief insolvency officers, Gerrit Hölze and Thorsten Bieg, who are lawyers specializing in corporate restructuring.
The custodian’s core responsibility is to protect the interests of Lilium’s creditors. Lilium is a public company headquartered in the Netherlands, but its core subsidiaries operate in the Munich area and it is these companies that are subject to the self-administration process.
<h2>Work on Lilium Jet Prototypes Continues</h2>
With more than 1,000 employees on the payroll, Lilium said that work is continuing to complete assembly of two full-scale prototypes of the Lilium Jet. The first aircraft recently complete low-voltage power-on trials as part of preparations for flight testing with the second aircraft to start in 2025. The fuselage and wings for a third prototype are being assembled by Spanish aerostructures suppliers Aciturri and Aernnova.
At the end of October, Lilium moved a fully assembled conforming Lilium Jet airframe into a static test rig for structural testing. This is part of the preparation for crewed test flights and EASA type certification.
According to Lilium it still has provisional sales agreements for 780 aircraft from operators in the U.S., South America, Europe, Asia and the Middle East. These consist of a mix of firm orders, reservations, options and memoranda of understanding, but it is unclear what pre-purchase deposit payments may have been collected to date. The company said it has informed its suppliers about “expectations and procedural steps” for the insolvency process.
“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,” said the company’s CEO, Klaus Roewe.
&nbsp;
&nbsp;
&nbsp;

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

KPMG Starts M&A Process to Find New Backers For Lilium's eVTOL Aircraft

Company says it is still building Lilium Jet prototypes and plans to start test flights

With a court approving Lilium's insolvency process, new investors in the eVTOL aircraft developer are being briefed as its shares are suspended on Wall Street.

2024 Corporate Aviation Leadership Summit

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

Qatar Investment Authority leads oversubscribed Series C funding round

Beta Raises $318 Million as eVTOL Aircraft Production Starts

Vertical Aerospace is also facing a liquidity crunch as major shareholder demands funding Plan B

Lilium Scrambles for Funds as Nasdaq Delisting Looms

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

More In Finance, Taxes, Insurance

Beta Raises $318 Million as eVTOL Aircraft Production Starts

Qatar Investment Authority leads oversubscribed Series C funding round

Lilium Scrambles for Funds as Nasdaq Delisting Looms

Vertical Aerospace is also facing a liquidity crunch as major shareholder demands funding Plan B

UK Plans 50% Tax Hike For Business Jet Charter Passengers

Industry concerned over possible extension of air passenger duty to more business aircraft

Jet Out Launches CJ4 Co-lease Program, Cost Calculator

Streamlines leasing options for businesses and individuals

Portside Agrees To Buy Collins Flight Operations System

Deal is expected to close in the fourth quarter

Lilium Set To File For Insolvency Protection to Salvage eVTOL Aircraft

Move comes one week after the German parliament blocked a loan guarantee application

Global Jet Capital Marks 10 Years in Bizcraft Financing

GJC exceeded $4 billion in aircraft financing originations since 2014

MySky Extends Scheduling Software to Part 91 Operators

Software will be integrated with all aspects of the company's spend management platform

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN