Lilium Subsidiaries File for Insolvency, Court Approves Self-Administration

TL;DR

Lilium's German units filed for insolvency, court approved self-administration. Big trouble brewing.

AI Summary

On October 28, 2024, Lilium N.V.'s principal operating German subsidiaries, Lilium GmbH and Lilium eAircraft GmbH, filed for insolvency under German law and were approved for self-administration proceedings by the court. This filing is a report of this foreign private issuer for the month of December 2024.

Why It Matters

This filing indicates significant financial distress for Lilium's core German operations, potentially impacting its ability to develop and produce its electric vertical take-off and landing (eVTOL) aircraft.

Risk Assessment

Risk Level: high — The insolvency of key operating subsidiaries poses a substantial threat to the company's ongoing operations and future viability.

Key Players & Entities

• Lilium N.V. (company) — Registrant
• Lilium GmbH (company) — Subsidiary that filed for insolvency
• Lilium eAircraft GmbH (company) — Subsidiary that filed for insolvency
• October 28, 2024 (date) — Date of insolvency filing

FAQ

Filing Documents

• tm2430218d1_6k.htm (6-K) — 18KB
• tm2430218d1_ex99-1.htm (EX-99.1) — 16KB
• 0001104659-24-125785.txt ( ) — 34KB

Forward-Looking Statements

Forward-Looking Statements The information in this Report on Form 6-K and the Exhibit attached hereto contain certain forward-looking statements within the meaning of the U.S. federal securities laws, including, but not limited to, the Companies proposed business and business model, the current and expected continuation of work towards program milestones (including assembly of the first Lilium Jets and first manned flight), statements regarding Lilium GmbH’s agreement with The Ambitious Group for the purchase of 8 Lilium Jets, with an option for the customer to purchase an additional 6 Lilium Jets, the Company’s expectations regarding the winding up of the GmbH Subsidiaries, and a sale of the business and assets of the Companies and the entering into any financings. These forward-looking statements generally are identified by the words “may,” “shall,” “will,” “would,” “expect to,” “could,” “likely” 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 risks 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 Report on Form 6-K and the Exhibit attached hereto include (but are not limited to) risks that the Subsidiaries will not successfully emerge from the self-administration proceedings, the M&A process will not be successful and the financing for the business’ future operations will not be obtained, as well as those risks and uncertainties discussed in Lilium N.V.’s filings with the SEC, including in the section titled “Risk Factors”

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: December 5, 2024 Lilium N.V. By: /s/ Klaus Roewe Name: Klaus Roewe Title: Chief Executive Officer and Executive Director EXHIBIT INDEX Exhibit Number Description of Document 99.1 Press Release dated December 5, 2024

View Full Filing

View this 6-K filing on SEC EDGAR