Lilium, the manufacturer of an electric vertical takeoff and landing (eVTOL) jet designed to fly as many as seven passengers on 100-mile trips between cities, is out of cash.
The firm on Thursday said its two core subsidiaries will file for insolvency with a court in Germany following the denial of a 50 million euros ($54 million) loan guarantee from the Bavarian government. The move unraveled the company’s plans to raise funding from its shareholders, who viewed German officials’ confidence in the aircraft as essential and the loan guarantee as a prerequisite to the agreement.
