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Tiana May
eVTOL manufacturer, Lilium has announced an asset purchase agreement with Mobile Uplift Corporation, a newly formed company backed by a consortium of European and North American investors.
The agreement involves Mobile Uplift Corporation acquiring the operating assets of Lilium GmbH and its subsidiary, Lilium eAircraft GmbH.
The transaction represents a significant step in Lilium’s financial restructuring efforts and is expected to provide the funding necessary to restart business operations.
This news follows Lilium’s main German subsidiaries entering self-administration proceedings due to financial distress.
We are very pleased to announce the signing of an investment agreement with a very experienced consortium of investors, which is a major breakthrough. Deal closing at the beginning of January will allow us to restart our business.
The asset purchase agreement states that Lilium’s assets will be transferred to Mobile Uplift Corporation GmbH, subject to customary conditions precedent, including creditor approval and procedural requirements under German Insolvency Law.
The funds generated from the sale will be distributed in accordance with German Insolvency Law, with no payments allocated to Lilium N.V.
Post-closing, the restructuring process aims to enable the subsidiaries to exit their self-administration proceedings and resume operations.
As part of the restructuring, Lilium terminated the contracts of its remaining employees on 20 December 2024, in compliance with German law. Mobile Uplift Corporation GmbH plans to rehire these employees immediately after the proceedings are finalised and the transaction is complete.
The deal is anticipated to close in early January 2025, contingent on creditor approval and the fulfilment of certain conditions. The creditors committee, which has been closely involved in the KPMG-led M&A process, has approved the asset deal.
Meanwhile, fellow eVTOL manufacturer, Volocopter has also recently filed for insolvency, highlighting broader industry challenges in this field.
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