Lilium Seeks Buyer Amid Insolvency Proceedings

The German electric jet manufacturer enlists KPMG to manage its sale after failing to secure government funding.

Lilium has appointed KPMG to oversee the sale of its business following the denial of a loan guarantee by the Bavarian government.
The company has filed for insolvency, with German court approval for self-administration and the appointment of restructuring experts.
Despite financial challenges, Lilium continues to work towards the first manned flight of its all-electric jet, maintaining over 1,000 employees.
Lilium's shares will be delisted from Nasdaq, potentially leading to reduced trading volumes and share price.
The firm holds over 780 orders and agreements for its jets, aiming for a 2026 entry into service, but faces uncertainty about meeting its 2025 flight milestone.