The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Other Transport Equipment 30.3 - Manufacture Of Air And Spacecraft And Related Machinery
1,000 jobs Number of planned job losses
Announcement Date
24 October 2024
Employment effect (start)
Foreseen end date
Description
Electrical aircraft developer Lilium filed for insolvency at the end of October 2024. Around 1,000 employees are affected by the company's decision. Lilium was set up in 2015 and is developing electrical taxi aircrafts.
Over the years, the company has acquired over €1.5 billion in investments, but the latest negotiations on further investments failed. The company applied for federal level funding that was not approved by the German Bundestag. As the Bavarian state made its funding also dependent on the national level decision, Lilium was not granted Bavarian funding.
Lilium announced that it hopes that the local court will approve its application for conducting the insolvency procedure in self-administration. The company still hopes to find new investors and continue their operations.
Eurofound (2024), Lilium, Bankruptcy in Germany, factsheet number 201883, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201883.
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