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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →“Lilium” refers to several different companies in this story. In October 2024, its two German operating subsidiaries—Lilium GmbH and Lilium eAircraft GmbH—filed for insolvency proceedings. Their Dutch listed parent, Lilium N.V., was not the entity named in those filings. A proposed asset sale and a successor company followed, but Lilium Aerospace GmbH, the successor, also entered insolvency proceedings in 2025. The latest procedural milestone established here is the opening of that successor’s proceeding on April 1, 2025; the eventual outcome is not established.
Which Lilium companies filed for insolvency?
On October 28, 2024, Lilium GmbH and Lilium eAircraft GmbH applied to the local court in Weilheim, Germany, for insolvency proceedings under self-administration. They were principal operating subsidiaries wholly owned by Lilium N.V., the Dutch listed parent. The parent and its subsidiaries are separate legal entities, so it is inaccurate to describe the October filing simply as Lilium N.V. filing for insolvency. Lilium’s U.S. securities filing said the court later approved the applications. Lilium N.V.’s October 2024 SEC filing
Why did the operating subsidiaries run out of funding?
The immediate problem was a specific financing shortfall. Lilium disclosed that on October 17, 2024, it received an indication that Germany’s parliament budget committee would not approve a €50 million government guarantee for a contemplated €100 million convertible loan from KfW, the German development bank. The company said its operating subsidiaries could not raise enough additional funding to continue operating. The figures describe the proposed financing, not money that Lilium received. SEC filing
What did self-administration mean?
Lilium described the preliminary self-administration process as a court-ordered restructuring in which company management remained in charge with support from restructuring experts. It was not a guarantee that the business would survive or that creditors would be paid in full. The company characterized the process as “court-ordered restructuring proceedings aimed at preserving the business”; that is Lilium’s explanation, not an independent legal opinion. Lilium’s November 5, 2024 release
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In the same release, Lilium said Nasdaq had notified it that trading in its Class A shares and warrants would be suspended at the opening of business on November 6, 2024. That notice concerned trading in those securities; it should not be confused with the subsidiaries’ court proceedings.
Did a rescue deal save the Lilium Jet program?
Not on the strength of the announcements alone. Lilium publicized efforts to find a buyer and continue the program, but those announcements did not establish aircraft delivery, certification, completed sales, or durable funding.
Proposed aircraft agreement
In December 2024, Lilium said operator The Ambitious Group had signed an agreement to buy eight Lilium Jets, with options for six more. This was an announced agreement, not evidence that any aircraft had been delivered or that the options were exercised. Lilium’s December 2024 release
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Conditional asset purchase agreement
On December 24, 2024, Lilium announced an asset purchase agreement with Mobile Uplift Corporation GmbH, which it described as an investor consortium vehicle. At the time, closing was expected in early January 2025 and remained subject to customary conditions, including the opening of insolvency proceedings and creditors’ committee consent. Lilium said any proceeds would be used under German insolvency law and would not be distributed to Lilium N.V. The announcement itself does not establish that the transaction closed. Lilium’s December 24 announcement
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What happened to Lilium after the proposed asset sale?
The proposed successor, Lilium Aerospace GmbH, was intended to continue development with investor financing. On February 24, 2025, restructuring counsel GÖRG reported that Lilium Aerospace had filed for insolvency because financing from its investor group—DTM Group, EarlyBird, Fifth Wall and GenCap—had not arrived in time. The provisional administrator’s appointment was reported on February 27. An insolvency case profile reproducing court information lists April 1, 2025, as the date the court opened the proceeding. GÖRG’s February 24 report · Case profile with court information
That sequence is distinct from the October 2024 filings by Lilium GmbH and Lilium eAircraft GmbH. It shows that the intended successor also entered insolvency proceedings; it does not establish the ultimate fate of the assets or the Jet program.
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Is Lilium still making the Jet, and what does this mean for shareholders?
The available procedural information does not establish that Lilium Aerospace is currently building or selling the Jet, or that the aircraft has been certified. The December order announcement and asset-purchase agreement were not proof of deliveries or completed financing. The sources also do not establish a current asset sale outcome or a creditor recovery figure.
For shareholders, the key distinction is that the October 2024 filings concerned German subsidiaries, not the listed parent itself. Lilium’s announcement said proceeds from the contemplated asset transaction would not be distributed to Lilium N.V.; it did not promise a shareholder payment. These records do not establish the ultimate value, if any, for Lilium N.V. shareholders. The latest dated court milestone established for the successor is the opening of Lilium Aerospace GmbH’s proceeding on April 1, 2025, and the eventual disposition is not established by the cited records.
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