Lilium NV (Nasdaq: LILM, ISIN: NL0015000F41) announced on December 26, 2024 that it would terminate all existing employment contracts with employees as of December 30, 2024.
On October 28, 2024, Lilium GmbH and Lilium eAircraft GmbH, the most important operational wholly-owned German subsidiaries of Lilium NV, filed for bankruptcy under German law and applied for self-administration proceedings in Germany.
On November 6, 2024, Lilium filed an application to open regular insolvency proceedings with the responsible insolvency court in Germany. The companies' preliminary insolvency proceedings are still ongoing.
On December 23, 2024, Lilium's subsidiaries signed an asset purchase agreement with Mobile Uplift Corporation GmbH, a consortium of investors from Europe and North America.
The buyer intends to acquire the operating assets of the subsidiaries. The subsidiaries expect to receive sufficient funds to resume their business operations.
The proceeds from the sale will be used in accordance with German insolvency law. Lilium will not receive any proceeds from the sale that would enable it to make distributions to shareholders, it said.
Under the terms of the agreement, closing is currently expected in early January 2025 and is subject to the satisfaction of certain customary conditions precedent, including the commencement of proceedings and the approval of the Committee of Creditors.
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