German electric aircraft manufacturer Lilium files for bankruptcy

German electric aircraft manufacturer Lilium has filed for bankruptcy.

The company informed the US Securities and Exchange Commission on Thursday that it no longer has the additional financial resources needed to continue operations, indicating that for this reason its board of directors will file for bankruptcy in the coming days due to excessive debt or insolvency, and that the board will request self-administration.

Bankruptcy proceedings coupled with self-administration often attract new investors and find the best possible solutions for creditors. However, it remains uncertain whether the lower court will approve the self-administration request, Lilium informed investors.

Lilium has developed a small electric aircraft in recent years. After several test flights, the first manned flight is planned for next spring, with the first aircraft to be delivered to customers in 2026. The company, run by former Airbus chief Klaus Rufe, has 1,000 employees and around 700 firm and advance orders from the United States, the United Kingdom, France, Saudi Arabia and other countries.