In a pivotal move for its survival, Lilium NV, the beleaguered air taxi firm, has secured a deal with a group of European and North American investors. This consortium intends to acquire the operating assets of Lilium’s two main subsidiaries, offering a potential avenue for the continuation of business operations that had been in jeopardy due to financial constraints.
The strategic decision was announced following an official statement by Lilium on Tuesday, detailing the completion of an asset purchase agreement with Mobile Uplift Corporation GmbH. The deal is expected to provide much-needed financial resources for the subsidiaries, paving the way for renewed business activity. Concurrently, Lilium faced the unfortunate necessity to terminate its remaining employees as of December 20. However, the acquiring consortium has committed to rehiring these individuals, a step that seems aimed at stabilizing operations amidst the changing ownership structure.
While the exact financial terms of the transaction remain undisclosed, it is understood that the agreement aligns with the provisions stipulated under German insolvency law, suggesting a meticulous compliance with legal frameworks designed to protect both creditors and the distressed firm. This reorganization effort is vital for Lilium as it navigates a challenging phase, seeking to leverage new investments to regain momentum in the competitive air mobility market.
For further details on this acquisition, you can view the full article on Bloomberg Law.