Lilium Launches M&A Process with KPMG, Targets Program Continuation Towards First Flight and Certification

• KPMG mandated for a structured M&A process – first investor briefings to start soon
• Local court approved insolvency filings of Lilium’s German subsidiaries and appoints custodian and Chief Insolvency Officers (CIOs)
• The Lilium business remains fully focused on re-emerging following restructuring; setting sights on fresh investment to support the all-electric Lilium Jet’s path to certification and entry into service
• Teams on the ground continue to work towards achieving program milestones; Lilium Jet fuselage enters static test rig

MUNICH, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Lilium N.V. (Nasdaq: LILM), a leading electric aircraft manufacturer and pioneer in Regional Air Mobility (RAM), announces that it has appointed KPMG to conduct an open, transparent and fair M&A process. First investor briefings will start soon.

This followed the local court of Weilheim’s approval of the insolvency filing of Lilium’s German subsidiaries and the court’s granting of Lilium’s application for self-administration.

Preliminary insolvency proceedings under self-administration are court-ordered restructuring proceedings aimed at preserving the business. The management remains in charge and leads the business through the proceedings, supported by restructuring experts.

The court has appointed to the German subsidiaries’ Boards of Management with immediate effect two restructuring-experienced lawyers, Prof. Dr. Gerrit Hölzle and Dr. Thorsten Bieg as Chief Insolvency Officers (CIOs). Both have already successfully advised a large number of companies in crisis situations. Most recently, they worked for Senvion and The Social Chain AG, among others. They will now oversee the reorganization of Lilium's German subsidiaries.

The Local Court of Weilheim has also appointed attorney Mr. Ivo-Meinert Willrodt, Managing Partner at PLUTA Rechtsanwalts GmbH, as the provisional custodian. The restructuring expert is an attorney and specialist lawyer for insolvency and restructuring law and has already acted as trustee for the solar car start-up Sono Motors and the drone manufacturer EMT, among others. His role is to protect the interests of the creditors in the proceedings.

Lilium CEO Klaus Roewe welcomed the appointments: “With the support of our appointed custodian and the restructuring experts, we at Lilium remain fully focused on re-emerging following restructuring, with fresh investment to support the all-electric Lilium Jet’s path to certification and entry into service.”