Lilium’s principal German operating subsidiaries ran out of financing in October 2024 and entered self-administration insolvency proceedings. The Dutch parent, Lilium N.V., filed for regular insolvency the following month. Although an investor-backed buyer took over the business through a new company, Lilium Aerospace, that successor also filed for insolvency in February 2025 after further financing failed to materialise.
Why did Lilium run out of money?
The immediate issue disclosed by Lilium was a lack of additional funding to keep its principal German operating subsidiaries running. In an October 2024 filing, Lilium said the companies had limited cash and could not continue operating in line with past practice without new funds. The company linked the shortfall to unsuccessful fundraising efforts, including negotiations over public support; these are Lilium’s explanations in its filings, not an independent audit finding. Lilium N.V.’s October 2024 filing
On October 17, 2024, Lilium said Germany’s parliamentary budget committee would not approve a €50 million guarantee for a contemplated €100 million convertible loan from KfW. Lilium also said it and Bavaria had not reached an agreement in principle on a separate guarantee of at least €50 million. These were proposed financing arrangements, not money Lilium received. Lilium N.V.’s October 2024 filing
Did Lilium go bankrupt?
“Lilium” refers to several related but legally distinct businesses in this story. The German operating subsidiaries sought self-administration, while the Dutch parent sought regular insolvency proceedings. The later successor business was a separate company and also filed for insolvency.
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| Entity | Procedure or event | Date and reported outcome |
|---|---|---|
| Lilium GmbH and Lilium eAircraft GmbH, principal wholly owned German operating subsidiaries | Applied for insolvency proceedings under self-administration; the court approved the applications. | October 28, 2024. The original proceedings were later to be finalised, with remaining assets realised for creditors, according to GÖRG’s February 2025 update. |
| Lilium N.V., the Dutch parent | Filed a motion for regular insolvency proceedings. | November 6, 2024. In a later filing, it said it did not expect proceeds for itself or shareholders from the subsidiaries’ sale activities. |
| Lilium Aerospace, the successor company | Filed for insolvency after essential follow-on financing failed to materialise. | Reported by GÖRG on February 24, 2025. |
Sources: Lilium’s October 2024 filing, Lilium’s November 2024 filing, Lilium’s December 2024 filing and GÖRG’s February 2025 update.
Was Lilium bought?
Lilium announced an asset purchase agreement with Mobile Uplift Corporation GmbH, a company formed by an investor consortium. GÖRG reported that business operations transferred to the rescue company Lilium Aerospace at the beginning of January 2025, after substantial parts of the purchase price had been paid. This was an asset transaction and transfer to a successor, not evidence that the original parent and subsidiaries had emerged from insolvency as a solvent, operating group. Lilium N.V.’s December 2024 filing · GÖRG’s February 2025 update
The successor’s prospects did not hold: GÖRG reported on February 24, 2025, that financing essential to continue Lilium Aerospace’s operations had failed to materialise and that the company had filed for insolvency. GÖRG also said the original German subsidiaries’ proceedings would be finalised and their remaining assets realised for creditors.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about creditors and shareholders?
Lilium N.V. said in a December 2024 filing that it did not presently expect proceeds for itself or its shareholders from the subsidiaries’ sale activities. The available sources do not give final creditor recoveries or shareholder distributions. GÖRG’s February 2025 update describes the plan to realise remaining assets for creditors; it does not establish the final amounts distributed or the eventual court outcome.
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The latest sourced update here is dated February 24, 2025. It does not verify the final status of each German and Dutch proceeding as of October 4, 2026.
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