Lilium
$LILM (-2,68%) the Bavarian 🇩🇪 developer of air cabs, is planning to file for file for insolvencyafter efforts to obtain state support failed.

The application is to be submitted to the German courts in the coming days, with the company hoping for self-administration proceedings.

Lilium has been working on electrical vertical take-off vehiclesbut is facing considerable delays and financial bottlenecks. In the first half of the year, the company burned through 190 million euros.

A planned state guarantee for50 million euros was rejected. -Handelsblatt

Photo: Lilium.com