Charles Alcock is managing editor of the AIN Media Group, having rejoined the company in 2019. He has been an aviation journalist since 1986, and previously worked for AIN from 1990 to 2017, most recently as editor-in-chief. His main focus is on covering new aviation technology and business models, as well as international news.
Having been raised in the London area, Alcock studied at the University of Manchester in the UK and earned an honors degree in Politics and Modern History. He speaks English and French, and some German.

Managing Editor

Charles Alcock

Read the latest news about German eVTOL developer Lilium.

Trading in shares in eVTOL aircraft developer Lilium are set be suspended when New York’s Nasdaq market opens on November 6 after a German court approved the company’s filing for insolvency on October 28. Lilium, which is scrambling to line up new financial backing, has until November 4 to appeal <a href="https://www.sec.gov/Archives/edgar/data/1855756/000110465924112073/tm2427014d1_6k.htm">the ruling</a> by Nasdaq’s Listing Qualifications Department.
Last week, Lilium said it would start <a href="https://www.ainonline.com/aviation-news/futureflight/2024-10-25/lilium-set-file-insolvency-protection-salvage-evtol-aircraft">self-administration proceedings</a> after the German parliament’s budgetary committee rejected its application for a €50 million ($54 million) loan guarantee. This decision blocked a matching €50 million loan from the state of Bavaria.
Under German insolvency laws, the self administration process involves the court appointing a custodian to supervise management of the company. It gives time to find new investors or potentially sell company assets or the business as a whole entity.
On October 31, at least one senior Lilium executives was reported to be in Saudi Arabia in talks with prospective backers. However, the company has made no further statement on proceedings beyond its 6K Securities and Exchange filing on October 29.
<h2>Vertical Also Faces Liquidity Crunch</h2>
Meanwhile, UK eVTOL manufacturer Vertical Aerospace is also facing a <a href="https://www.ainonline.com/aviation-news/futureflight/2024-09-17/vertical-splits-stock-evtol-aircraft-developer-seeks-new">liquidity crisis</a> in the wake of leading shareholder Stephen Fitzpatrick not providing the second $25 million tranche of fresh capital that had been agreed earlier this year. On October 23, one of its major shareholders <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001867102/8ed8fbc6-51c9-498c-a7db-ffbb5c2080c9.pdf">Mudrick Capital Management</a> made a 13G filing with the Securities and Exchange Commission proposing a path to raise $75 million.
On October 24, Vertical acknowledged its board is considering the Mudrick proposal which Fitzpatrick appears to be resisting. In a statement, the company said it will “not comment on ongoing discussions with investors, and we are exploring all options available to us with respect to our funding needs.”
&nbsp;
&nbsp;
&nbsp;

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

Lilium Scrambles for eVTOL Aircraft Funding as Nasdaq Delisting Looms

Vertical Aerospace is also facing a liquidity crunch as major shareholder demands funding Plan B

Under newly approved insolvency protection, Lilium is urgently seeking new investment and will next week see its shares suspended on the Nasdaq stock market.

Lilium Scrambles for Funds as Nasdaq Delisting Looms

2024 Corporate Aviation Leadership Summit

Kerry Lynch

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

FAA is withholding access to documents still in process at the Aircraft Registry

NAFA: FAA Privacy Safeguards Could Delay Aircraft Transactions

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

Lilium's CFO Oliver Vogelgesang is moving to Volocopter

Volocopter Reshuffles Leadership as eVTOL Certification Slips into 2025

AmyWilder

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

Expansion of fleet will enhance service during holidays

Wheels Up Completes $332M Financing, Acquires 17 Jets

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

Industry group says this is the first in a series of new features for EBACE

EBAA Merges Air Ops Conference with EBACE Trade Show

News and issues relating to the aerospace industry that are related to the science, engineering and business of flight in space involving civil, industrial and military applications, and similar topics related to flight in the atmosphere of the Earth that are not covered more directly by other AINonline subject channels. In other words, both astronautical and aeronautical subjects, except for those aeronautical topics that are specifically covered elsewhere on this website.

Letter to Honeywell's board says Aerospace unit should run as a standalone business 

Fund Manager Elliott Demands Breakup of Honeywell Group

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

In this article

Lilium

Vertical Aerospace

More In Finance, Taxes, Insurance

NAFA: FAA Privacy Safeguards Could Delay Aircraft Transactions

FAA is withholding access to documents still in process at the Aircraft Registry

Volocopter Reshuffles Leadership as eVTOL Certification Slips into 2025

Lilium's CFO Oliver Vogelgesang is moving to Volocopter

Wheels Up Completes $332M Financing, Acquires 17 Jets

Expansion of fleet will enhance service during holidays

EBAA Merges Air Ops Conference with EBACE Trade Show

Industry group says this is the first in a series of new features for EBACE

Fund Manager Elliott Demands Breakup of Honeywell Group

Letter to Honeywell's board says Aerospace unit should run as a standalone business

Blade Logs 3Q Net Loss Despite Flight Growth

Medical and passenger flight demand increased alongside revenues

Vertical Pushes Back eVTOL Certification, Says New Funding Will Come

UK company is not the only eVTOL aircraft developer facing delays in the launch of commercial operations

NetJets, FSI Post Strong 3Q Revenue Amid Rising Costs

Aviation services lead revenue gains, but earnings take a hit

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN