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.”
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In this article

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