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German.
Ev told Jet Maker Liam announced that it is
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ceasing operations for its two subsidiaries,
citing a lack of funding and an inability to
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pay its existing debts as a result, the company
plans to file for insolvency and will apply for
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self administration proceedings.
The development comes seven years after Lilia’s
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first test flight and two years before a plan
to begin deliveries,
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the company had already compiled a list of
potential customers including Saudi Arabia with
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an order for up to 100 jets and American
Advanced Air Mobility Company,
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Urban Link with an order for 20 aircraft.
Additionally, last year,
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Lilliam struck a deal with Texas’s E MC Jet to
make the aircraft brokerage and management
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company, the exclusive dealer of Lim’s aircraft
for 2030 new Atlas reported last year that
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Lilliam had $205 million which would be enough
to continue operations through 2023 but not the
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next two years.
Then earlier this month, the company learned it
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would not receive $54 million in guaranteed
funding from Germany’s Parliamentary Budget
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Committee.
The company added in an sec filing that it
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could not raise enough funds to sustain
operations for its subsidiaries,
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Liam and Liliam E Aircraft and we lose control
of them.
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Liliam could eventually continue its work but
we need funding from third parties which could
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include the purchase of the company’s assets.
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The announcement is unfortunate timing for
Lillian as the Federal Aviation Administration
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had just issued new regulations that recognize
powered lift aircraft as a new form of aircraft
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and will allow for their widespread adoption.
Fellow air taxi makers,
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Joby Aviation and Archer Aviation, however,
have avoided funding struggles.
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Joy recently received $500 million from Toyota
and Archer secured an order for 200 aircraft
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from United Airlines.
I’m no ma this is manufacturing now.