Volocopter, the German air taxi manufacturer, has transitioned from provisional to regular insolvency proceedings as it continues its search for investors. The Karlsruhe district court initiated the proceedings, following the company’s insolvency filing in December.
“The opening of insolvency proceedings is independent of a potential continuation solution for the company and the business operations of Volocopter GmbH, but always follows the insolvency application proceedings in terms of procedure,” a court spokeswoman said, according to the German press agency DPA.
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Volocopter, founded in 2011, has been developing the VoloCity, an all-electric vertical take-off and landing (eVTOL) aircraft. The company had initially planned to finalize a restructuring concept with investors by the end of February. However, despite ongoing efforts, no solution has been reached. “The company needs financing to take the final steps towards market entry,” said Tobias Wahl, the provisional insolvency administrator from Anchor RechtsanwƤlte.
Financial difficulties have affected multiple companies in the eVTOL sector, including Lilium, another German startup that filed for insolvency before Volocopter. In December, Volocopter cited fundraising challenges as a key reason for its financial troubles. “Despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,” the company stated at the time.
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Despite its financial difficulties, Volocopter continues to seek opportunities for future operations. It recently signed an agreement with Franceās Jet Systems HĆ©licoptĆØres Services to explore the introduction of eVTOL services in the French market.
Source: manager-magazin.de,Ā heise.de