Lilium files for insolvency twice after state loan and rescue fail
Lilium GmbH / Lilium eAircraft GmbH · eVTOL / aviation
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Third-party confirmation
Customers would confirm orders as non-binding.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
Operating-metric verification
Certification milestones would show no near-term revenue.
Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.
Unit economics & burn
Burn against zero revenue would show dependence on new money.
Can mislead when: Cost allocation is a judgement call. Kubr shows its assumptions and lets the user change them.
End-use tracing of funds
Proof of rescue funds would be absent.
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Where Kubr services would have helped
Valuation context
Offered in India- C9 Burn against zero revenue would show dependence on new money.
Financial diligence
Offered in India- C9 Burn against zero revenue would show dependence on new money.
- C10 Certification milestones would show no near-term revenue.
Model check
Offered in India- C9 Burn against zero revenue would show dependence on new money.
- C10 Certification milestones would show no near-term revenue.
Proceeds tracer
Offered in India- C6 Proof of rescue funds would be absent.
- C10 Certification milestones would show no near-term revenue.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.