Volocopter GmbH reports it has filed an application for the opening of insolvency proceedings at the Karlsruhe Local Court on 26 December 2024. The Karlsruhe Local Court began the provisional insolvency administration the following day and appointed Tobias Wahl, partner, and attorney at Anchor Rechtsanwältegesellschaft mbH, as its administrator, said the company in a press release.
The company aims to enter the market in 2025 following VoloCity’s successful certification by the European Union Aviation Safety Agency (EASA).
According to Dirk Hoke, CEO of Volocopter: “We are ahead of our industry peers in our technological, flight test, and certification progress. That makes us an attractive company to invest in while we organize ourselves with internal restructuring.”
“Numerous successful financing rounds have driven the company’s development and operations in the past,” continued the press release. “With one of the lowest burn rates in the industry, Volocopter has successfully operated in an extremely difficult financial environment. However, despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible.
“Business operations will continue as usual during the provisional insolvency proceedings. The provisional insolvency administrator has now held a staff meeting to inform employees about the current situation and answer initial questions about the proceedings.”
In addition, Tobias Wahl has initiated an investor process. “The company needs financing to take the final steps towards market entry. We will endeavor to develop a restructuring concept by the end of February and implement it with investors,” explains Tobias Wahl.
For more information
https://www.volocopter.com/en/newsroom/volocopter-files-for-insolvency-in-germany