Investors swoop in to save German flying taxi startup [Video]

A German flying taxi startup was Tuesday saved from collapse after a consortium of investors swooped in at the 11th hour to take over the ailing firm.

Lilium had already filed for bankruptcy in October, and was expected to fold entirely this week unless it could secure new sources of funding.

But the startup, which has been developing small electric-powered jets that can take off and land vertically, announced a “major breakthrough”.

Mobile Uplift Corporation, a company set up by a consortium of European and North American investors, had signed a deal to buy the assets of the crisis-hit German company, Lilium said.

Lilium, which is based in the southern state of Bavaria, did not disclose the price of the deal.

The agreement is expected to be finalised at the start of January, …