Finance, Taxes, Insurance
Spanish eVTOL Developer Crisalion Faces Court Deadline to Restructure
Start-up had been granted a three-month extension to negotiate with creditors
Crisalion Mobility eVTOL aircraft
Crisalion has been working on a five-passenger eVTOL aircraft called Integrity. © Crisalion Mobility

Spanish eVTOL aircraft developer Crisalion Mobility is facing a September 30 deadline to secure new funding needed to restructure the start-up in the face of demands from creditors. On June 30, Commercial Court No 2 in Bilbao granted Crisalion a three-month extension to negotiate with its creditors over a restructuring plan.

In January, Crisalion moved to a new headquarters south of Madrid, where it is developing the five-passenger Integrity model. According to a former employee, speaking with AIN on condition of anonymity, the following week the company informed employees that fresh investment would be needed to avoid running out of funds by March.