German air taxi start-up Volocopter files for insolvency

Air taxi start-up Volocopter GmbH filed for insolvency proceedings on Monday, citing its inability to raise new funds to maintain regular operations.

The Mercedes-Benz (MBGn.DE), opens new tab and Honeywell (HON.O), opens new tab-backed company plans to continue business operations during the insolvency proceedings while seeking additional funding.

“Despite recent intensive fundraising…