Lilium (LILM) said Thursday its German subsidiaries will apply for restructuring in the "next few days" following its failure to obtain 100 million euros ($108.3 million) in funding from the German government's KfW investment bank.

The electric aircraft maker said the company's competitors in the US, UK, France, China and Brazil had received government support and such backing was seen as "as critical to retain market confidence and potential future investment."

Subject to court approval, the company is filing for what it described as self-administration, a type of insolvency that would preserve the business under current management subject to the supervision of a custodian.

The company said the German procedure is used to initiate investment or sell company assets, including, potentially, the entire business.

"We hope that the Lilium Jet will get a chance for a fresh start after the self-administration process is completed," said Chief Executive Klaus Roewe.

Shares of Lilium were up more than 13% in Friday's premarket activity after falling more than 61% a day earlier.

Price: 0.24, Change: +0.028, Percent Change: +13.18