A court in the Swiss canton of Vaud declared Swiss Space Systems (S3) bankrupt last Wednesday, according to media reports.
S3 has been developing an air-launch satellite booster and had planned to offer parabolic aircraft flights to the public later this year.
The bankruptcy declaration comes after nearly two years of financial difficulties. Members of the U.S. office departed the company at the end of 2015 after going much of the year without being paid.
Founder and CEO Pascal Jaussi was hospitalized in August with serious burns. He told authorities two men forced him to drive to a remote area where they doused him with gasoline and set him on fire.