In a press release, the former Google Lunar X Prize competitor blamed unplanned delays in the acquisition of incentives and subsidies to support its planned mission to the moon.
“Lawyer Sascha Feies has been appointed as provisional insolvency administrator,” the press release stated. “The business operations and research projects of the scientific enterprise continue to run without any restrictions during the insolvency proceedings.”
PTScientists has been working with ArianeGroup and ESA on a joint study of a future mission to the lunar surface.
“The bankruptcy petition throws us back a little in time, because we first have to secure together with the insolvency administrator, the further financing of the company,” said Robert Boehme, founder and CEO of PTScientists. “However, given our clear progress and achievements that we have demonstrated in recent months, we are well placed to emerge from the insolvency process and implement our lunar mission as planned.”