Israviation has halted work on the ST-50 pusher-turboprop business aircraft, after an Israeli court appointed a receiver to manage the manufacturer's plant in northern Israel.
Efforts are being made to find a new investor to replace the undisclosed Swiss company whose decision to pull out of the programme has led to its present difficulties (Flight International, 3-9 September). The appointment was made after Israviation failed to settle its state-guaranteed loans and to pay its suppliers and workers.
The receiver has since sacked 12 of the 75-strong workforce. More job cuts are predicted if a suitable investor cannot be found soon.
Source: Flight International
