Troubled business aircraft manufacturer Israviation may be placed in receivership following the decision by its main Swiss investor to pull out of the ST-50 five-seat pusher-turboprop executive jet programme.
According to Israviation president Stephane Juffa, the unnamed investor's decision to withdraw was "because of the situation in northern Israel". The company's site, in the northern Israeli city of Kiryat Shmona, has frequently come under rocket attacks launched from southern Lebanon, which have delayed the programme timetable.
"Work is continuing, but we will have to bring more money into the programme", adds Juffa.
The Israeli Investment Centre has requested that the company be placed in the hands of an operating receiver until a new investor can be found. The plant has so far built a proof-of-concept prototype.
The second prototype, which is the first series production ST-50, is scheduled for completion in September.
Source: Flight International
