The developer of the Javelin personal jet has laid off its staff after investment resources dried up.
"Everybody is on mandatory holiday for the rest of the week," Aviation Technology Group says. "The company is awaiting funding. It's not good news for ATG. Maybe they'll come up with something and we'll all go back to work, or maybe they won't."
Friday is the deadline to close a potential deal with a specific investor, ATG adds. "If they don't close the deal by then they are going to go through a series of layoffs, and they'll operate on a skeleton crew until they find funding."
The staff was given unexpected notice of the layoffs in their Colorado office on 26 November. Customers have placed 157 orders of the Javelin, which resembles a fighter and is scheduled for first delivery in three years.
Face the facts with Mike Creed of Action Aviation
Manufacturers sharpen up for Javelin production
VLJ scare won't go away
Javelin shape refined after tests