Lack of funding halts Javelin program

 - December 27, 2007, 7:36 AM

Aviation Technology Group (ATG) of Englewood, Colo., laid off 40 of its 50 employees on December 17 and announced a day later that it has halted development of its two-seat Javelin very light twinjet, citing lack of funding. The company will continue to seek about $200 million in long-term funding via Citigroup, but in a statement it said, “Due to circumstances beyond ATG’s control, it is unlikely that adequate funding can be secured in a timely manner. ATG has therefore decided to halt development of the Javelin at this time. Further action will be decided upon after proper communication with our strategic business partner,” Israel Aerospace Industries. Board member Horst Bergmann said ATG told dismissed employees that if they find another job “they should really try to grab it, and we are going to help them in doing that.”