Raytheon Aircraft, which lost millions of dollars last year, has placed “on hold” further development of the Hawker 450, a light midsize business jet that had been tentatively scheduled to enter service in 2006. The company will decide in the third quarter of this year whether to resume, postpone or cancel the project.

Performance specs released last summer put the five-passenger range of the Hawker 450 at 2,000 nm; its max cruise speed was projected as 472 kt and takeoff field length as 4,700 ft. The $8.4 million jet would be powered by a pair of TFE731-40s.