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Thirteen senior Israel Military Industries (IMI) officials - from management to VPs - have threatened to resign as a result of the continued financial crisis facing the defense company.

In a letter sent last weekend to CEO Avi Felder, the 13 claim the ongoing crisis has caused "irreparable damage to our relations with clients, suppliers and workers, crippling company value as well as its image and its ability to see this crisis through to a better future."

The disheartened staffers blame the troubles on "changes in the local and global market; inability to adapt staff conditions and terms to these changes; faulty agreements signed in the past; and a sharp drop in orders by the defense establishment for existing products and the development of new ones."

The 13 state that if the current problems continue, "then we will not be able to continue operating as expected and bear responsibility for the continued activities of the divisions in our remit."

A company spokesman said that "the senior staffers saw fit to update the relevant quarters on the state of the company."