News Progress Watch has obtained deferment of the bankruptcy order served at the end of June. On 28 August, Biel-Nidau court gave the firm nine months to get itself out of trouble. Following an in-depth examination of the situation, Judge Balz Oberle agreed to the possibility of reorganizing the Biel-based firm, which has until 31 May to clear its debts under the leadership of the company Transliq AG, appointed as trustee. The firm had been declared insolvent after filing for bankruptcy and placing around 60 jobs under threat.
Excessive debts arising from management errors were indeed crippling the company's accounts, according to Rudolf Huq, who, alongside Hanspeter Thiel, takes the place of sole administrator Willy Meier. On 25 July, the firm showed a loss of 24.2 million Swiss francs, with an overdraft of 19.2 million. Its debts total 32.5 million francs, 26.5 million of which are owed to Nevada-based parent company Progress Watch Corp.
A full order book, the backing of the Jura Bernois-Seeland Regional Office of Legal Proceedings and Bankruptcy, promising products and investments announced in the event of the bankruptcy being deferred, convinced the judge that there were sufficient grounds to adjourn the proceedings.
September 13, 2001