News Progress Watch, which still employs 18 people at its Tramelan production site, has obtained a new stay of insolvency, until 30 November. At the end of August 2001 it had obtained an initial deferment of the bankruptcy pronounced two months previously, with the company facing a serious liquidity crisis.
Giving his verdict, the Biel judge emphasised that Progress Watch had a future, particularly on account of an order book worth 8 million francs. He also felt that guarantees submitted by two investors were sufficient to grant this new deadline, even though no funds had as yet been injected. The magistrate added that the financial stabilization plan had produced its first results. The 2002 financial year could result in a profit.
The company's lawyer noted that the firm had concentrated its activities on the production of tourbillons and, since the autumn, had made half its personnel redundant. The trustee company Transliq SA emphasised that Progress Watch had managed to bring its costs under control and declared itself in favour of a stay of insolvency. The company's debts total 5.5 million to third parties and 27 million to American parent company Progress Watch Corp.
June 20, 2002