Fortis reportedly filed for bankruptcy
Quote:
It has been reported on the 24 heueres website that the watch brand Fortis Uhren has filed for debt protection under Swiss insolvency laws.
The Swiss Official Gazette of Commerce (SOGC) website lists documents dated 21 November 2017, 23 November 2017 and 24 November 2017 showing that the Civil Court of Soleure-Lebern has granted Fortis debt deferral in the form of a collocation plan and six months for debt cancellation, ending on May 20, 2018
During this six month debt restructuring period, an agreement can be negotiated with the creditors to provisionally ensure the continued existence of Fortis
https://horologium.com.au/2017/11/29...debt-deferral/
Fortis reportedly filed for bankruptcy
press release:
Fortis Uhren AG has voluntarily applied for a temporary composition, which has been approved by the court of Solothurn on November 20, 2017.
The company’s board of directors and management have taken this measure to enable the continuation a restructuring program, which will assure the healthy contingency of the company.
Contrary to media reports the company is not experiencing any acute liquidity problems, but was not able to depict the continuation of liquidity during one year. As correctly stated there are currently no executions against Fortis Uhren AG.
During the composition Fortis Uhren AG will work on a restructuring plan with its creditors to ensure the legal and economical existence of the company.
It is the declared goal to finalize this process with no layoffs in the company and no interruptions in the operational sides of the business.
We thank you for your understanding and continued support.
Fortis Uhren AG