Progress Watch's finances improve

At the beginning of this week, EuropaStar's Daily News featured the excessive dept into which Progress Watch had plundged. Today Friday, it is reported that parent company Progress Watch Corp., located in the state of Nevada, will come to the rescue by granting a subordinate loan. And Elmar Mock, up to now head of Progress Watch SA, will be replaced by Willy Peier. As the Nevada company is the sole shareholder of the Bienne company, the subordinate loan granted by Progress Watch Corp. will wipe out the debts of Progress Watch SA, which owns sufficient assets to continue its assignments.