S3 - Swiss Space Systems patch.
Dec. 28, 2016
The founder of the aerospace company based in Payerne (Switzerland) is trying everything to escape the bankruptcy.
The head of Swiss Space Systems Holdings (S3) Pascal Jaussi is appealing the decision to revoke the bankruptcy postponement pronounced by the Vaudois justice against his company. He filed an appeal with the Cantonal Court, said Wednesday the judicial order.
Pascal Jaussi, CEO & Founder of Swiss Space Systems or S3
On December 14, the District Court of the Broye and Northern Waldensian region made its decision, signing the bankruptcy of the aerospace company. Pascal Jaussi had announced that he would appeal the decision. The adjournment protected the company until March 2017. The company is the subject of numerous lawsuits exceeding 7 million francs.
Accounts not produced
After several extensions of the adjournments since February 2016, and following a hearing on December 6, the court finally declared bankruptcy two weeks ago, in view of the opinion of S3 over-indebtedness.
In this decision that the ats was able to consult on Wednesday, the civil court noted that no revised account had been produced, preventing any calculation of the exact amount of the over-indebtedness. He also notes that the transfer of $ 30 million in capital between daughter company S3 Solutions and S3 announced by Pascal Jaussi to recapitalize his company has not been finalized.
The court struggled to understand why, while the start-up had asserted that the only obstacle to this transfer was the FINMA investigation. The financial gendarme announced on 12 September to the Fribourg Public Prosecutor's Office that they had closed investigations against S3 for lack of concrete evidence of violations of financial market laws.
The Court also found that the aggression suffered by Pascal Jaussi did not prevent the production of accounts. At the end of August, the boss of S3 claimed to have been very violently assaulted in the woods of Aumont (FR).
Following this decision, Pascal Jaussi told La Liberté that the documents requested had not been provided at the hearing because the closed session had been refused and he considered that he was entitled to business secrecy. The case is now in the hands of the Cantonal Court.
Swiss Space Systems concept launch of mini-space shuttle made by Dassault Aviation
For weeks, the company of Pascal Jaussi, which the ats failed to reach Wednesday, is at the center of the attention because of its financial difficulties. S3 wants to launch mini-satellites from a shuttle from an airplane. The company also announced plans to organize weightless flights.
The bankruptcy of S3 is pronounced
For more information about Swiss Space Systems (S3), visit: http://www.s-3.ch/
Images, Text, Credits: Swiss Space Systems (S3)/ATS/Orbiter.ch Aerospace/Roland Berga.
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