Wetzikon Hospital Creditors Mobilize to Prevent Bankruptcy

A group of creditors, spearheaded by Clearway Capital GmbH, has gathered significant backing for their proposals to avert the bankruptcy of Wetzikon Hospital. This collective, which controls 6.56% of the defaulted GZO AG 1.875% June 2024 bonds, seeks to extend the maturity of CHF 170 million bonds issued by the hospital.

Efforts over the past two months have resulted in approximately 80% of the bondholders being identified, with a substantial majority expressing support for the initiative. These bondholders include a diverse range of institutions and private investors.

The creditor group emphasizes the importance of all bondholders ensuring the proper issuance of voting instructions through their banks or holding the necessary documents if attending a meeting in person. Gianluca Ferrari from Clearway Capital expresses confidence in securing the needed votes for the proposal.