Press Release
 

Creditor group receives broad support for its proposals to save the Wetzikon Hospital from bankruptcy

Wetzikon, 7 October 2024 - A creditor group led by Clearway Capital GmbH (“the Creditor Group”) holding 6.56% of the defaulted GZO AG 1.875% June 2024 bonds (ISIN CH0240109618), has received strong indications of support from other bondholders for its proposal to extend the maturity of GZO AG’s CHF 170 million bonds. Over the past two months, the Creditor Group has held discussions with the majority of bondholders, which include pension funds, insurance companies, healthcare organizations, banks and many private investors. Approximately 80% of bondholders have been identified, and a large majority of them have already indicated their support for the Creditor Group and its proposals.

To achieve a successful outcome, it is now paramount for all bondholders to ensure that their custodian banks have correctly issued their voting instructions or, for any bondholders who will attend the meeting in person, that they are in possession of the necessary documentation.

“We have found that many bondholders are dissatisfied with the way the hospital is trying to overcome its current situation. We are therefore confident that we will obtain the necessary votes at the upcoming meeting.” says Gianluca Ferrari, founder of Clearway Capital. He added: “We are very pleased with the indications of support and now we must make sure that everyone votes. Every vote counts so we are urging all bondholders to attend the meeting, either via proxy or in person.”

For any bondholders – particularly retail investors – who are experiencing difficulty voting through their banks or who are unsure how to do so, the Creditor Group asks you to reach out directly via the website:

For inquiries:
GZO Creditor Group
c/o Dynamics Group, Andreas Durisch
079 358 87 32