Last week the restructuring of GZO Hospital Wetzikon accelerated. Infracore announced a sale‑and‑lease‑back proposal for the hospital's real estate and disclosed its key terms. Hours later the administrators and hospital management recommended that creditors accept the longer‑standing Thurmed offer at the October creditors' meeting. Bondholder representative Gregor Greber, who speaks for holders of the CHF 170 million GZO bond, urged a rejection of the settlement.
Clearway Capital, founded by Gianluca Ferrari and the driving force behind the GZO Creditor Group, announced it will vote against the Thurmed proposal and called on other creditors to follow suit. The firm argues that the Thurmed offer delivers only CHF 70 million in cash, equating to a 29% dividend for creditors. The 39.3%–47.5% dividend range cited by the hospital management, Clearway says, relies on uncertain future events and therefore inflates the economic value of the offer.
Clearway also criticised the lack of transparency around a PwC report that deemed the Infracore offer financially untenable. Infracore, a specialist in hospital property management, had presented a binding offer valuing the real estate at CHF 55 million – more than four times the externally sourced figure communicated to creditors. Clearway noted that the Infracore proposal could have yielded a dividend of up to 60% if pursued.
Ferrari warned that creditors are being asked to write off roughly 70% of their claims without receiving equity, security or interest on the remaining debt. He added that GZO rejected a significantly better offer without allowing creditors to evaluate it.
Clearway reminded that a settlement can be blocked if creditors representing at least one‑third of the outstanding claims oppose it, and expressed confidence that the current terms will be rejected. The firm urged all creditors to exercise their voting rights and vote “No”.
Zurich Cantonal Bank analyst Patrick Hasenböhler did not issue a voting recommendation but, in a brief note, reached similar conclusions. He said the present value of the fixed dividend is likely lower than presented because of the zero‑interest, unsecured nature of the claim and the uncertain ranking against future loans. He also described the rating of the Infracore offer as “not viable” without disclosed assumptions. ZKB reaffirmed its C rating on GZO with a negative outlook.
