Zurich, Sept 4 (Finances Review) – The proposed restructuring of GZO Spital Wetzikon faced immediate opposition after creditor representative Gregor Greber wrote to bondholders urging a vote against the plan involving Thurgau health holding thurmed.
On Tuesday, the hospital’s administrators, trustees and the cantonal municipalities presented thurmed’s participation as the preferred solution. The following day Greber, who was appointed by bondholders as an observer on the hospital’s board, sent a letter stating he could not support the proposal because it did not serve the “best economic interests of the creditors.” He recommended that all bondholders express the same dissent.
Greber’s benchmark is a CHF 55 million cash offer from real‑estate investor Infracore for the hospital’s property, offered on a binding, no‑condition‑of‑financing basis. He argues that, on that basis, a dividend in the “order of 60 percent” appears realistic.
The thurmed deal, by contrast, includes an interest‑free convertible loan of CHF 7 million. By the end of 2027 thurmed could increase its commitment by CHF 28 million to acquire a 51 percent stake in the hospital. Unsecured creditors would receive an immediate 29 percent payout, a further 10.3 percent after eleven years, and up to 47.5 percent in a best‑case scenario.
Greber also questions the role of PwC, which was engaged to produce an assessment without inviting Infracore to negotiations. He demands disclosure of the “favoritism report” and the reasons Infracore was excluded.
The structure of the proposal raises additional concerns. The bond‑holder debt forgiveness would clean up the balance sheet and uplift the hospital’s shares, while the eleven municipal shareholders would retain roughly half the equity without providing additional capital, an “obvious imbalance” in Greber’s view.
The timeline is tight. A creditors’ meeting is scheduled for the second half of October, the Thurgau government council is expected to decide in November, and the debt‑relief deferral expires on Dec 19. The municipal shareholders have already voted unanimously in favour of thurmed.
Greber insists on a transparent side‑by‑side comparison of all alternatives before the creditor vote, warning that a pre‑determined solution should not be rubber‑stamped by the bondholders.
