The Board of Directors of GZO AG is preparing for a succession plan amid ongoing financial struggles, including a provisional debt-restructuring moratorium. As they seek new members in consultation with 12 municipalities, a group of creditors is demanding the removal of two trustees due to alleged conflicts of interest linked to their connections with local governance.
Bondholders of GZO Hospital Wetzikon oppose a proposed debt cut, while shareholder municipalities refuse to use taxpayer funds for creditor payments. The GZO Creditor Group argues that the hospital remains profitable and warns that the proposed debt restructuring is unlikely to gain necessary support, risking bankruptcy. The municipalities are assessing capital needs but maintain that any funds should not reduce the creditors' haircut.
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