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Wetzikon hospital board resigns amid financial crisis and restructuring efforts
The Board of Directors of Wetzikon Hospital has resigned amid a financial crisis, with members citing the need for an orderly transition to new leadership. While the municipalities support this move as a fresh start, creditors express concern over the board's accountability and the restructuring plan, which requires significant financial concessions from them. A search committee is being formed to find suitable successors, with current members remaining in place until then.
Schweizer Radio und Fernsehen (SRF)
Swiss Franc Apple Inc. CHE Pascal Bassu Andreas Durisch Jörg Kündig Show more
Finance & Economy, News Article
15:54 20.11.2024
GZO Spital Wetzikon Board of Directors plans resignation amid financial turmoil
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.
medinside.ch
Swiss Franc GZO AG CHE Beat Staub Heinz Rudolf Kunze Marcel Peter Patrick Umbach Jörg Kündig Yvonne Lang Ketterer Brigitte Umbach-spahn Show more
Finance & Economy, News Article
11:02 20.11.2024
Wetzikon Hospital Board resigns amid restructuring and debt challenges
The entire Board of Directors of Wetzikon Hospital has resigned amid ongoing financial struggles, with plans for a restructuring that may involve creditors waiving 65-70% of the hospital"s debt. The municipalities that own the hospital welcome this change, viewing it as an opportunity to redefine its future, potentially including a merger with Uster Hospital. A search committee will be formed to appoint new board members, with referendums on financing expected by late 2025 or early 2026.
Tages-Anzeiger
Swiss Franc Steiner AG CHE Jörg Kündig
Finance & Economy, Press Release
10:25 20.11.2024
wetzikon hospital faces skepticism over restructuring plan amid debt crisis
Wetzikon Hospital is facing a debt crisis, with bondholders expressing skepticism over a restructuring plan that requires them to absorb 65-70% of the CHF 170 million owed. While hospital officials believe the plan is preferable to bankruptcy, creditors are unhappy, and municipalities must approve additional funding by November 2025. Operations continue under cost-cutting measures, with a major creditors" meeting set for March 2026 to determine the hospital"s future.
Blick
Swiss Franc GZO Hospital Wetzikon CHE Jörg Kündig Brigitte Umbach-Spahn Hansjörg Herren Show more
Finance & Economy, News Article
16:35 25.10.2024
GZO proposes debt restructuring amid bondholder concerns over hospital's future
The GZO's restructuring plan proposes a significant two-thirds write-off of creditor claims, aiming to avoid bankruptcy while addressing a substantial need for depreciation and equity injection. Bondholders express skepticism, as the estimated estate dividend for creditors is only 30-35%, raising concerns about the long-term viability of hospital financing in Switzerland. A decision on the restructuring's suitability will be made by the end of the year, with implications for the broader healthcare financing landscape.
finews.com
Swiss Franc PWCI AG CHE Jörg Kündig Kurt Hess Hansjörg Herren Natalie Rickli Gregor Greber Show more
Finance & Economy, Market Report
11:42 24.10.2024
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