GZO Faces High-Stakes Vote on Composition Agreement

The proposed agreement faces significant pushback from creditors who view the projected dividend as insufficient. Administrators Brigitte Umbach-Spahn and Stephan Kesselbach support the deal, which promises a payout of up to 47.5 percent. In contrast, they project a recovery of only 23.1 to 29.3 percent should the hospital enter bankruptcy proceedings. Recognized claims in the third class currently total 213.6 million Swiss francs, with bondholders holding the largest share at 146.3 million.

Management, led by board chairman Andreas Mika, hospital director Hansjörg Herren, and CFO Daniel Müller, rejects claims that they are restructuring at the expense of creditors. They argue that the composition moratorium is a massive burden for staff and leadership alike, not an easy path to debt reduction. Addressing concerns regarding a potential takeover, the leadership noted that a deal with Thurmed would likely lead to the dissolution of the current management structure, contradicting accusations that executives are prioritizing their own job security. Furthermore, management clarified that they have provided all relevant valuation data to creditors, including the PwC report, and emphasized that service mandates are tied to GZO AG, complicating any plans to shift operations to a separate rescue company.