Massive mountain of debt Postfinance invests in bankrupt Zurich hospital - 25 million gone

Postfinance has written off around 25 million francs. Now it is clear why: it is one of the biggest creditors of the financially ailing Wetzikon hospital.

The Zurich regional hospital in Wetzikon is on the brink of financial collapse. A massive mountain of debt of 285 million francs with only 8 million francs in equity is weighing heavily on the hospital.

Postfinance, which is one of the hospital's largest creditors with a promissory note loan of 40 million francs, is particularly affected.

Now it is becoming known: The investment has already led to a write-down of 25 million francs. This has caused Postfinance's half-year profit to shrink by 30 percent, as theBlickreports. At least 16 million francs still remain on Postfinance's books - with an unclear value.

Experts do not understand why Postfinance made the risky investment. The fact that the hospital is operating at its financial limits is nothing new. According to "Blick", Postfinance repeatedly buys shares in companies that then end up under the umbrella of "Communication Services". This division posted a loss of 72 million francs last year.

Rickli refused support

The hospital's financial disaster resulted from a failed new building project. The situation escalated further when Zurich SVP government councillor Natalie Rickli refused financial support.

The hospital's creditors, including pension funds and insurance companies, will meet next Friday to discuss possible restructuring measures.

The largest part of the debt burden consists of a 170 million bond, whose creditor group GZO Creditor Group is of the opinion that the hospital's assets significantly exceed its debts. The municipalities, on the other hand, want to lead the hospital into debt with a write-off.