Hospitals Spital Wetzikon invites bondholders to a meeting
Wetzikon Hospital has invited bondholders to a meeting on October 25. The hospital, which is in financial difficulties, will then present a restructuring concept.
06.08.2024, 08:32
SDA
Work on the restructuring concept is progressing, as GZO Spital Wetzikon announced on Tuesday. The bondholders' meeting at the end of October will be held at the request of the "GZO Creditor Group".
The group of bondholders presented proposals in mid-July on how to save the Wetzikon hospital and safeguard the interests of the bondholders.
One of the proposals to be put to the creditors' meeting is that the CHF 170 million bond owed by Spital Wetzikon can be repaid later than agreed. This would have been due in June. The new repayment period is now not due to expire until June 14, 2027.
The interest rate is to be increased every six months, from the current 1.87% to 4.87% in 2027. This is intended as an incentive for the hospital to quickly draw up and implement a restructuring program.
GZO Wetzikon Hospital rejects proposals
The hospital itself initially rejected the proposals because they would lead to bondholders being given preferential treatment over other creditors.
Spital Wetzikon has been in provisional debt-restructuring moratorium since the end of April and is attempting to avert bankruptcy. At the beginning of April, it became known that the hospital had requested a loan of CHF 180 million from the cantonal health authorities. However, the canton rejected the request. The hospital is not considered "essential" and is not absolutely necessary for the hospital care of the Zurich population.
Wetzikon Hospital has 150 beds and employs around 900 staff. Operations are continuing as normal despite the debt restructuring moratorium.
