In early March, an incident caused quite a stir within the legal community focused on restructuring, bankruptcies and liquidations. The debt call launched in February by the two court-appointed administrators entrusted with the GZO Spital Wetzikon case, StephanKesselbach and BrigitteUmbach-Spahn (Wenger Plattner law firm), was dismissed by the Hinwil District Court following an appeal by Clearway Capital Partners, the investment fund managed by Gianluca Ferrari, which leads the GZO Creditor Group.

According to the court ruling, the administrators were ordered on a super-provisional basis to immediately revoke the debt call published in the Official Gazette of Commerce, «at least with regard to the bondholders of the CHF 170 million bond issued by GZO».

Stage Victory for the Court-Appointed Administrators

On Tuesday, the custodians announced that the Hinwil District Court had already dismissed the appeal of a bond creditor against the debt call in the first instance on May 28, 2025. The complainants had objected to the form of the delivery and the transfer of the securities to the administrators.

The district court had judged the administrators' instructions regarding the filing of claims by the creditors of the non-performing GZO bond of CHF 170 million to be reasonable and appropriate. «Accordingly, the district court has authorized the administrators to carry out a new debt call with regard to the bond creditors, which corresponds to the (revoked) debt call of 20 February 2025 in terms of the process and provides for the surrender of the bond securities,» the administrators' communiqué continues in the finest legalese.

Proceedings Now Pending Before the High Court

It remains unclear when the debt call for the bondholders can be carried out again. The objector has appealed the decision to the Zurich Cantonal High Court and requested suspensive effect.

The administrators have announced that they have now submitted their statement to the High Court. It is not clear from their letter whether the entire proceedings could jeopardize the timetable for the already very ambitious restructuring plan (ongoing approval process for equity contribution by shareholder communities, creditors' vote on debt restructuring agreement).