October 21, 2026 – Open letter to creditors
Clearway answers the most important questions regarding “Nachlassvertrag”, “Konkurs” and provides clear responses to GZO’s latest positions. For each, we set out what GZO says and what our documentation actually shows. Ahead of the creditor’s meeting on 28 October multiple creditors have reached out to us with their questions; we answer the main ones in the open letter you find here.
In short, the proposed Nachlassvertrag offers unsecured creditors 29.0% in cash in 2027, an unsecured, interest-free promise of a further 10.3% in 2037/38, and conditional components that we value at zero. In present-value terms the offer is worth approximately 33% of claims (Clearway estimate). We consider that inadequate in light of the assets GZO holds and the alternatives its board chose not to pursue, and we recommend that you do not return the consent form. Our reasons are put down in the open letter.
October 6, 2026 – GZO’s proposal is unacceptable for creditors
Clearway Capital rejects the proposed composition agreement – as do other major creditors.
The newest presentation sets out the key arguments:
- Why is the proposal not acceptable to creditors
- What is the real worth of GZO’s plan and of the other options
- Why bankruptcy is not the same as liquidation. In the event of bankruptcy, the hospital business could be sold and continue to operate.
Check out the presentation here.
September 7, 2026 – Clearway Capital urges creditors to reject GZO's proposed composition agreement
Clearway Capital Partners ICAV (“Clearway”), a creditor of GZO AG Spital Wetzikon (“GZO”) leading the GZO Creditor Group, announces that it will vote against the composition agreement (Nachlassvertrag) to be put to creditors at the assembly expected in the second half of October 2026, and urges all creditors to do the same.