The Chairman of the Board of Directors, Jörg Küng, provides information about the effects of the deferment of the estate on the hospital:
The Wetzikon Hospital announced on Thursday that it has not yet been possible to secure the refinancing of a bond worth 170 million francs that expires on June 12th. The hospital took out this bond ten years ago for a new building and to modernize operations and listed it on the stock exchange.
The Board of Directors is confident and rates the chances of refinancing as intact. He is “in close contact with the financial partners and is working hard on a solution.” After the moratorium, the non-profit stock corporation Healthcare Zürcher Oberland GZO AG should be back on a stable foundation.
The Hinwil district court approved the requested provisional moratorium on the estate on Tuesday evening and appointed two lawyers as administrators. The moratorium lasts until the end of August and can be extended if necessary. This gives GZO AG a time window to further examine various options for restructuring, the administrators stated in a statement.
Emergency services are guaranteed
The provisional moratorium comes as no surprise to the twelve shareholder communities of GZO Spital Wetzikon AG: This was to be feared after the hospital’s massive financial problems were announced a few weeks ago, they wrote in a statement. It is regrettable that no other solution could be found.
The communities that set up a committee at the beginning of April are ready to talk. They announce that they want to examine all restructuring options developed by the hospital and the administrators. They also want to “initiate political processes to provide financial support for the hospital if necessary.”
The municipalities are also available with regard to the emergency service in Regio 144. According to the hospital administrative board, the rescue service, which is a municipal task, is guaranteed. However, should this change during the moratorium period, all shareholder communities are prepared to step in with money at short notice and without bureaucracy, as the statement further states.
Hospital “not essential” according to canton
The provisional moratorium has no effect on normal hospital operations: this will continue in full, writes GZO Spital Wetzikon AG. “Thanks to sufficient liquidity and successful market operations, employees’ wages are secured.” Payments to suppliers and other financial obligations are also guaranteed during the debt moratorium.
GZO AG operates a regional specialty hospital in Wetzikon. It has 150 beds and employs around 900 people. At the beginning of April it became known that the hospital had turned to the canton of Zurich and asked for a loan of 180 million francs. However, the canton did not comply with the request; the hospital is not considered “indispensable”. It is not absolutely necessary for the hospital care of the Zurich population.