Creditor Group Challenges GZO's Financial Disclosure Tactics

Wetzikon, 23 October 2024 - A creditor group led by Clearway Capital GmbH, holding 6.56% of the defaulted GZO AG bonds, has responded critically to recent tactics employed by GZO. The group criticized GZO for posting an update about a significant potential property value write-down of CHF 127 million without providing detailed explanations or issuing a formal press release.

The creditors view GZO's actions as attempts to intimidate them ahead of the bondholder meeting scheduled for October 25, 2024. They demand GZO, along with trustees and auditors KPMG, offer a clear rationale for the substantial depreciation in property values. The Creditor Group has presented an alternate valuation supporting a higher real-estate worth, encouraging bondholders to back their strategy at the meeting.