Dynamics Group AG (CH)
GZO AG: Results of Bondholder meeting not yet final

Press Release

GZO AG: Results of Bondholder meeting not yet final

• Bondholders who have not yet voted can do so by Christmas 2024
• Creditor group urges bondholders who did not vote to do so

Wetzikon, 28 October 2024 – The creditor group led by Clearway Capital GmbH holding 6.56% of the defaulted GZO AG (“GZO” or “the Company”) 1.875% June 2024 bonds (ISIN CH0240109618) informs that the result of the vote on the three-year extension of the term of the bond is not yet final.  

Based on our preliminary analysis, our proposal received CHF 112’550’000 of the nominal value at the bondholder meeting, just short of the requirement of
CHF 113’335’000. According to article 1172 section 2 of the Swiss Code of Obligation, for two months following the date of the bondholder meeting, bondholders owning bonds on the date of the meeting (25 October) and who did not participate, can still vote (until 27 December 2024). 

Based on a preliminary estimate, votes of approximately CHF 785’000 nominal amount will be sufficient for the resolution to be passed. The creditor group has already been contacted by multiple bondholders who were unable to attend the meeting and who support the proposal.  

To ensure that the proposal is finally passed, we urge any bondholders who have not attended the meeting, or who have not voted the entirety of their bonds, to reach out to us. We will assist in preparing the necessary documents to ensure that all votes are counted. 

The creditor group believes that, irrespective of whether GZO will implement the proposal if passed, a favorable vote will send a strong message to the Company, to the board of directors and to the shareholder communities that creditors are not willing to accept the restructuring plan proposed by GZO. 
 

For inquiries:
GZO Creditor Group
c/o Dynamics Group, Andreas Durisch
079 358 87 32
contact@gzo-bondholder.ch
www.gzo-bondholder.ch