Led by Clearway Capital, the group has filed a formal request with the District Court of Hinwil for the immediate dismissal of the two administrators, as  announced on Wednesday.

Following the administrators’ positive response to the proposed GZO restructuring plan, the group argued it has become evident that the administrators are not acting in the creditors' best interests, thereby violating their fiduciary duties.

Allegations of Conflicts of Interest

On October 25, 2024, GZO presented a restructuring plan that includes a debt haircut of 65 to 70 percent for creditors, leaving a recovery rate of 30 to 35 percent.

For Clearway, these terms are unacceptable. Furthermore, the creditor group has accused the administrators of operating under a conflict of interest.