Steiner receives extension of debt restructuring moratorium
Published: Thursday, Oct 3rd 2024, 07:10
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Zurich-based real estate service provider Steiner has been granted an extension of the debt-restructuring moratorium by the District Court of Zurich. This gives the company a further four months.
The extension will last until February 7, 2025, according to a report in the Swiss Official Gazette of Commerce on Thursday. Steiner had applied for a debt-restructuring moratorium in June, citing a "liquidity bottleneck that was jeopardizing business operations" as the reason. The bottleneck had arisen due to "unforeseeable developments" in connection with "a few construction projects".
Dispute with Wetzikon hospital
The Group was recently at odds with the Wetzikon hospital in particular, where work on the new and extension building was halted in May as a result of the termination of Steiner AG as general contractor. The new building is only 70 percent complete.
The hospital operator Gesundheitsversorgung Zürcher Oberland (GZO) AG has been in debt-restructuring moratorium since the beginning of May. It sharply criticized the general contractor Steiner, who had left the company.
The fact that the construction company terminated the contract was unlawful, the GZO declared in mid-May. It remains to be seen whether the matter will end up in court. Steiner in turn accused the GZO of not having made the contractually owed payments since April 2024.
Steiner's main aim with the debt-restructuring moratorium is to strengthen the position of creditors. The payment deferral gives the company time to work out "solutions for payment delays by customers from previous projects in the construction sector", it said at the time.
Steiner AG has been part of the Indian Hindustan Construction Company Ltd. based in Mumbai since 2010.
©Keystone/SDA
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