the swiss times

the swiss times

Steiner Liquidity Crisis: Debt Restructuring

Steiner Liquidity Crisis: Debt Restructuring

Thu, Jun 6th 2024

Steiner, a Zurich-based real estate firm, seeks debt-restructuring moratorium due to liquidity issues impacting operations and projects.

Keystone/APA/Christian Beutler

The debt-restructuring moratorium application was filed by Steiner, a Zurich-based real estate service provider, with the District Court of Zurich. This move stems from a liquidity bottleneck that jeopardizes business operations.

Steiner attributed the liquidity crisis in a Thursday press release to “unforeseeable developments” related to “a few construction projects” during their exit from the general contractor business.

The Group’s issues were particularly severe with Wetzikon Hospital, where work was suspended due to Steiner AG’s termination as general contractor. The hospital operator, Gesundheitsversorgung Zürcher Oberland (GZO) AG, has been under a debt-restructuring moratorium since early May. In mid-May, GZO sharply criticized Steiner for unlawfully terminating the contract.

©Keystone/SDA

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