Bondholders of GZO Hospital Wetzikon are opposing a proposed substantial debt cut while shareholder municipalities are refusing to use tax funds for creditor payments the GZO Creditor Group criticized the threat that the hospital might close in the event of bankruptcy as «absurd» asserting that the hospital remains profitable The calm after the bondholder meeting of GZO Spital Wetzikon a large majority of the bondholders present approved the GZO Creditor Group's proposals to amend the terms of the bond These included an extension of the term of the 170 million Swiss francs bond to avoid a haircut was elected as a representative of the bondholders meaning that he now sits on the GZO Board of Directors as an observer The bondholders - including many institutional investors - thus sent a strong signal that they will not accept the reorganization concept presented by the debtor at the meeting with creditors having to waive around two thirds (65 to 70 percent) of their claims Another element of the debt reduction is that the twelve shareholder municipalities are injecting additional equity the shareholder municipalities confirmed that the Board of Directors had submitted a corresponding proposal on 24 October It is asking the municipalities to provide capital which amounts to 45 to 55 million francs «hospital wasteland» in Wetzikon (Image: finews.ch) The municipalities are not yet able to assess the capital requirements, according to the joint statement «An investment of this magnitude must be able to be comprehensively analyzed As the necessary key figures and documents are submitted on an ongoing basis this review by the financial and legal experts mandated by the shareholder municipalities is still in progress.» the shareholder communities are already taking a hard line: «The shareholder communities are united in their position that the balance sheet restructuring of GZO AG and the necessary debt reduction must be calculated on the basis of the existing assets The funds to be contributed by the shareholder communities can only be used to finance the payments under the debt haircut and the continuation of hospital operations after the balance sheet restructuring has been completed No taxpayers' money may be used for a further reduction of the haircut in the interests of the creditors.» the municipalities also believe that an agreement with the creditors is a key prerequisite for «considering a capital increase by the shareholder municipalities in the form of start-up financing» The municipalities also emphasise the demanding political process that is necessary for a share capital increase The votes in the individual municipalities are scheduled for the end of 2025 or the beginning of 2026 Creditors See Debt Haircut as One-Sided — Rejection Predictable But how can an agreement be reached with the creditors if the vast majority of bondholders reject the reorganisation concept with the debt haircut The GZO Creditor Group also points out this pitfall in a letter sent this week to the presidents of all shareholder communities and submitted to finews.ch Keeping Assets and Not Paying Debts?  It challenges the united stance adopted by the «shareholder municipalities'» mentioned above. The municipalities obviously assumed that the debt restructuring agreement would find the necessary majority of creditors «To avoid the costly process of asking taxpayers for funds at the ballot box in vain you should under no circumstances expect the debt restructuring agreement to be supported by the required majority of creditors!» it is not acceptable for the municipalities to keep all of the GZO's assets but only want to return a third of their claims to the creditors The creditor group's assets include «a profitable hospital with a turnover of 150 million Swiss francs a new building 70 percent completed with a value of 25 to 50 million and 58,000 square metres of land in a prime location» Contiuation of Hospital Operations Possible even in the Event of Bankruptcy In the valtuation of the hospital property— commissioned by the GZO and prepared by property specialists at Wuest Partner as part of the reorganization concept—a new term has been coined for the unfinished building where work has been stalled for some time: «hospital wasteland».  The GZO Creditor Group has proposed two possible solutions to the challenging situation: either renegotiate terms with the creditors or allow the hospital to go bankrupt «This second option may not be as bad as you think,» the creditor group advises the mayor despite having previously stated its preference to avoid bankruptcy The assets would then simply be sold to the highest bidders the threat of closing the hospital is ‘ridiculous’ because a profitable business like Wetzikon Hospital is never liquidated but continues to operate under a new owner Even though the creditor group—understandably—paints an optimistic picture of Wetzikon Hospital's economic future despite the thin margins across Switzerland and the financial constraints hospitals face its core assertion remains valid: the restructuring plan with the substantial debt reduction is unlikely to achieve the required majority support It is also interesting to note that the GZO Creditor Group points out that the shareholders (i.e the municipalities) would lose their investment in the event of bankruptcy the creditors would then take over as the new owners of the company - although GZO is not a typical company with private shareholders There is little time to improve the offer to the bondholders. The two trustees who are legally obliged to protect the interests of creditors have until the end of the year to decide whether to apply to the Hinwil District Court for the GZO to switch from provisional to definitive debt-restructuring moratorium This step would be necessary for creditors to vote on the reorganization plan finews.com publishes on its own Web-TV-Channel interviews with well-known figures of Swiss finance. + More on this topic + More on this topic + More on this topic The restructuring plan proposed by the GZO requires creditors to write off two-thirds of their claims it’s considered a preferable alternative to bankruptcy key decisions regarding the future of the Zürcher Oberland Health Centre (GZO) and Wetzikon Hospital were made at a closed meeting of bondholders representing a nominal value of 170 million Swiss francs The meeting, requested by the GZO Creditor Group led by Gregor Greber, sought an extension of the bond term. While the appeal «Help save Wetzikon Hospital» features prominently on the group's website, their primary concern appeared to be financial Although the two-thirds quorum for approval was narrowly missed Many of them likely acquired bonds after the debt restructuring moratorium or the default in May and June In the run-up to the meeting, the GZO itself had announced that there was a massive need for depreciation of 97 million to 127 million francs with regard to the new building — where work has been suspended for some time — which was immediately disputed by bondholders' representatives, as finews.ch reported The valuation of the properties is decisive for determining whether a debt haircut is needed and The GZO had also previously said tp provide more detailed information about the restructuring concept at the meeting although it has been known for some time that this includes an equity injection by the twelve shareholder municipalities and a solution for the extension Do it Without Two-Thirds of the Investment The two trustees appointed by the Hinwil District Court lawyers Brigitte Umbach-Spahn and Stephan Kesselbach—both partners at Wenger Plattner—also aimed to assess the restructuring concept as they are legally required to represent creditors' interests As can be seen from the GZO's media release published late on Friday morning  on the restructuring concept drawn up with the help of the auditing and consulting firm PwC the haircut for the creditors — and thus also for the bondholders — is expected to be quite harsh with an estimated estate dividend of 30 to 35 percent This is the result of a comparison of the cash and cash equivalents expected for spring 2026 and the expected debt level A Bird in the Hand is Worth Two in the Bush The GZO managers are aware that this represents a high price for the creditors it is the economically better solution for this than bankruptcy who are to waive two-thirds of their claims The loss is sweetened by the forecast that the money will flow more quickly than in a liquidation GZO bonds had been traded on the SIX Swiss Exchange in a band of between 40 and 45 percent in recent weeks No Binding Commitment from the Shareholder Municipalities The need for impairment is estimated at around 110 million francs This «an expression of the low operating profitability and the significant need for investment including additional costs in connection with construction.» The GZO also announces a substantial increase in equity capital by the shareholder municipalities «in the mid-double-digit million range». This had been agreed with representatives of the shareholder municipalities «in intensive preliminary talks» because it requires going through the municipal court process (up to the municipal assembly) Balanced Compromise or Restructuring on the Backs of the Creditors The GZO describes the restructuring concept as a «balanced compromise» an assessment that many creditors are unlikely to share The aim of the restructuring concept was to restructure the balance sheet and ensure the long-term provision of health care for the population – and later to integrate it into a hospital network Only then will the new building be completed The trustees will have to decide by the end of the year whether they consider the present restructuring concept to be a suitable basis for applying to the court to transfer the GZO from a provisional to a definitive debt restructuring moratorium Stakeholders in the GZO case include not only the roughly 900 employees and the surrounding region but also the twelve shareholder municipalities as owners the case is of interest far beyond this circle: Will hospitals continue to be able to finance themselves on the Swiss capital and credit market at reasonable conditions in the future What Are the Effects on the Capital Market Will implicit guarantees from the public sector generally have to be assessed more critically in the future – a shift that would generally increase costs for related debtors seeking funds Until Zurich's health director Natalie Rickli declined to provide emergency aid from the canton to the GZO in May most credit experts had assumed that the hospital would not be left unsupported how sustainable and effective is a healthcare system where hospitals are expected to be financially independent but have limited flexibility in setting prices for their services Wetzikon Hospital is an extreme example due to its construction project which now appears oversized from today’s perspective most hospitals are already on shaky ground Do Hospitals Actually Make any Profit at All For instance, Kurt Hess, a respected figure in credit analysis in Switzerland and currently a senior credit analyst at Independent Credit View, recently remarked at an event in Zurich that lending to hospitals may not be viable if assessed solely on their financial health Key financial metrics for hospitals are typically weak From Zurich to Wetzikon: A media conference is scheduled here on Friday afternoon where GZO Administrative President Jörg Kündig and Hospital Director Hansjörg Herren will address questions about the renovation plan The two trustees will also be in attendance there was a collision with a tanker truck on the road between Wetzikon and Uster The road remains closed for the time being there was a car accident in the canton of Zurich between Wetzikon and Uster there was a collision involving several vehicles as confirmed by the Zurich cantonal police blue News The Zurichstrasse - Hinwil stretch between Uster-Ost and Wetzikon is closed in both directions Five people are slightly to moderately injured They were taken to the surrounding hospitals the accident occurred when an 18-year-old driver coming from Wetzikon crossed into the other lane with his car and collided with the tanker truck The tanker also crossed into the other lane The 22-year-old defenseman will play in the MyHockey League next season While Severin Karrer is under contract with HC Thurgau this season he did not suit up for the Swiss League team The defender was loaned to EHC Frauenfeld and appeared in 30 games for them (two goals Karrer leaves HC Thurgau after three and a half season EHC Wetzikon has signed him to a one-year contract The GZO Creditor Group believes that the value of the assets of Wetzikon Hospital far exceeds its liabilities Ahead of the upcoming bondholders' meeting the group is seeking to rally other bondholders to support its proposals The creditor group, which first emerged in July presents an assessment of the GZO’s assets and concludes that they exceed the liabilities by far The assets include "real estate valued at CHF 75 million an operating business potentially worth up to 128 million francs and a new (though still unfinished) building valued by the company itself at 95 million francs." Assets Significantly Greater than Liabilities The market value of these assets would exceed the outstanding debt of 240 million francs it is unlikely that creditors will agree to a debt cut as there are many alternative options to ensure full repayment," the creditor group asserts and predicts confidently that the thresholds required for a composition agreement and a debt cut (two-thirds of creditors by value and half by number) will not be met While creditors would likely «eventually recover 100% of their money» this would be a «terrible event» for the hospital The creditor group reiterates its previously stated proposal to extend the term of the bond This would allow the hospital to continue operations and give the board time to develop a refinancing and restructuring plan this allows them to meet the quorum of one-twentieth of the bond amount required to call a bondholders' meeting Showdown Scheduled for October 25 at Wetzikon Hospital For the meeting, which will take place on October 25 at Wetzikon Hospital, the creditor group is now seeking bondholder support through a letter. The letter also reveals that the creditor group consists of Clearway Capital Partners ICAV (an investment fund focusing on impact investing in European public markets), two Zurich-based firms Gregor Greber (known as an activist investor) and Markus Eberle The letter to bondholders and the asset valuation presentation are available on the creditor group’s website It also includes the GZO’s invitation to the bondholders' meeting in October along with the creditor group’s detailed proposals and the debtor GZO’s reasons for rejecting them The GZO fears that especially the gradual increase of the coupon would result in a «substantial financial burden.» Bondholders are generally more conservative and might therefore trust the GZO's portrayal in doubtful situations the GZO management has not won many friends with its handling of the situation which ultimately led to the first domestic default on the bond market since Swissair in 2001 One thing is clear: The relationship is severed The creditor group no longer speaks of a "constructive exchange" with GZO Chairman Jörg Kündig as they did in July which were trading at 36% on the Swiss stock exchange in mid-June Romain Montandon and Arno Snellman will continue their season They both will suit up for different teams for the remainder of the season EHC Basel has acquired Romain Montandon from the GDT Bellinzona Snakes Montandon captained the Snakes this season The defenseman appeared in 45 games for them recording eight goals and six assists will continue his season in the MyHockey League The 22-year-old defenseman suited up in 29 games for the Snakes and put up one assist A group of creditors of Wetzikon Hospital wants to save the hospital from imminent bankruptcy The GZO Creditor Group announced on Thursday that it intends to convene a creditors' meeting for this purpose the creditors' meeting will propose that the bond of 170 million Swiss francs owed by Wetzikon Hospital can be repaid later than agreed The new repayment period is now not due to expire until June 14 The interest rate is to be increased every six months This should be an incentive for the hospital to quickly draw up and implement a restructuring program - without having to worry about debt-restructuring moratoriums continues to believe in Wetzikon Hospital: the hospital operations are fortunately still generating positive operating results it has lacked the necessary time to put the hospital on a sustainable financial footing Averting bankruptcy is in the interests of all parties concerned the creditors expect a long-term financing strategy from the hospital and a downsizing of the new building project The hospital originally took out the 170 million bond for this new building The construction site has now been at a standstill for months If the other creditors accept the GZO Creditor Group's proposals the hospital could be released from the provisional debt restructuring moratorium When exactly the meeting will take place is still open as the GZO Creditor Group was told on request the date should be before the end of August as Gesundheitsversorgung Zürcher Oberland (GZO) has been in provisional debt-restructuring moratorium since April 30 This four-month "grace period" for debt collection expires at the end of August The hospital itself apparently sees the situation less dramatically The creditors' meeting is not necessary said Chairman of the Board of Directors Jörg Kündig (FDP) to Radio SRF1's "Regionaljournal Zürich-Schaffhausen" They are currently working on an overall concept "We therefore believe that we still have enough time." There is no need to delay the shareholder communities announced that they wanted to help the hospital They would be prepared to inject further money - but only if the hospital develops an economically viable concept it became known that the hospital had asked the health department for a loan of 180 million francs The hospital was not considered "essential" and was not absolutely necessary for the hospital care of the Zurich population Wetzikon Hospital has 150 beds and employs around 900 staff Operations are continuing as normal despite the debt restructuring moratorium Registration for the Vertical MRO Conference in Kelowna B.C. is now open! Click here to learn more. The doors of the new design office were large enough so the first prototype of the helicopter had been brought inside Andreas Loewenstein was making a speech that marked “a big moment” in his company’s history that company’s founder was probably busy with a complex engineering problem for a customer in biotechnology or solar energy — anything but rotorcraft Loewenstein had replaced Martin Stucki a mere 13 months before The latter returned to his original company from which he had spun off Marenco Swisshelicopter to design the SH09 large-cabin single The name change of the would-be manufacturer caps a year of profound evolution at the helm of the enterprise Marenco is an acronym for “Martin Engineering and Consulting.” Its previous headquarters and design office But Stucki is no longer connected to the company Hence the need to both physically move the office and change the original name gives immediate product recognition and can easily be pronounced on international markets “As we are an unmistakably Swiss company the use of a “k” — instead of a “c” — gives the Kopter a strong It has the feeling of solidity and dependability — two things that are essential in our industry,” he added Among them were some former executives of Airbus Helicopters and Leonardo’s helicopter division Loewenstein officially began in his new position — which he describes as a once-in-a-lifetime opportunity — on Jan he had spent 13 years with then-Eurocopter (now Airbus Helicopters) notably as senior VP for development and strategy He used to be the CEO of American Eurocopter Chief operating officer (COO) Jan Nowacki joined in September and his previous job was with Airbus Helicopters He was the head of the rotor blade and airframe divisions Cecile Vion-Lanctuit is now Kopter’s head of communications and marketing She used to be the director of communications at Eurocopter All joined a team that already included some industry veterans a former senior executive VP at Eurocopter was on the team before the program was even unveiled he immediately saw that a telemetry issue engineers were struggling with was “trivial.” The problem is now solved This event perfectly illustrates why so many experienced executives have been brought on board Being “a bunch of seasoned professional helicopter experts,” as Harache describes the group they hope to convince the company’s shareholders that it can succeed in a third wide-ranging evolution they have to transform a design bureau into a fully-fledged helicopter manufacturer was understood to be the outcome of diverging views with the main shareholder — a fund managed by the Lynwood foundation (the latter entity was created by Russian billionaire Alexander Mamut) Lynwood may have been happy with Stucki demonstrating a breakthrough concept and dissatisfied with slow progress in the next phase — certification and production it needs to secure certification from the European Aviation Safety Agency (EASA) this is forecast for “the next 12 to 14 months.” The Federal Aviation Administration would then give its nod an estimated six to eight months later The first delivery of an SH09 is slated for the second half of 2019 Prototype 2 (P2) is about to complete flight-testing before P3 takes over this quarter He described the earlier P1 as “a demonstrator” that flew a mere 1.5 hours It proved “a Swiss company could build a helicopter and make it fly.” But some features were impossible to certify “The flight controls used cables and their friction was so strong that the pilot had to keep the cyclic stick moving otherwise the breakout force would he been too high.” On P2 P2 is used to “troubleshoot and de-risk” the program The aircraft recently solved a major issue that had been keeping engineers busy — a resonance phenomenon that was causing strong vibrations and high loads on the flight controls The problem disappeared thanks to “a new set of main rotor blades,” made “slightly stiffer,” said Riccobono They were installed a few weeks ago and successfully flight-tested P2 will become a “tie-down helicopter,” meaning it will spend 100 hours in ground trials to certify the drive train including reaching maximum speed and altitude by September it will contribute to gathering compliance data for EASA certification The design will have been “ironed out” thanks to the work on P3 P3 and PS4 are anticipated to fly 250 and 100 hours Kopter will use a flight-test facility in Pozzallo The flight-testing activity is scheduled to be complete by January 2019 The relatively small number of remaining flight hours is believed to be consistent with the complexity of the aircraft The SH09 is said to be much simpler than the Airbus H160 medium twin which Loewenstein said the versatility of Kopter’s engineers and the company’s ability to make decisions quickly would enable this quick pace of development — and keep costs low The SH-09’s design features a broad use of a new composite material Switzerland-based Connova is in charge of the fuselage It has invested US$2 million and is planning on investing another US$8 million in manufacturing equipment for the SH09 program The new material is based on a TenCate pre-impregnated carbon fiber that Kopter’s engineers target an empty weight of 1,400 kilograms (3,080 pounds) allowing for a very favorable ratio with the payload which should stand at 1,250 kg (2,755 lb.) P2 has an empty weight of 1,600 kg (3,525 lb.) and P3 weighs 1,530 kg (3,375 lb.) but those last two numbers include the unspecified weight of the flight-test instrumentation Meeting the 1,400 kg goal on PS4 involves some structural redesign The aircraft features a fully redundant hydraulic flight control system the helicopter keeps the same flight envelope and the pilot can fly to the nearest practicable airport for the aircraft to be serviced Kopter’s design team is shooting for a 130-knot cruise speed and a 140- to 145-knot maximum speed The fuel tank will contain 200 US gallons (750 liters) and the consumption is predicted at between 42 to 47 US gallons (160 to 180 liters) per hour Those numbers are estimated to translate into four to five hours of endurance and 600 nautical miles (1,110 kilometers) of range The SH09 is priced at US$3.3 million (at 2020 economic conditions) with “a good level of equipment.” A new avionics suite to replace the current Integrated Cockpit Display System from Sagem Kopter will also unveil the name of its partner in pilot training at the show Loewenstein said Kopter has received 27 firm orders 19 orders contingent on certification and 120 letters of intent He said the geographic spread of the orders reflects the global single-engine fleet distribution — 45 percent in the U.S. The SH09 is targeted at the replacement market of aging single types like the Airbus Helicopters AS350/H125 AStar and H130 and the Leonardo AW119 Koala Chief customer officer Gras said Kopter intends to develop an IFR version for the emergency medical services (EMS) market in the U.S it will provide an option for operators facing increasing cost pressures The company also hopes the SH09’s speed and its large cabin (Kopter says it is close to finding a way to squeeze eight passengers inside) will make it an attractive option for sightseeing operations sightseeing and other markets such as law enforcement Gras has a target of 600 orders from the U.S To meet Gras’ ambitious sales objectives Loewenstein has plans for more than one final assembly line (FAL) In addition to the one being readied in Mollis (a 30-minute drive from the design office in Wetzikon) Hence the organization centered on a pre-assembly facility located near Mollis the production rate is planned at “less than 10” in 2019 “at least 30” in 2021 and 50 (full capacity) in 2022 Loewenstein hinted Kopter might look into a hybrid-electric rotorcraft A recent addition to the board of directors may help Andre Borschberg headed the design of Solar Impulse 2 the fixed-wing aircraft that performed transoceanic flights on sun power while Loewenstein believes it is here to stay Kopter is engaged in a capital-raising effort because “this is the right time — certification is approaching and the company is becoming more international,” he said The company hopes to raise between US$150 and 200 million by year-end the next 12 promises to be just as interesting for the ambitious Swiss company and website in this browser for the next time I comment Δdocument.getElementById( "ak_js_1" ).setAttribute( "value" Click on the button below to send an email to our team and we will get to it as soon as possible Have a story idea you would like to suggest the ‘wetzikon residence’ is a contemporary interpretation by JOM architects of an 85 year old single family home that inhabited the site the entire structure was torn down and a fresh one raised rather than returning to its single-family roots the ‘wetzikon residence’ is composed of various apartments ranging in size from one-to-five bedrooms as well as a double-height artist’s studio/loft most features of the original early-20th century dwelling have been recreated in the project including: a vertical volumetric appearance classically styled symmetric façades and vertically structured red stucco with clamshell brick construction large concrete window sills supplement the home video courtesy of JOM architects  a centrally placed staircase allows access to apartments the main entrance is placed on a mezzanine floor the parking garage is the largest space on the site and has no columns due to its hanging from the central stair’s core when not full can be used as an event space or party hall the home is located in the small city of wetzikon landscaping with concrete bench/atrium from basement  to contrast the monolithic feel of the structure all supplementary details are slim and minimal  the red stucco-plaster was applied vertically while still moist with large brush strokes  ground floor plan (including garden)  designboom has received this project from our ‘DIY submissions‘ feature, where we welcome our readers to submit their own work for publication. see more project submissions from our readers here. AXOR presents three bathroom concepts that are not merely places of function but destinations in themselves — sanctuaries of style Zürcher Kantonalbank has been working intensively with the hospital debtors on the bond market In the case of the insolvent Wetzikon hospital a solution is difficult because the interests of the GZO The default of GZO Spital Wetzikon continues to preoccupy the Swiss bond market this is the first time since Swissair that a domestic debtor has failed to repay its bonds on time The issue also appears to be of some concern for the Zurich State Institute - the cantons in this country are responsible for providing healthcare to the population and thus for the hospital system Credit Research at Zürcher Kantonalbank (ZKB) published a 75-page analysis of the 15 hospitals represented on the bond market which also sheds light on the events surrounding Wetzikon Hospital the market for hospitals has remained open after the Zurich cantonal government rejected the request for financial support from the Zurich Oberland Health Organization (GZO) on 4 April they were obliged to offer investors slightly higher risk premiums Public or state-affiliated hospitals (ZKB also covers a private group with Hirslanden) have been raising funds on the market for a good ten years and currently have outstanding bonds worth CHF 4.3 billion This corresponds to less than one percent of the domestic market ZKB creditworthiness specialist and study author Patrick Hasenböhler also comments on the Wetzikon hospital case He does not skimp on the history and also reveals his own misjudgements a new ownership strategy came into force that allows third parties to acquire a stake of up to 49% in GZO AG has made no public effort to apply to the twelve owner municipalities for a capital increase we assumed from the management's communication in this regard that the entry of a new strategic equity investor and a debt financing strategy would be presented at the same time Following the failure of negotiations with potential investors the GZO relied entirely on financial support from the Canton of Zurich one reason for the failure of negotiations with private investors was probably that Spital 2023 had also come under severe operational pressure partly because it was unable to pass on higher costs to customers which is a problem for the entire industry In addition to the bond of CHF 170 million GZO has further financial liabilities of CHF 60 million outstanding The debtor is currently protected from access by creditors because it is in provisional debt-restructuring moratorium until the end of the year is opposed to this; the bondholders will vote on their proposals at their meeting on October 25 The author also comments on this development: “The attempt to bundle the interests of the creditors is to be welcomed from their point of view It seems likely that the proposals will be supported by a larger group of bondholders It will undoubtedly be more difficult to obtain the necessary support from the municipalities with these proposals.” repaying the bond will be challenging without a substantial contribution from the twelve shareholder municipalities the municipalities and the creditors must therefore reach an agreement “It remains to be seen whether refinancing without a haircut is politically feasible,” says the ZKB credit specialist who is apparently rather non-commital on this point an additional complication arises from the fact that the general contractor responsible for the new building which is itself in provisional debt-restructuring moratorium is now demanding compensation of CHF 340 million instead of CHF 225 million Hasenböhler also remains vague about the GZO Creditor Group's statement that in the event of liquidation and thus realization of GZO's assets creditors would receive back the full nominal value of their bonds he points out that most of the hospital's property is located in the zone for public buildings we believe the process would be difficult and GZO: debt haircut is an element of the restructuring concept Not only the bondholder group and ZKB have spoken out in recent days the GZO emphasized that the income from hospital operations would not be sufficient to cover the interest expenses and repay the debt “Without a far-reaching restructuring of the balance sheet work on a restructuring concept is currently in full swing “The complexity is extremely high due to the large number of stakeholders political processes in the shareholder communities the super-provisionally registered building contractor's liens and the positioning of the hospital in the future hospital environment.” The bondholders will not only be able to vote on the creditor group's proposals at the meeting on October 25 but will also be provided with detailed information about the restructuring concept by the GZO This will contain three elements: Capital subsidy by the municipalities debt haircut and securing financing for the new building Experience has shown that dealing with defaults on the Swiss bond market is also highly complex - or there is much to suggest that the case of Wetzikon Hospital will confirm this rule A large-scale police operation is underway in Wetzikon ZH A major police operation is currently underway in Wetzikon ZH This is according to the newspaper "Blick" a man has committed an act of violence against his wife and two other people It is unclear how seriously the people involved were injured No further information is currently being released Note: An initial version stated that the girl was 11 years old The cantonal police have since corrected this to 14 years old state support plays an increasingly crucial role for hospital debtors The credit analysts at Independent Credit View recommend GZO bondholders vote in favor of the creditor group’s proposals at the upcoming meeting to navigate the political storm with minimal damage The issue's sensitivity was highlighted when the event organizer to refrain from attending a GZO-specific workshop many of whom likely hold GZO and other hospital bonds in their portfolios Leadership and Organizational Aspects Gain Importance In a well-attended workshop on public debtors admitted that even I-CV was surprised by the Zurich Cantonal Government’s decision The public sector's implicit support in this case was overestimated Hess’ insights carry weight; he is a seasoned figure in the Swiss rating landscape having rated public debtors for Credit Suisse since the 1990s Hess emphasized that without explicit or implicit public support mechanisms and when focusing solely on financial strength (stand-alone rating) and future prospects would appear unpromising credit analysis focuses on the likelihood of state intervention in a hospital crisis the complexity of this issue is evident in the varied assessments of the same hospital’s creditworthiness by different analysts This variance often stems from differing assumptions about the hospital's «systemic importance» GZO bondholders have already learned that implicit support can fail to materialize in time due to management decisions. Their immediate concern is how to vote at the bondholder’s meeting on October 25 Bankrupticy Is Politically Difficult to Justify Meili argues that «even after approving this proposal an acceptable restructuring plan for Wetzikon Hospital can still be achieved.» The bondholders currently hold the stronger position because the option of bankruptcy and liquidation is «politically unpalatable» «Bondholders need to position themselves well for the upcoming negotiations.» However Meili does not expect the situation to be resolved without some level of debt write-down While he considers it unnecessary from a purely economic standpoint it would be difficult to justify burdening taxpayers alone with the cost of restructuring It remains to be seen how the restructuring plan which GZO will present at the creditor meeting Meili emphasizes that by approving the bondholder group’s proposals creditors are not closing off any potential solutions specualtion arose regarding GZO's plans to resume its halted construction project and whether a private investor could be brought in to support the effort This is one of the three pillars of the restructuring concept alongside capital contributions from shareholder municipalities and a debt write-down at the creditors' expense An American Real Estate Investor as the Savior To recap: GZO had hoped for an injection of capital from a private investor until shortly before its June default. However, negotiations fell through, likely due to deteriorating financial metrics. The name of the candidate has never been revealed, but it is speculated that this investor could be Medical Properties Trust This U.S.-based Real Estate Investment Trust (REIT) claims to be the second-largest private investor in hospitals worldwide 4.2 percent of its portfolio is already allocated to Switzerland Drag queen Ares from Wetzikon didn't make it to the live shows on "The Voice" hate comments - and how much money drag earns Micha from Wetzikon describes his alter ego Ares in the TV show "On the Rocks" as a protective shield - the feeling of shame goes away: "When I'm in drag The 19-year-old drag queen wowed TV audiences on "The Voice" on Sat.1/ProSieben in recent weeks with her outfits and Ares' journey on "The Voice" came to an end tonight she didn't quite make it to the finals - but she wants to continue on this path: "I want to carry on exactly as I started And how long does it take for Micha to become Ares "I need about two to three hours for the make-up and it takes another hour to put on the wig and outfit completely - so about three to four hours." "you can really mess it up," says Ares But the most important thing is something completely different: "A drag queen shouldn't be a bitch She should be able to have a normal conversation nobody in show business wants to work with you." Ares remembers her blind audition for "The Voice": "I was extremely nervous I was sweating." She was quite intimidated by the large audience I just thought to myself: don't fall over now But then I just went through with it," says the 19-year-old The drag queen has not yet decided what the future holds for Ares But she might apply for a possible second season of "Drag Race Germany" If you would like to see Ares live, you can do so on December 20 and 21 in Basel and Zurich at "OHG! It's Drag" Swiss drag queen Ares (19) sang her way into the hearts of the coaches and the audience alike on the TV show "The Voice of Germany" "At just 19 years of age, Ares from Switzerland has established himself as a prominent figure in the world of drag," wrote the Queen's Office ("Drag Queens and Talent Agency") in the run-up to the TV show "The Voice of Germany" Last Thursday night at the blind auditions of "The Voice of Germany" Ares showed what is meant by this: the drag queen's performance was simply sensational from Yvonne Catterfeld to Mark Forster and Kamrad to Samu Haber ("Sunrise Avenue") Behind the drag queen Ares is 19-year-old Micha from Wetzikon ZH An introverted young man who was bullied as a gay boy at school The name Ares is inspired by Micha's star sign Aries, which means Aries in English. Ares has kept the pronunciation but changed the spelling slightly. Sieh dir diesen Beitrag auf Instagram an Ein Beitrag geteilt von Ares ♈️ / The Voice of Germany 2024 (@aresismyname) For the young man from the Zurich Oberland taking part in "The Voice" was a big childhood dream come true And then, yesterday Thursday evening, the time had finally come: Ares made his appearance on "The Voice of Germany" with the Billie Eilish song "When the Party's Over" the audience clapped for the first time and after less than 30 seconds Samu Haber was the first coach to press the red buzzer while Ares' family in the backstage area freaked out The three other coaches then also pressed the red buzzer before giving the young Swiss artist a standing ovation at the end of the performance there was no stopping Ares' family: his mother brother and best friends stormed the stage in the TV studio He had always dreamed of taking part in "The Voice" it was time to "show the world my skills" Coach Mark Forster was impressed by the "blatant depth" of the performance Yvonne Catterfeld by the passion in her voice Samu Haber found Ares' soulful performance "totally crazy" while Kamrad "felt embraced" by the Swiss drag queen's voice But that wasn't the end of Ares' performance: the drag queen then showed that she is not only great with her voice but can also do acrobatics with a jump into the splits "I've been vaulting for seven years," revealed Ares After a brief pause to think ("I have to go with my gut") A decision that Kamrad acknowledged with a cry of joy while Ares shed a tear on stage and said: "I'm very proud to have made it." The upcoming finals of "The Voice of Germany" will soon decide how far drag queen Ares will go on Sat.1/ProSieben's music casting show And whether the 19-year-old from Wetzikon ZH will be as successful as Luca Hänni and Beatrice Egli, who also enjoyed success in a German casting show at the start of their music careers An ongoing conflict shows no signs of resolution as a group of creditors takes the dispute to court demanding the removal of the administrators 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 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 the creditor group has accused the administrators of operating under a conflict of interest Drag queen Ares (19) from Wetzikon ZH causes a real storm of enthusiasm on the TV show "The Voice of Germany" A conversation about life dreams and make-up - and decisive moments on stage Ares or Micha what would you like to be called in the interview I think it would be cool if you called me Ares When did you realize that you have a special voice I've been singing for as long as I can remember When I saw your first two appearances on the TV show "The Voice of Germany" on Sat.1/ProSieben but you're also a talent for acrobatics and showmanship I was almost simultaneously a member of a vaulting club for several years Vaulting involves performing gymnastic and acrobatic exercises on the back of a horse When did you make your first appearance in drag When I was 16, I did my own make-up and got ready at home. My mother then took photos of me. I later published some of these photos on Instagram. How did you feel when you stood on stage in the TV studio and sang for the first time on "The Voice of Germany" two weeks ago I was incredibly excited about that moment even though I was extremely nervous and everything felt surreal I was standing alone on a large stage in a TV studio with around 300 people sitting in the audience and lots of cameras pointed at me I could also see the backs of the four chairs a few meters in front of me I closed my eyes and said to myself: "No matter how this adventure turns out During your first performance, you sang the song "When The Party's Over" by Billie Eilish My aim was to convey the melancholy mood of this song during my performance all four coaches turned around in quick succession to stay calm in this situation and finish the song Samu Haber turned around after just a few seconds That's when I knew: I'm definitely through to the next round this also spurred me on to convince all the other coaches of my singing skills Why did you choose singer-songwriter Kamrad and not the much more famous Samu Haber from the Finnish pop band Sunrise Avenue? Now I can reveal it: In the run-up to my first appearance on "The Voice of Germany", Mark Forster and Kamrad were my two favorites. This was mainly because I was less familiar with the music of Yvonnne Catterfeld and Samu Huber. But you're right, Kamrad is probably the least known of the four coaches. However, I really love his music and that's why I chose him in the end. Is it really true that it takes you more than three hours to transform from Micha to Ares? It's true, it almost always takes me three hours. The make-up alone takes over two hours. I do my own make-up, just like I style my own wigs. I also very often create and sew my own costumes ... ... including the costumes you're now wearing on "The Voice of Germany"? Sieh dir diesen Beitrag auf Instagram an Ein Beitrag geteilt von Ares ♈️ / The Voice of Germany 2024 (@aresismyname) Can you put into words what happens when you transform from a commercial employee who works part-time at a municipal administration in the Zurich Oberland into a drag queen I like the process of transformation - I particularly like it when several drags style themselves together in the dressing room and get ready This situation brings people together and gives them strength What happens in your head during this time As soon as I've put on my wig and finished my make-up I'm not saying that I become a different person at that moment but it's a transformation that does me good and makes me happy Also because I feel that all the work beforehand has paid off - and it often happens that I get a little louder than usual and look in the mirror and say: Oh my god I always go out as Micha - with one exception: last weekend I was a drag queen at Reto Hanselmann's Halloween party "Season of the Witch" at Club Kaufleuten in Zurich Since your first appearance on "The Voice of Germany" two weeks ago you have been considered one of the favorites for the 14th season It's a lifelong dream come true for me I've wanted to take part in "The Voice Kids" since I was a child But my mother wouldn't let me back then So I'm all the happier today that I'm now allowed to take part What does the role of frontrunner do to you - and how do you stay grounded in reality despite your success I feel honored that my first two performances were well received by the coaches and also the viewers Because the first shows of the current season of "The Voice of Germany" have already been filmed and produced and only the final shows will be broadcast live in a few weeks' time That means I can currently just watch and observe what happens and how the coaches and the audience will react to my performances What is the situation like behind the scenes at "The Voice of Germany": a lot of work or but the most important thing for me is that it's an artistic challenge that I love and that I really want to take on How did you experience the joint battle performance with contestant Pino Severino this week, when you performed the song "Unholy"by trans woman Kim Petras and Sam Smith Pino and I get on really well. The song "Unholy" had a huge impact in the queer community. Not least because Kim Petras is the first trans person ever to win a Grammy with it Pino and I were at eye level during our performance We really tried to give our all and represent the queer community on stage Our goal was for both of us to get through .. I'm so happy that my journey on "The Voice of Germany" continues Are all the contestants on "The Voice of Germany" as nice to each other as Pino Severino and you or does the situation sometimes feel like a shark tank I've had nothing but good experiences on "The Voice of Germany" so far - and I'd even say I've made some new friends It's just a shame that almost all the other contestants live in Germany - quite far away from me You are still in the running for "The Voice of Germany" What do you hope to achieve by taking part in this TV show I hope that my participation in "The Voice of Germany" will make me even better known - and that I will be booked as a drag queen for performances abroad in the future And there is another big dream that I would like to fulfill And what do you think of a duet with Conchita Wurst And with Nemo Nemo was performing at Pride in Bern at the time Migros announced the sale of its household electronics subsidiary Melectronics Migros sold its Melectronics subsidiary to Mediamarkt just a few weeks ago Mediamarkt is taking over 20 of the 37 locations and will continue to operate them All 200 employees and trainees at the acquired locations will therefore move to Mediamarkt Mediamarkt is also taking on a further 18 apprentices from other stores The stores that are not taken over will be closed by November 2024 at the latest But apparently not everyone wants to wait that long closed just a few weeks after the sale was announced There are large posters in front of the entrance announcing the closure There is also a reference to Migros' online sales channels and any guarantees Migros said that it had already decided to close its first stores in February 2023 the decision was made to move Melectronics closer to the supermarket "These first store closures are such locations," says spokeswoman Carmen Hefti Following Melectronics' announcement of the sale the decision was made to close further stores it happened relatively quickly due to the strong liquidation sale," says Hefti It's impossible to say in general terms; there is no national timetable "Any store closures will be decided and coordinated by the cooperatives concerned." the date of closure is influenced by various factors Dwindling availability of goods could also play a role In addition to Melectronics, Migros has already sold SportX to Ochsner Sport it is not possible to give an end date for the sale process of the remaining SportX stores and the associated negotiations," says Hefti "We are endeavoring to provide clarity in this regard as quickly as possible - especially for the employees affected." The sales process is still ongoing for other Migros subsidiaries, such as the Micasa furnishing chain and the Do it + Garden garden centers. Migros expects decisions to be made in the fall or winter Belgian looks to replicate Paris 2024 Olympics feat by adding another rainbow jersey in Zurich There was an impromptu celebration for Remco Evenepoel at the Belgian hotel in Wetzikon on Sunday evening after he had won his second successive time trial world title but the man of the hour was already casting his mind ahead to another pressing appointment next weekend "Our World Championships week has started well," Evenepoel said at the end of his short speech Evenepoel followed his victory in the time trial with an astonishing solo victory in the road race and the 24-year-old is now seeking a remarkable ‘double double’ by sweeping the elite men’s medals at the World Championships since the discipline was first introduced to the schedule in Agrigento in 1994 no elite male time trial world champion has gone on to win the road race later in the week Miguel Induráin came closest in Boyacá in 1995 winning the time trial in Tunja before having to settle for silver behind compatriot Abraham Olano the following Sunday Evenepoel achieved the double as a junior in Innsbruck in 2018 and he is unlikely to be daunted by the precedent of the past three decades of Worlds time trialling The week-long gap between the two events these days – as opposed to the old three-day turnaround – should theoretically facilitate his task "I will have to recover well in the next two days and then I’ll have two good trainings on Wednesday and Thursday," Evenepoel said in the mixed zone after his time trial win "Then it’s going to be recovery for Sunday." Evenepoel thanked the Belgian delegation by ordering a stack of takeaway pizzas to their hotel on Sunday evening and he also used his speech to playfully urge federation president Tom Van Damme to try to talk national coach Sven Vanthourenhout out of stepping down from his post after these Worlds I’d negotiate again," Evenepoel quipped Vanthourenhout took over the reins of the elite men’s road team in 2021 Evenepoel has won the Worlds road race in Wollongong in 2022 At Vanthourenhout’s first Worlds in Leuven in 2021 he had to try to strike a balance between the competing ambitions of Evenepoel and Wout van Aert With Van Aert an absentee this year due to injury the Belgian squad’s challenge at the road race is built squarely around Evenepoel Evenepoel acknowledged that the time trial victory meant his Worlds was already a success "Winning this jersey again is going to allow me to live a little bit more relaxed towards next Sunday "I can still improve a bit towards next Sunday I’ll just try to live next week as relaxed as possible and in a good way I should hopefully be ready for a good performance again next Sunday." The elite men’s time trial set out from the Oerlikon velodrome site of the finish line of the Züri-Metzgete while the demanding course of the elite men’s road race features terrain that once featured on the route of the demanding but sadly discontinued Classic "I think it’s a bit between a bit of a light version of Lombardia and Liège the riders who are a bit lighter have a small advantage but also the Classics guys can survive if they have good days We might expect a very special race that can go in multiple directions." the race features some 4,470m of altitude gain while the grand finale is provided by seven laps of a 27km circuit that brings riders over the stiff climb of Witikon Tadej Pogačar underscored his favourite status by winning the Grand Prix de Montréal last week while Evenepoel is arguably the only rider who would back himself in a head-to-head contest with the Slovenian I need to stay focused and not lose too much energy in the start and then try to find a good moment to go – or else have the legs to go with the big names when they go," Evenepoel said "I’ll try to read the race as well as possible because it’s a city circuit and that’s always special It’s not exactly like last year [in Glasgow] but it’s still a city circuit with some steep kickers But it might go in multiple directions – there might be a guy alone we might go with two or three to the finish we might go with a group of ten to the finish but we will do some recons during next week Receive our weekly Newsletterand set tailored daily news alerts Differentiating between detects to achieve a lower overall cut rate Clothing/​Footwear The new YarnMaster Prisma F-sensor developed by Loepfe sets a new benchmark for spinners in precisely managing contamination control to individual requirements It illuminates the yarn in the full spectrum of light using the additive RGB (red adding wavelength for wavelength to enable unique full-color monitoring This enables unprecedented reliability in the detection of foreign matter in all colours – even delicate shades and whatever the gloss variation in any type of yarn the RGB technology allows the colour-based determination of organic materials within the yarn to separate them from regular disturbing foreign matter Such organic materials do not necessarily have to be removed from the yarn during the winding process since they are eliminated in subsequent processes anyway and the precise detection and classification of a defect Loepfe played a pioneering role in the introduction of foreign matter detection based on the SIRO yarn clearing principle The degree of raw material contamination has not improved since then and the ability to control contamination in yarns is therefore still of greatest importance to spinners Loepfe says it is moving yarn clearing to a new level providing maximum reliability in foreign matter detection www.loepfe.com A strategic collaboration targeted at further improving yarn quality and productivity for spinning mills has been formed by Loepfe Brothers Both companies have a long track record of supporting spinning industry customers with technology to improve their performance and profitability and this new collaboration brings Loepfe’s YarnMaster Prisma and YarnMaster Zenit+ yarn clearers together with Loptex Exa and Centra sorters for a complete solution to be supplied by Loepfe This integrated solution combines the advantages of eliminating contamination at the opening stages of production with additional refinement of the yarn further down the line at the winding stage The net result for spinning mills is production of the highest quality yarns while generating less waste greater machine efficiency and less energy consumption “We welcome this collaboration which harnesses the strengths of both the Loptex and Loepfe products for our customers,” said Loptex CEO Renato Gerletti “There are many synergies between the approaches of our two companies not least of these being our dedication to using leading edge technology to deliver great results for spinning mills everywhere.” “Next to our in-house R&D commitments this is a complementary partnership that puts customer needs first and will deliver a vital combination of top quality and greater productivity to textile mills,” added Loepfe CEO Dr Ralph Mennicke “As the industry emerges from one of the most difficult trading periods in living memory we continue to be committed to rolling out new and innovative solutions over the months and years to come.” Stopping poor quality at source with Usterquantum 3 Loepfe adds RGB technology to yarn clearing Bobst and Radex launch joint-venture digital print company Mouvent is the company that will take forward all of Bobst’s ambitions in the digital arena including the revamp of its digital corrugated press Founded in November 2013 by Radex as a startup the company was converted into Mouvent as a joint venture with Bobst in 2017 each with more than 20 years of experience in digital inkjet printing The same stakeholders were also the founders of Graph-Tech AG in which Domino Printing Sciences initially invested in 1999 and eventually completely acquired in 2012 They sold it to Domino Printing Sciences in 2012 the new 80-employee company includes key personnel from Bobst and will focus on digital print in a pioneering way that actually uses 3D additive printing to build clusters based on Fuji Samba drop on demand (DOD) inkjet nozzles “Bobst has undergone a seven-year journey in search of the right partners technologies and products to bring to its label Mouvent’s first machine launched and demonstrated printing at Wetzikon is an innovative highly productive digital printer for textiles with a full product range and pipeline to follow While the Mouvent label presses will be demonstrated at Brussels the textile printers are already in beta testing and on the verge of shipping “The first markets that we see for our textile printers are Turkey one of the textile printers demonstrated at the launch will be shipped to India in the next couple of months The highly integrated and lighter weight DOD cluster with its intelligent and compact design will be the center-piece of the new machines developed by Mouvent for a wide variety of markets such as textile Mouvent will become the digital printing competence center and solutions provider of Bobst “We truly believe this is a watershed moment for the future of digital printing independent of the industry or market,” said Bobst “Current industry trends—including high demand for digitalization and increasing sensitivity towards cost and environment—are driving demand for high quality and affordable digital printing machines Through Mouvent we aim to initiate a quantum leap in this area ultimately providing the market with what it needs most—highly reliable industrial digital printing on different substrates at a competitive cost.” the first four of which were demonstrated and displayed at the Wetzikon launch of the company tests and industrializes digital printers based on the Mouvent Cluster The new company writes the software around the printers develops inks and coatings for various substrates as well as provides a full servicing offering The innovative cluster design is the base building block for all systems “Our radical new approach is to use a base cluster scalable matrix instead of having different print bars for different applications and different print widths,” explained Piero Pierantozzi “The Mouvent Cluster is the key technology behind the Mouvent machines resulting in high optical resolution for a crisp as well as a never-seen-before flexibility and possibilities in terms of machine development Simplicity is our engineering philosophy.” Mouvent printers are extremely compact—taking their cue from and being closer to desktop printing than to traditional analog printers like flexo compact system allows easier settings and start-up with less fine adjustments required resulting in a productivity boost The compact design has many other benefits Also key to the joint venture is its ground-up philosophy in which Bobst has all but abandoned the approach it talked about earlier of first building a 45-meter long continuous inkjet corrugated box printer based on Kodak’s CIJ technology The new-found approach is from the ground up—starting from the smaller and more scalable digital textile and label presses and then building the corrugated press which Jean-Pascal Bobst assured us would be far more compact than the earlier somewhat elephantine plan As the ever enthusiastic chief executive officer of Bobst explained to us a key feature of all Bobst machines is their industrial reliability and the new heads have already been proven over 5,000 and 6,000 hours with the plan to make them last at least 10,000 hours over the next five months Bobst’s strategy is to develop the inks for various applications and substrates in Mouvent’s own labs and then to engage major ink suppliers to supply the ink to its customers Aware that his company is somewhat late to the market Bobst is pleased to have found a promising and flexible technology breakthrough and business plan by starting a new joint venture One can see his optimism about having all aspects of the technology in the new company’s control which dovetails with the strategy to develop and hand over the ink supply to ink manufacturing companies Reflecting on the competitive and chaotic market where thus far most inkjet technologies have not been able to really deliver profitability he sees his new company and its ink strategy to get the ink makers to provide and sell the inks as disruptive He feels that this is the way to establish viability in a competitive market that can be turned into a wider opportunity An English-language packaging industry B2B platform in print and web Packaging South Asia is in its 19th year of publication We do not make any claims about being the best or the 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editorial info@ippgroup.in — for advertisement ads1@ippgroup.in and for subscriptions subscription@ippgroup.in Check your inbox or spam folder to confirm your subscription The 2025-26 GSOC season begins with the Masters An intimate look inside the Wetzikon Hospital near Zurich which is offering a 38-hour work week to fight the nursing crisis 11 min Share « Back to article overview Anke Heinrich’s services are much in demand But the intensive care nurse only wants one thing: to leave Heinrich has worked as a nurse for all of 32 years But this coming summer will mark the end for her Heinrich is standing in the intensive care unit of Wetzikon Hospital another nurse is busy working with equipment that is keeping a critically ill COVID-19 patient alive A quiet beeping can be heard from the next bed Heinrich says she’s had enough largely because of the coronavirus She has had to work with temporary workers without knowing if they were up to the task She has been asked to work with backup equipment on which she had not been trained She has had to implement hygiene measures without knowing if they would actually protect her Thirteen-hour days in the hospital have made it impossible to simply switch off at home which means she has been sleeping only around four hours a night She made the the decision to leave the ICU for good back during the second COVID-19 wave While no official statistics on the issue are available in Switzerland observers estimate that as much as 15% of hospital staff members in the departments most directly affected by the crisis such as intensive care and emergency units Other employees have reduced their workloads because they have no longer been able to stand the constant pressure These exhausted nurses have become emblematic of the coronavirus crisis in Switzerland But the pandemic has only accentuated what was already a problem before the Alpine nation is suffering from a shortage of skilled nurses The supply of such workers on the labor market has dwindled and hospitals have been able to fill the resulting gaps only by resorting to expensive temporary staff Beds in intensive care units are empty because hospitals do not have enough nurses to care for the patients that might otherwise fill them And what is actually going wrong in what is by most measures an extremely well-equipped and expensive health care system we go behind the scenes at the regional hospital in Wetzikon a small town about 18 miles (30 kilometers) southeast of Zurich The situation there illustrates on a small scale how 11,000 unfilled nursing positions are affecting everyday life around Switzerland Nicole Sandmeier sometimes waits months before receiving a suitable application for an open position The critical care unit she manages has been chronically understaffed for the past two years Sandmeier took over the management position a year before the pandemic but has worked at the hospital in the Zurich Oberland region for nearly 16 years Twelve nurses from her team have left their jobs over the past two years her facility has had to keep all available intensive care beds operating in order to accommodate the many COVID-19 patients struggling for their lives the attrition in Sandmeier’s department has been comparatively mild from an industry-wide perspective «I know of hospitals where far more employees have left,» she says The team in the intensive care unit has been working together for a long time «But even they can’t go on after two years of this.» Sandmeier has had to resort to temporary workers and they already know the in-house procedures Temporary assignments based on short-term contracts have become commonplace in hospitals Staff shortages are particularly severe in intensive care and emergency departments Wetzikon’s attrition rate illustrates what this means in concrete terms 17% of hospital’s intensive-care workforce has left along with nearly 35% of its emergency-unit staffers Some of this has been due to people simply reaching retirement age many employees have left because they could no longer cope with the pressure and workload Both the emergency and intensive care units have been understaffed for the past two years The hospital thus uses temporary staff almost every day the proportion of such staff on duty has averaged 10% over the last two years rising to as much as 50% in extreme circumstances This has led to an absurd situation in which the hospital’s personnel costs have risen even though many positions remain unfilled This is because temporary employees are significantly more expensive than permanent employees – costing an average of one-third more such as those used in the intensive care unit are paid 90 Swiss francs per hour (nearly $100) the hospital also incurs additional costs for each new permanent position This is because applicants today hardly ever contact the institution directly but are instead referred via placement services This means the hospital has to pay placement fees of between 7,000 and 10,000 Swiss francs per position Nurses Vjolca Seljmani and Fabienne Schüpbach work in Wetzikon’s internal medicine department and every day experience firsthand what the staff shortage means and temps have to help out,» Seljmani says «Ultimately quality suffers as a result.» Instead of taking care of four or five patients She adds that this sometimes includes a number of complex cases at once and that she finds it difficult to find the time to read up on them properly It is almost impossible to keep track of everything She says she is not aware of any serious mistakes that have been made «but I have colleagues who can no longer cope with being responsible for patients under these conditions.» The temporary employees are a help And if they’re there for only a short time you have to do the documentation for them as well.» It also annoys Seljmani that some temporary employees simply refuse to take COVID-19 patients we have to be happy that we’re getting anyone at all in here to do the work.» Wetzikon Hospital is not alone in facing these problems A survey of several Zurich-area hospitals indicates that all are currently experiencing extreme difficulties in finding staff All are consequently resorting to temporary workers The critical care unit at Hirslanden Clinic is operating with eight fewer skilled medical staffers than normal «Some of the open positions can’t even be filled because the labor market is empty,» a clinic representative responded to an inquiry by NZZ some individual hospitals report that staff turnover rates have stabilized or even decreased the University Hospital of Zurich had an attrition rate of only 4% among its intensive care nurses last year a representative of the hospital wrote in response to an NZZ inquiry some employees also reduced their working hours due to the intensity of the work The labor market shortages are increasing competition for the staffers available Hospitals have tapped specialized placement firms to help them find skilled employees While some large intermediaries of this kind already existed new companies have also emerged during the pandemic Some probably sensed that significant opportunities were in the making Thank you for subscribing. Please check your spam folder if you don't receive a welcome email within the next few minutes. All previous newsletter editions can be found here has not been in this business for long at all and has been placing skilled workers in hospitals ever since Did he get subsumed by a gold-digging spirit In fact it was a bad time to start the company He too has had difficulties in finding employees people don’t exactly beat down your door,» he says The staffing agency was a new professional direction for the 52-year-old helping them develop outpatient structures he worked as an anesthesia nurse in an intensive care unit to earn money Because he already had a permit for personnel placement he came up with the idea of getting involved in the temporary-staffing market as well «Lots of nurses have started their own businesses,» he says But many have underestimated how difficult it is to survive in the market if a temporary employee is absent due to illness «That means you have to reach a certain size to make the math work.» Small temporary staffing firms thus have high hurdles in this market What drives Künzler to run his own company «My main motivation is that I no longer have to work as an employee in the hospital I would have gotten fed up there quite quickly Hospital structures are sicker than the patients lying in their beds.» Künzler cites managers who lack organizational and social skills executives’ lack of appreciation for their employees «You’re supposed to be taking care of the patients but instead you’re fighting with the system,» he says And if they don’t like a particular position thanks to policies allowing them to depart just two days after giving notice He concedes that some freelancers might be cherry-picking the easiest jobs «But the temporary employees fulfill an important task by closing staffing gaps and filling out teams on short notice,» he says The fact that the pandemic has led to an exodus of nursing professionals is a failure of policy, say a number of health care experts. Werner Widmer, former administrative director of the University Hospital Zurich, recently told the NZZ: «If the federal government paid hospitals double the current amount for each COVID-19 patient in the ICU hospitals could double nursing staff wages as well.» A policy like this could be used to motivate former employees to return to work on a temporary basis Switzerland has a whole reserve army of skilled former intensive care employees The hospital in Wetzikon is now moving in this direction. The facility's chief executive, Matthias P. Spielmann, regards the workload as being the main problem. He says: «Many nurses would prefer to work on a part-time basis, and not in shifts. The night shift is no longer attractive, and the weekends are also unpopular. The old model is slowly becoming obsolete. But we still need to ensure around-the-clock operations.» Offering bonuses for the return of former employees is not enough to solve the problem or to keep people on the job, he says. «That’s what projects at other hospitals have shown.» People have become thin-skinned after two years of the pandemic, Spielmann says, and are less able to shrug off daily aggravations. «We need to counteract this, and prevent so many nurses from continuing to leave us because they are exhausted, because they’ve simply had enough.» The new work model is slated to last only until the end of 2023. This is because of the nursing care initiative approved by a large majority of Switzerland’s electorate late last November. Improving working hours was one of the measure’s central concerns. The Federal Council, Switzerland’s seven-member executive governing body, recently announced that the requirements imposed by the initiative would be implemented swiftly. Even Spielmann is not sure whether the Wetziker experiment will work, however. He says: «It also depends on whether we can attract nurses back into the profession.» As EHC Arosa (barring any changes due to the financial audit) will play in the Swiss League next season Chur needed a new partner in the MyHockey League EHC Chur will collaborate with EHC Wetzikon as of next season is pleased about the deal: "The partnership allows us to react flexibly to the development of our players and offer them targeted opportunities to play at a high level Such collaborations are an important building block in combining development with sporting success." For now, the partnership deal between EHC Wetzikon and EHC Chur is in place for one season whether they will continue their collaboration after summer 2026 WETZIKON – Textile machinery manufacturer Loepfe Brothers has developed its latest solution Log in or subscribe to see this content Why Subscribe? Subscribe click on the button below and we'll get back to you asap Looking beyond the cutting edge of textile innovation allows you to stay well ahead of the competition That’s exactly what you get through a subscription to T.EVO – which delivers a refreshing new take on the rapid evolution of today’s dynamic textile sector All this from MCL Global – the fastest growing international textile publisher – which can now offer today’s textile industry a unique preview of how today’s industry will look tomorrow What does it take to save a frog's life a good dose of courage - and the realization that being considerate on the road means more than driving at 50 km/h somewhere between Wetzikon and Bäretswil I meet Katja and Katja - two volunteer amphibian rescuers who want to save the lives of dozens of frogs one of the Katjas presses a toad into my hand Warty and surprisingly "slippery" While we pick up animals and bring them safely to the other side What many people don't know is that even the blast from a car can kill a small frog By the animals' instinct for survival And how little it actually takes to save lives Sometimes it's enough to simply take your foot off the gas You can see how many animals we were able to save - and the surprising scenes that took place by the roadside - in the video The costs for residents' parking permits in Switzerland vary widely: while La Chaux-de-Fonds charges just 20 francs an annual permit in Wetzikon costs 960 francs The price differences for long-term parking cards in Switzerland are large: in La Chaux-de-Fonds residents can park for a year for 20 francs while in Wetzikon an annual parking card costs 960 francs This is shown by a Comparis comparison of long-term parking permits in the 40 largest Swiss cities A recent analysis by the online comparison service comparis.ch shows huge price differences for residents' parking permits in the 40 largest Swiss municipalities While an annual parking permit in La Chaux-de-Fonds costs just 20 francs Switzerland is a patchwork quilt when it comes to parking permits This is reflected both in the hugely differing tariffs and in the various guidelines for issuing residents' parking permits," observes Comparis mobility expert Adi Kolecic Western regions are more generous than cities in eastern Switzerland a long-term parking permit costs 200 francs in all Geneva municipalities and only 110 francs in Neuchâtel Residents of La Chaux-de-Fonds even receive an annual parking permit free of charge They only have to pay a processing fee of 20 francs The Bernese cities of Thun (CHF 220) and Bern (CHF 264) are also remarkably cheap "The cheapest long-term parking permits are often available in cities with high taxes - so they tend to be in western Switzerland," says the Comparis expert has the highest income tax rate at over 43 percent while in Zug it is significantly lower at just under 23 percent regional pricing cannot be directly linked to the political orientation of the cities While left-green dominated cities often pursue a stricter environmental policy there is no clear correlation in the fees for long-term parking permits Cities such as La Chaux-de-Fonds (64 percent left-green seats in the municipal parliament) Geneva (55 percent) and Bern (55 percent) are among the most favorable bourgeois majorities tend to predominate in cities with comparatively high parking fees "The prices for long-term parking permits depend less on the political color of a city than on economic conditions," says mobility expert Adi Kolecic "High fees are often found in financially strong municipalities." The still inexpensive long-term parking permits in Bern will no longer be around for long voters approved an increase from CHF 264 to CHF 492 implementation is being delayed due to ongoing complaints prices have already risen sharply: from 2025 a resident parking permit there will cost up to CHF 512 instead of the previous CHF 284 A significant increase in charges is planned in Zurich a referendum was held against the decision in Zurich A referendum will be held in the fall of 2025 These developments show that long-term parking permits are becoming increasingly expensive in many cities This is a particular burden for drivers without their own parking space "The rising fees for long-term parking permits are a clear sign that public space is becoming more and more expensive and parking spaces are increasingly being treated as a valuable resource," says Kolecic The price increases for long-term parking permits are not going unnoticed The price watchdog has developed a cost model for long-term parking spaces production and management of public parking spaces are taken into account The municipalities must obtain a recommendation from the price watchdog before any increase in charges More and more Swiss municipalities are only issuing parking permits if no private parking space is available Winterthur and Lucerne already apply this regulation The reason: private parking spaces are often lucratively rented out to commuters instead of being used by the vehicle owners themselves this practice also poses challenges: "In many large cities private parking spaces are expensive - the monthly costs can amount to several hundred francs This is particularly problematic for low-income households that rely on a car despite high housing costs - whether for work or to care for relatives," says the mobility expert The increasing popularity of SUVs in Switzerland is not only leading to a greater need for space on the roads but also to a growing parking problem in cities Basel was the first Swiss city to respond to this by introducing a graduated parking fee system in 2025: While the parking card for small cars costs CHF 332 drivers of larger vehicles will have to pay CHF 512 per year The Comparis expert welcomes the staggered parking fee regulation A differentiated fee structure creates a financial incentive to use smaller and more space-saving cars." This measure could also help to reduce the pressure on scarce parking spaces in cities free parking spaces are increasingly becoming the exception While parking is free in residential areas in Rapperswil-Jona Winterthur abolished free parking in the white zone in 2024 Free parking is still available in other municipalities such as Wädenswil But anyone who parks their car overnight in the Lake Zurich municipality will pay a night parking fee of CHF 540 per year Mouvent will be at Labelexpo 2017 alongside its co-parent Bobst to reveal its first ever range of label printing solutions in action high speed 7-color UV ink printers (LB701 UV and LB702 UV) and a groundbreaking digital inkjet label printer in the narrow web segment that represents a ‘game changer’ in the industry The compact machines were shown at the launch of the new company in Wetzikon near Zurich on 6 July 2017 The web presses print on various substrates such as paper self-adhesive labels and flexible materials Production speeds can reach up to 100 minutes a minute with a native resolution of 1,200 x 1,200 dpi and an optical resolution of 2,000 dpi “We are extremely excited about unveiling our range of label printers to the industry,” said Martin van Waeyenberge “We have some genuinely groundbreaking technology to present which we believe will bring substantial benefit to companies Digital printing will have an ever-increasing role to play as the industry fulfils demand for expedited delivery and we want to be at the forefront of that.” The company is promising a new standard in inkjet label production cost and quality The plan is to do research and development on inks and substrates and have major ink manufacturers supply these to customers although Mouvent will also manufacture initial batches based on Fujifilm’s Samba inkjet nozzles and built using additive printing is the base building block for all systems “The Mouvent Cluster represents a completely new approach—using a base cluster arranged in a modular instead of having different print bars for different applications and different print widths,” explained Martin van Waeyenberge “This simple yet completely innovative approach is the key technology that differentiates the Mouvent machines The innovation ultimately translates into high optical resolution for a crisp very high printing quality as well as a neverseen-before flexibility and possibilities in terms of machine development.” On the site where the Trompete shopping center is located Halter AG is building a mixed-use center development in two stages public-oriented uses and healthcare facilities such as a medical center a dental practice and an "Activ Fitness" studio run by Migros are planned The floors above will house around 150 rental apartments (2.5 to 4.5 rooms) Halter says that some of the apartments will be offered according to the Movement space concept room elements such as shelves or a bed can be moved at the touch of a button the total investment volume is CHF 138 million Halter entered the Metropol project a good two years ago and has revised and repositioned it with the Wetzikon architectural firm Meierpartner The main components of the revision are a central city street for pedestrians and passers-by inside the center development a city square and a "Spanish staircase" as a cross connection between Bahnhofstrasse and the Jörg Schneider Park as well as the Wetzikon industrial vocational school this passage will create an urban opening and neighborhood connection that will greatly enhance the neighborhood around the Metropol center The UBS Sima real estate fund acquired the project at the end of 2021 have realized several projects in the past such as the Claraturm high-rise in Basel and the Zwicky Zentrum in Wallisellen The planning application became legally binding at the beginning of September 2021 the first construction work began with the demolition of the buildings in the northern part of the site the structural work for the building construction of the first stage is to start which is to be ready for occupancy in November 2023 The second stage is to follow two years later Migros' automated mini concept has clearly not proven itself in the big city Migros Ostschweiz is locating a new branch of its small-format Teo store in Wetzikon (ZH) The cooperative submitted a planning application to the town of Wetzikon at the beginning of March 2025 The unstaffed Teo branch will be located at Hinwilerstrasse 53 and will be open around the clock Migros currently operates six Teo branches They offer over 800 items on 50 square meters and are expected to open another location in Kemptthal in 2025 two locations of the unattended shopping format in Kloten and Dietlikon will be closed on April 30 "Experience from the pilot operation has shown that there is not enough potential in our economic area," says Managing Director Patrik Pörtig Feature Films Database Southern Mediterranean films database Scriptwriters European Film Schools 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Advertise on Cineuropa Logos and Banners by Giorgia Del Don 06/05/2016 - Swiss director Joël Jent has produced several documentary and fiction projects including Samir's Iraqi Odyssey and is currently working on the director's next film Cineuropa: Could you tell us a little about your background and what interests you as a producer Joël Jent: In 2003 I started directing and producing documentaries and short films In 2011 I joined Dschoint Ventschr Filmproduktion because I wanted to learn more about international co-productions and improve my production know-how.What I like most about my line of work is the mix of it but it's also about believing – both in the film and being able to pull it off and creating the framework in order to make it possible I love to see how an idea grows and becomes something powerful and how much passion it can bring out in the people involved in making it I also really like the process of developing – discussions and refining of the script and dramaturgy As a producer you have to find ways and solutions I understand cinema as an art form and therefore I look for a strong vision and motivation when thinking about starting to work with a director What are the difficulties that a young Swiss producer has to face Additionally we face a territory separated into four linguistic regions which further decimates our possibilities when releasing a film as our possibilities to recoup investments are limited That’s why international co-productions are essential for us.In the local market we have to compete with the big advertising budgest of mainstream and foreign cinema and we have to find creative ways to work around that to reach out to as wide an audience as is possible for our films.While we have a fantastic film funding system We also have an ever-increasing number of production companies and of competitors when applying for financing Some of them will also be published in a printed book this year Can you tell us something about your upcoming projects We are close to finalising financing for Samir’s new fiction feature Baghdad In My Shadow which we plan to shoot at beginning of 2017 in Germany the UK and Switzerland.Alongside Swiss/UK director Marc Wilkins I am currently developing two features: The Saint Of The Impossible an adaption of Arnon Grünbergs novel set to be shot in New York and he is in the process of writing the feature version of Bon Voyage the short refugee drama we shot on the Mediterranean Sea in January this year.Besides working with Samir I am particularly focused on developing with young and promising Swiss directors What are your expectations for Producers on the Move I look forward to meeting and getting to know many new and interesting people and potential partners I also have a very specific goal: I want to find a UK partner for my next fiction feature production Please subscribe to our newsletter to receive more stories like this directly in your inbox 02/05/2025 Annegret Richter • Artistic director, Stuttgart International Festival of Animated Film“There’s no definition of which target group it has to be for; you can tell any story with stop motion” 02/05/2025 Sanja Božić-Ljubičić • CEO, Pickbox, Mediatranslations, Mediavision and NEM“We will always stay focused on the CEE region, a region that’s unique – it can be challenging, but it’s also incredibly rewarding” 30/04/2025 Mirko Goran Marijanac • Media sales executive, DeAPlaneta Entertainment“It’s all about using AI ethically, and making the most of its tools to boost efficiency in animation and distribution” 29/04/2025 Anne Pouliquen • Founder and Director, Futura Cinema“Futura Cinema acts as a bridge between cinemas, cultural innovation and technological solutions” 28/04/2025 Paulina Jaroszewicz • Distribution and marketing manager, New Horizons Association“What has changed in recent years is that we buy half of our line-up based on script – like for Carla Simón’s Cannes Competition title Romería” all interviews Subscribe to our newsletter to receive the most important daily or weekly news on European cinema Cannes 2025 Marché du Film AFCI runs its second annual Global Film Commission Network Summit at Marché du Film Festivals / Awards Czech Republic Czech Republic’s Anifilm goes sci-fi Distribution / Releases / Exhibitors Europe European Arthouse Cinema Day set to return on 23 November Cannes 2025 Marché du Film Indie Sales presents a three-star line-up at Cannes HOFF 2025 The Shadow and U Are the Universe win at Estonia’s Haapsalu Horror and Fantasy Film Festival Crossing Europe 2025 Awards The New Year That Never Came and The Flats crowned at Crossing Europe Cannes 2025 Marché du Film Be For Films to sell Love Me Tender in Cannes Cannes 2025/Sponsored Latvia set to shine bright at Cannes, led by Sergei Loznitsa’s competition entry Two Prosecutors Las Palmas 2025 MECAS/Awards Manuel Muñoz Rivas and Joana Carro win awards at the eighth MECAS Cannes 2025 Marché du Film Playtime to present some high-impact and entrancing trump cards at Cannes Production / Funding Italy Shooting begins on Walter Fasano’s Nino, a portrait of scoring maestro Nino Rota goEast 2025 Review: My Magical World Market TrendsFOCUSA busy spring festival season awaits the European film industry. Cineuropa will continue to keep its readers up to date with the latest news and market insights, covering the buzziest events, including Cannes, Kraków, Karlovy Vary, Tribeca, Hot Docs, Annecy, Brussels, Munich and many others Distribution, Exhibition and Streaming – 02/05/2025Slovak crime-thriller Černák becomes the highest-grossing film in domestic cinemasThe second film in the saga about a local mafia boss, directed by Jakub Króner, outgrossed its first part, which dominated Slovak cinemas last year Animation – 30/04/2025Mirko Goran Marijanac • Media sales executive, DeAPlaneta EntertainmentDuring our chat, the exec shared key insights from this year’s Cartoon Next and touched on the current climate for the animation sector Jaśmina Wójcik • Director of King Matt the First The Polish director discusses her approach to taking on a 1920s children’s literary classic in an unexpected way Želimir Žilnik • Director of Eighty Plus The Serbian director discusses his deep suspicion of ideologies in relation to his irresistibly charming latest feature, which follows a man whose life spans three political systems Paulina Jaroszewicz • Distribution and marketing manager, New Horizons Association Cineuropa sat down with the Polish distributor to discuss her company’s strategy as well as the connection between its distribution line-up and BNP Paribas New Horizons Festival’s programme Lorcan Finnegan • Director of The Surfer The Irish filmmaker discusses his mystery-thriller, how he created the character with Nicolas Cage and his approach to the use of colours in the film Privacy Policy The images used on this website have been provided by journalists and are believed to be free of rights if you are the owner of an image used on this website and believe that its use infringes on your copyright We will remove the image in question as soon as possible We have made reasonable efforts to ensure that all images used on this website are used legally and in accordance with copyright laws About us | Contact us | Logos and Banners Mission | Partners | Team | Donations | Terms and conditions BEQUEM Audi Switzerland brings the workshop directly to the customer and offers an all-round check by service experts in Arbon Volketswil and Wetzikon in cooperation with particularly committed businesses the service experts from PP Autotreff AG will be on site at Egnacherstrasse 37 in Arbon to perform free service checks the truck will be at the Aldi location in Pfäffikon (ZH) in cooperation with Autorama Wetzikon Further stops are on June 26 and 27 in cooperation with Amag Volketswil at the parking lot of the OBI store and on June 28 and 29 again with the partner Autorama Wetzikon at the Shopping Point Wetzikon Protocol on the existing defects The free service is offered by competent teams windshield wipers are checked and the water and oil levels are checked The experts also check the bodywork and wheels for any damage they inspect the vehicle from below for leaks in the fuel line exhaust and brakes are closely scrutinized Any existing defects are carefully listed in the inspection report Regular inspections and maintenance Philipp Lüchinger Head of Aftersales Audi Switzerland: "We are pleased to offer this service and thus to be able to approach our Audi customers directly without the customer having to visit a workshop We want to convince them of the necessity of regular inspections and maintenance and thus increase safety on Swiss roads." audi.ch MEP Middle East Home » News » R&M opens Cube HQ in Switzerland Structured cabling specialist Reichle & De-Massari AG (R&M) has unveiled its new energy-efficient headquarters five-floor building has reduced its carbon footprint by 20% by optimising systems such HVAC “The new headquarters symbolize R&M’s belief in the future,” said CEO Martin Reichle Business in the second half of the year has seen “evidence of a clear recovery in sales in a number of key markets,” he said R&M is also anticipating sizable orders in dynamic growth regions during the second half of the year thanks to a large-scale implementation and expansion of local infrastructure,” said Reichle This is where we believe there are opportunities for us “We believe cabling provides the backbone for any data network and with all the innovative products we are launching we believe companies will not make the mistake of compromising on the cabling infrastructure,” says R&M Middle East MD Jean-Pierre Labry Following their convictions for copyright infringement Pirate Bay co-founders Gottfrid Svartholm and Fredrik Neij and site financier Carl Lundström owed considerable amounts in damages After the 2008 appeal which resulted in reduced jail time but increased financial penalties collectively the quartet owed 46 million kronor ($5.4m) to the movie and record company plaintiffs in the case That amount has been accruing interest since the original shutdown of The Pirate Bay in May 2006 By February 2012 the total owed had reached 73 million kronor more than nine years after the now-infamous raid Very soon the amount will be double the original damages award While all have now completed their custodial sentences (Svartholm technically has a few extra weeks) neither has paid back a single penny of the money owed While Svartholm and Neij have been less vocal on a number of occasions Peter Sunde has made it clear that the money will never be repaid Now, thanks to a visit to his home in Switzerland by Swedish newspaper Expressen The former multi-millionaire lives with his family in the town of Wetzikon located a few miles outside Zurich and he told the publication he enjoys his life there “I have it good in Switzerland,” Lundström said One of the reasons why the 55-year-old has avoided paying his debts is that in 2012 he filed for personal bankruptcy A year later he was declared bankrupt in Switzerland despite allegations that the businessman had previously transferred all of his assets to his wife Bettina With the Motion Picture Association still keen to retrieve its cash in 2013 the group admitted it was keeping a close eye on Lundström But thus far it appears that effort is yet to bear fruit with the Swede seemingly quite aware of his delicate situation Speaking on the doorstep of a several hundred square meter villa Lundström – who made a small fortune in the 80s when the family crispbread business was sold for around 77 million kronor ($9m) – explained a little about his homing situation “It is my wife who rents two floors in this house I’m just living here,” he explained And it appears that others around Lundström have also been make preparations to keep money away from copyright holders in the music and movie industries Lundström’s mother Gwen Lundström recently passed away and in her Last Will and Testament she made it clear that any assets should transfer to her grandchildren specific clauses made it clear that any assets were not be used to pay legal debts Lundström refused to discuss his massive debts back in Sweden smiling and answering a simple “No” when asked if he missed the country In a few months, the bailiffs will again start investigating Lundström to see if he has any assets but it seems unlikely anything will be found. Back in Sweden, movie studio Yellow Bird moved to have both Gottfrid Svartholm and Fredrik Neij declared bankrupt in 2012 and 2013 but there was little to nothing to take Whether copyright holders will ever get to see a penny of the millions owed is up for debate but it’s safe to say that there is no appetite among the ‘Pirate Bay Four’ to run to Hollywood with bundles of cash Submit a correction or tip.