Clearway Capital Proposes New Trustee for GZO AG

Clearway Capital Partners ICAV has initiated a proposal to replace GZO AG's current trustees, Brigitte Umbach-Spahn and Stephan Kesselbach, at the creditor meeting on September 8, 2025. The suggested replacement is Michael Endres from HütteLAW AG. This change aims to address concerns over the trustees' independence and performance. Several creditors have voiced doubts about their interests being adequately represented in the restructuring process, perceiving undue bias towards shareholders.

Clearway stresses the importance of creditor participation in the upcoming meeting, highlighting that each vote holds equal weight. Even creditors with minor stakes are urged to vote, whether in person or by proxy. Clearway plans to provide proxy representation for those unable to attend. The firm believes this trustee change is essential to safeguard GZO AG's continued viability and prevent bankruptcy, ensuring balanced representation for all creditor groups.