Steiner AG faces liquidity issues and applies for debt restructuring in Zurich

Steiner AG, a Zurich-based construction company, has applied for creditor protection due to liquidity issues. The company was involved in the construction of the new Wetzikon hospital and faced difficulties in paying its bills, prompting the submission of an application for a provisional debt restructuring moratorium to the Zurich District Court.

The financial problems at Steiner AG began a month ago during a dispute with the Wetzikon Regional Hospital over unpaid bills and lack of transparency in contracts. The hospital was facing financial crisis and was prohibited by the canton of Zurich from providing assistance, leading to a provisional debt restructuring moratorium in April. Work on the new building halted and Steiner terminated their contract with the hospital in May.

Steiner AG’s application for creditor protection aims to address these financial difficulties and seek restructuring options to avoid bankruptcy. The company hopes to continue operations with the supervision of a trustee while transitioning away from general contracting and towards real estate development. The debt restructuring moratorium is seen as a step towards successfully completing this transition.

The challenges faced by Steiner AG are not only related to the Wetzikon hospital project but also to the general contracting business as a whole. Founded in 1915 as a carpentry shop, Steiner AG has been a leading contractor in Switzerland and is now owned by the Indian Hindustan Construction Company Ltd. The company employs 160 people and manages real estate projects worth around 5 billion francs. The current challenges highlight the changing landscape of the construction industry and the need for strategic shifts in business operations to adapt to market demands.

By Sophia Gonzalez

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