Nord Stream pipeline
New grace period for the operating company Nord Stream 2
The pipeline operator Nord Stream 2 is sitting on high debts. A solution has been in the works for almost two years. A Swiss court gives creditors one last chance to reach an agreement.
The future of Nord Stream 2 AG has still not been decided. A Swiss court in the canton of Zug has given the creditors of the heavily indebted pipeline operator owned by the Russian company Gazprom a final deadline to decide on a proposed restructuring agreement. You have until January 8, 2025 to submit consents.
“If the required quorum is not reached, the proposed estate agreement would not be accepted and would lead to bankruptcy being declared,” the administrator told Transliq upon request.
Transliq was used to develop restructuring options or an agreement with creditors. Transliq did not provide any information about the details of the estate agreement. Such contracts usually involve selling assets in order to partially compensate creditors.
Nord Stream 2 AG was supposed to deliver Russian gas to Germany through the Baltic Sea. The two-line pipeline, which cost almost ten billion euros and is 1,200 kilometers long, was completed but never put into operation. The gas deal was put on hold after Russia’s attack on Ukraine in February 2022. One of the two pipe lines was destroyed in an attack at the beginning of September 2022, as were the two lines of the Nord Stream 1 pipeline that had already been put into operation.
The operating company was left with high debts and laid off almost all employees. At the beginning of January 2023, the court in Zug granted a moratorium that was extended several times in order to avert bankruptcy.
dpa
Source: Stern
