A Swiss court will review a debt restructuring deal between Nord Stream 2 AG, the operator of the Russian gas pipeline Nord Stream 2, and its creditors, the company said in a statement on the official Swiss Commercial Gazette website.
"The negotiations on whether the debt restructuring agreement of 21.11.2024 of Nord Stream 2 AG with its creditors can be confirmed or rejected by the court will take place on 20.12. in Zug, Switzerland with the participation of a judge," the statement said.
Nord Stream 2 AG's bankruptcy proceedings have been extended until January 2025. Transliq AG remains as interim administrative receiver.
The Nord Stream pipeline explosion was an event that shocked the world in September 2022, when the Nord Stream 1 and Nord Stream 2 natural gas pipelines, which run under the Baltic Sea from Russia to Germany, were destroyed in a series of explosions, damaging three of the four branches of the two pipelines. The event caused much controversy and suspicion about the motives behind the explosions, and had a profound impact on the global geopolitical situation, especially relations between Russia and the West.
The exact cause of the explosion remains unclear. However, the most common theory is that it was a deliberate act of sabotage against Nord Stream, aimed at disrupting Russian gas supplies to Europe and destabilizing global energy markets.
At present, it is not possible to determine the time frame for restoring operations of the Nord Stream and Nord Stream 2 gas pipelines.
Last month, the Wall Street Journal reported that American investor Stephen P. Lynch — who has spent decades doing business in Moscow — had reportedly asked U.S. officials for permission to buy the Nord Stream 2 gas pipeline if it were auctioned off in a Swiss bankruptcy court.
A Swiss court has extended Nord Stream 2 AG’s bankruptcy proceedings until January 2025. If the company fails to restructure its debt by then — which is unlikely — it will face bankruptcy.
Billionaire Stephen P. Lynch said that because Nord Stream 2 AG is on the sanctions list, if it is put up for auction, it is likely that no one but him will participate, so the chance of the company falling into the billionaire's hands is high and thus Russia will completely lose Nord Stream 2.
Meanwhile, on November 26, Kremlin spokesman Dmitry Peskov said he had not heard about Russian oil and gas group Gazprom wanting to sell Nord Stream 2 to American investors.
"I have not heard of any investors lobbying for an auction of this important energy infrastructure. I have not heard that the Russian side, through Gazprom, wants to sell it," TASS quoted Mr. Peskov as telling reporters when commenting on the information that American investor Stephen P. Lynch expressed his desire to buy Nord Stream 2.
