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 creditors, the company said in a statement on the Swiss official Commercial Newspaper website.
"The negotiations on whether Nord Stream 2 AG's debt restructuring agreement with creditors on November 21, 2024 can be confirmed or rejected by the court will take place on December 20 in Zug, Switzerland with the participation of a judge" - the statement read.
Nord Stream 2 AG's bankruptcy proceedings have been extended until January 2025. Transliq AG is still the temporary administrative receiver.
The Nord Stream pipeline explosion was a world-shaking event in September 2022, when the Nord Stream 1 and Nord Stream 2 natural gas pipelines, running 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 has caused controversy and doubts about the motives behind the explosions, and has had a profound impact on the global geopolitical situation, especially relations between Russia and the West.
The exact cause of the explosion is still unknown. However, the most common theory is that this was an act of sabotage of Nord Stream with the intention of disrupting the supply of Russian gas to Europe, causing instability for the global energy market.
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 - is said to have asked US officials to allow the buyback of the Nord Stream 2 gas pipeline if it is auctioned in the Swiss bankruptcy court.
The Swiss court has extended the bankruptcy proceedings of Nord Stream 2 AG 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 auctioned, it is likely that no one but him will participate, so the chance of the company turning into a billionaire is high and Thus Russia will completely lose Nord Stream 2.
Meanwhile, on November 26, Kremlin spokesman Dmitry Peskov said he had not heard of Russian oil giant Gazprom's desire to sell Nord Stream 2 to US investors.
"I have not heard of any investor mobilizing the corridor to auction this important energy infrastructure. I have not heard of any Russian side, through Gazprom, wanting to sell it," TASS quoted Peskov as saying to reporters when commenting on the information that US investor Stephen P. Lynch expressed his desire to buy Nord Stream 2.
