The court of Zug (Switland) approved a debt settlement agreement for Nord Stream 2 AG, the operator of the Nord Stream 2 gas pipeline, to restructure finances, according to a report by Russian gas giant Gazprom based on International Financial Reporting Standards (IFRS).
"The court's ruling cannot be appealed within the time limit prescribed by Swiss law, so the decision has come into effect and the notice of filing for bankruptcy for Nord Stream 2 AG has officially ended," Gazprom said in a statement.
Previously, the Zug court approved a settlement agreement between Nord Stream 2 AG and creditors, signed on April 30.
In January this year, bankruptcy proceedings against Nord Stream 2 AG were postponed until May.
The court could declare Nord Stream 2 AG bankrupt if the Swiss-based company fails to restructure its debts and repay debts to small creditors after the deadline.
According to many reports, US investors are interested in buying Nord Stream 2 AG, a Swiss-based subsidiary of Russian state-owned energy giant Gazprom, the owner of the Nord Stream 2 pipeline.
Chris Weafer, an investment advisor who has worked in Russia for more than 25 years, shared that there are serious discussions about the US acquisition of Nord Stream 2 AG.
"There are proposals from Americans who want to buy infrastructure, where they can act as a bridge between gas sources, Gazprom, and gas buyers who will be German energy companies," he said.
However, expert Ben Hilgenstock from the Kiev Economic School said that the US or Russia do not have the authority to decide the type of energy that Europe will buy.
" anything Russia and the US negotiate regarding Nord Stream 2 or Nord Stream is completely meaningless. To be fair, whether to resume purchasing Russian gas via the Nord Stream and Nord Stream 2 pipelines or not is the decision of each European country," he emphasized.
The $11 billion Nord Stream 2 pipeline, built to transport Russian gas to Europe, was completed in 2021 but has never been put into operation due to the conflict in Ukraine.
The Nord Stream pipeline system includes two double pipelines (Nord Stream and Nord Stream 2) across the Baltic Sea to Germany and is the largest route for Russian gas to Europe. The system is capable of transporting 110 billion cubic meters of gas per year.
In September 2022, one of the two branches of Nord Stream 2 and the two branches of Nord Stream were broken in a sabotage attack.
