The court of Zug state (Switland) said that the settlement document between Nord Stream 2 AG - the operator of the Nord Stream 2 gas pipeline - has officially taken effect, TASS reported.
A meeting of all Nord Stream 2 AG creditors was held on April 15. The creditors approved the settlement agreement on April 30. The Swiss court approved the deal on May 9.
Switzerland-based Transliq AG, which is now a caretaker manager of Nord Stream 2 AG, will be responsible for overseeing the implementation of the deal and submitting annual reports to the court before January 31 starting in 2026, with copies sent to financial investors and shareholders.
Nord Stream 2 AG has also been extended until May 9 this year to pay the project's small creditors.
The Nord Stream 2 gas pipeline operator has made every effort to fully and promptly resolve the requests of all small creditors, with the necessary amount of money reserved in the company's accounts and the account of the interim operator, Transliq AG, the court said.
As of May 5, Nord Stream 2 AG has resolved the requests of 128 small creditors. However, some creditors refuse to provide company data and have difficulty in the payment process. Therefore, the court decided to extend the payment period for these creditors until September 9.
"The current reality shows that most of the remaining payments for small creditors have begun to be carried out at a significant level. The implementation of payment through one of the existing channels depends only on the completion of some administrative procedures, which are delaying the end process.
The companies emphasized that the significant difficulties that the complaintants encountered during negotiations with banks, along with the refusal to pay up to now, and the actual requirement to request a preliminary license from domestic and foreign authorities, which are certainly objective circumstances, have caused serious obstacles, even making the complaintants unable to make payments on time.
"It has been determined that the bidders are not responsible for these delays, or rather, they are factors beyond their control and stemming from the special geopolitical situation, technical limitations due to sanctions, as well as concerns of banks about the risk of being subject to secondary sanctions" - the document of Nord Stream 2 AG and Transliq AG clearly stated.
