Nord Stream 2 AG - the Swiss-based operator of the Nord Stream 2 gas pipeline - said in a hearing on the debt settlement delay in early January that the sale of the pipeline would help the company pay small creditors. In addition, the sale of the Nord Stream 2 pipeline or restructuring is a necessary move to meet the requirements of large investors.
The information was announced by the court of the state of Zug, Switzerland. The court document said that major shareholders of the Nord Stream 2 project as well as major financial investors supported the extension of payment time for the Nord Stream 2 AG operator. Immediately allowing Nord Stream 2 AG to go bankrupt will significantly reduce the value of the Nord Stream 2 pipeline, causing serious consequences for small creditors.
" Asset will push some small creditors to the brink of life and take away huge sums of money from large creditors. However, extending the payment period beyond the legal level will help small creditors survive, ensuring they are fully paid, while the requests of large creditors can be largely or completely met through the sale of pipelines or restructuring businesses" - Nord Stream 2 AG's argument was published in the court's ruling.
The most recent bankruptcy postponement of Nord Stream 2 AG has been extended until May 9, 2025. The company is obliged to repay the debts to all small creditors within 60 days after receiving the court's ruling, otherwise it will be declared bankrupt.
On January 9, the Swiss state court of Zug announced that Nord Stream 2 AG's final bankruptcy stay was extended until May 9, 2025.
"The final repayment deadline for Nord Stream 2 AG has been extended by May 9, 2025 according to the decision of the Zug EN 2022 2 State Court, January 9, 2025," the court stated.
According to this order, Nord Stream 2 AG is obliged to repay the entire amount to all small creditors within 60 days from the date of receipt of this decision and send a payment receipt related to the Zug State Court.
If the operator of the Nord Stream 2 gas pipeline fails to meet the deadline, the company will be considered bankrupt without having to set a deadline for an extension.
Transliq AG will continue to operate as the interim manager of Nord Stream 2 AG. According to Eadaily, in the December 2024 trial, the representative of Transliq AG noted that the future of the Nord Stream 2 gas pipeline will be decided together with the main creditors, Germany's Uniper, Wintershall, Austria's OMV, Germany's Shell and France's Engie.
In other developments related to the Nord Stream 2 gas pipeline, on January 28, 2025, the Danish Energy Agency granted Nord Stream 2 AG a license to carry out certain activities at the Nord Stream 2 gas pipeline facility in the Baltic Sea. The licensed repair work on the Nord Stream 2 pipeline is expected to begin in the next 2-3 months.
In September 2022, one of the two branches of the Nord Stream 2 pipeline in the Baltic Sea was sabotaged in a series of mysterious explosions, along with both branches of Nord Stream. The damaged branch of the Nord Stream 2 gas pipeline still has about 9-10 million cubic meters of gas, while the intact branch is still filled with gas.
