Nord Stream 2 AG - the operator of the Nord Stream 2 gas pipeline - will have to repay the project's small creditors by March 9.
The information was obtained from court documents in the dispute between Nord Stream 2 AG and the European Union (EU) over the EU's amendments to the bloc's Gas Directive, TASS reported.
"The Claimant further explains that there are two deadlines that could affect the Claimant's participation in the current arbitration: The first deadline for payment of debts to small creditors by 9 March 2025; The second deadline by 9 May 2025 for reaching consensus with enough creditors to reach a settlement agreement. Failure to reach such agreement by this deadline would result in the Claimant being declared bankrupt," the Nord Stream 2 operator's position stated in its filing with the Permanent Court of Arbitration in The Hague, Netherlands.
Therefore, the court has cancelled the trial scheduled to take place between February 10 and 15 and will invite the parties separately to discuss a new trial date.
Nord Stream 2 AG sued the EU in arbitration on September 26, 2019, alleging that the amendments to the Gas Directive implemented by the EU are inconsistent with the Energy Charter.
The operator of the Nord Stream 2 gas pipeline believes that the EU has violated its obligations under Articles 10 and 13 of the Energy Charter Treaty.
Earlier, the Swiss cantonal court of Zug extended the final bankruptcy moratorium of Nord Stream 2 AG until May 9 on an exceptional basis. According to the Permanent Court of Arbitration's papers, the extension of the bankruptcy moratorium for the operator of the Nord Stream 2 gas pipeline is "extremely unusual and has placed the plaintiff in an unexpected situation."
