Nord Stream 2 AG - the operator of the Nord Stream 2 gas pipeline - will have to repay the debt to the project's small creditors before March 9.
Information taken from the court's records in the dispute between Nord Stream 2 AG and the European Union (EU) over the EU's amendment to the bloc's Gas Directive, TASS reported.
"The plaintiff further explained that there are 2 deadlines that may affect the plaintiff's participation in the current arbitration trial: The first deadline for settlement of debts to small creditors on March 9, 2025; The second deadline before May 9, 2025 on reaching consensus from enough creditors to reach a settlement agreement. If such an agreement is not reached before this deadline, the plaintiff will be declared bankrupt," the Nord Stream 2 operator's stance stated in the filing of the Permanent Court of Arbitration in The Hague, the Netherlands.
Therefore, the court has canceled the trial scheduled to take place between February 10 and 15 and will invite the parties separately to discuss the new trial date.
Nord Stream 2 AG sued the EU in arbitration on September 26, 2019, accusing the EU of implementing amendments to the Gas Directive in violation of the Energy Charter.
The operator of the Nord Stream 2 gas pipeline believes that the EU has violated the obligations stated in Articles 10 and 13 of the Energy Charter Treaty.
Previously, the Swiss state court of Zug extended Nord Stream 2 AG's final bankruptcy stay until May 9 on the basis of an exception. According to the documents of the Permanent Court of Arbitration, the extension of the banking order for the operator of the Nord Stream 2 gas pipeline is "extremely unusual and the plaintiff was placed in an unexpected situation".
