Bankruptcy of Nord Stream 2 operator suspended until January 2023

The bankruptcy of the Nord Stream 2 gas pipeline operator, Nord Stream 2 AG, was suspended for four months, until January 10, 2023, reported on the website of the Swiss Official Business Bulletin.

The decision was made at the request of Nord Stream 2 AG. “The applicant was granted an extension of the moratorium on debt restructuring,” the report says.

In May Interfax informedthat the court of the canton of Zug in Switzerland suspended the bankruptcy of the operating company.

The certification procedure for Nord Stream 2 AG, the Swiss subsidiary of Gazprom, began after the completion of the construction of the gas pipeline in September 2021. But already in November, the German Federal Network Agency suspended the certification process, citing the requirements of German law – the company must be “organized in a legal form” in accordance with the legal norms of the state.

Jan 26Gazprom” reported that Nord Stream 2 AG has established Gas for Europe GmbH with headquarters in Schwerin. On February 22, the process was again stopped against the backdrop of Russia’s recognition of the independence of the Donetsk and Lugansk People’s Republics. On April 23, the United States imposed sanctions against Nord Stream 2 AG and company officials, and the US Treasury also obliged investors to complete transactions with the gas pipeline operator and companies controlled by it by March 2.

March 1 Reuters informedthat Nord Stream 2 AG is considering filing for bankruptcy.

Nord Stream 2 with a total capacity of 55 billion cubic meters m of gas per year passes along the bottom of the Baltic Sea from the Slavyanskaya compressor station in the Leningrad Region to the Baltic coast of Germany.