Swiss court averts Nord Stream 2 bankruptcy with new deal
The court in the Swiss canton of Zug has approved a settlement between the operator of Nord Stream 2 AG and its creditors. This decision has prevented the company from declaring bankruptcy, which was a risk after the moratorium expired.
The court in the canton of Zug, Switzerland, approved the settlement between the operator of Nord Stream 2 AG and its creditors. According to the SRF service, the court's decision prevented bankruptcy proceedings, which posed a threat to the company after the bankruptcy moratorium ended.
Nord Stream 2 AG needed to settle its obligations with approximately 150 creditors, as noted by "Kommersant".
Nord Stream 2 AG has been in a challenging financial position since March 2022, when the project failed to receive certification and American sanctions were imposed on the company.
As a result, the company plans to carry out maintenance work on the pipeline in the second or third quarter of this year. It is worth noting that there was an explosion on the Nord Stream pipelines in September 2022.
The court's approval of the settlement remains subject to appeal; however, the current decision provides Nord Stream 2 AG with an opportunity to continue activities related to the project.
