2024-07-05 20:12:32
The bankruptcy procedure of Nord Stream 2 AG, the operator of the Nord Stream 2 gas pipeline, has been extended for another six months, until January 2025. This was stated in a company statement on the website of the official trade bulletin of Switzerland, Day.Az reports with reference to TASS.
As follows from the report, the court in Zug, Switzerland, at the company’s request, extended the final moratorium on loan repayments for Nord Stream 2 AG. Now the bankruptcy procedure has been extended for another six months – for the period from July 10, 2024 to January 10, 2025.
Transliq AG remains the interim administrative manager.
Earlier, Gazprom reported in a report that the maximum term of the final moratorium for Nord Stream 2 AG was 24 months. It was introduced on January 10, 2023. Before that, an interim moratorium on bankruptcy was in effect, which was extended several times.
On February 22, 2022, German Chancellor Olaf Scholz announced that the German government was suspending certification of the Nord Stream 2 project. The next day, US President Joe Biden ordered his administration to impose sanctions on the Nord Stream 2 AG project operator and its management in connection with the situation around Ukraine.
Nord Stream 2 AG CEO Matthias Warnig stepped down as head of the company at the end of March 2023.
About the gas pipeline
The construction of Nord Stream 2 was fully completed on September 10, 2021. It was originally planned to be completed by the end of 2019, but due to US sanctions, the work was delayed. The gas pipeline consists of two lines with a total capacity of 55 billion cubic meters per year, which run from the coast of Russia through the Baltic Sea to Germany.
However, on September 27, 2022, Nord Stream AG reported “unprecedented destruction” that had occurred the day before “on three lines of the Nord Stream and Nord Stream 2 offshore gas pipelines.” Swedish seismologists recorded two explosions on the pipelines’ offshore routes on September 26. The Russian Prosecutor General’s Office initiated a case of international terrorism after the gas pipelines were damaged. It is currently impossible to determine when the gas pipelines will be restored to working order.
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