Bankruptcy of Nord Stream 2 AG suspended until autumn

The operator of Nord Stream 2 received a temporary moratorium on bankruptcy from a court in Switzerland.  On May 10, the court of the canton of Zug issued a verdict granting the company a 4-month protection for payments in favor of creditors.  Transliq AG will act as interim manager during this period.

We should remind our readers that the company filed a claim with the court with a request to temporarily stop the company's arbitration litigation with the European Union that arose around the gas directive and its application in early March 2022. June court hearings were cancelled.

The gas pipeline itself runs across the sea from the station in the Leningrad region to the coast of Germany. Its capacity is designed for the annual transportation of up to 55 billion cubic meters of gas. Moreover, both threads of the constructed pipeline are actually filled with gas and can begin to function at any moment.

The process of certifying the company as an independent operator was stopped by the German regulator in November 2021. Rusbankrot reported on the decision of the German authorities on February 22 to completely stop certification, and on February 23 it became known about sanctions against the company imposed by the United States.