Future of Nord Stream 2 AG uncertain: bankruptcy threatens!

Future of Nord Stream 2 AG uncertain: bankruptcy threatens!

Zug, Schweiz - The future of highly indebted Nord Stream 2 AG, which is controlled by the Russian Gazprom group, is on the brink. The Swiss court in the canton of Zug has surprisingly granted the company another postponement in order to reach the agreement with its creditors and to avert bankruptcy. The original deadline for a decision was postponed from January 10 to May 9th. Up to this date, all small believers must be fully satisfied, otherwise immediate bankruptcy threatens, as the court announced. This could have catastrophic consequences for the pipeline that has been in the suspension since 2022, the estate contract should not be accepted, as krone.at reports

Nord Stream 2 AG is in a financial crisis, since the almost 10 billion euro gas pipeline has never been put into operation. The transport of Russian gas through the Baltic Sea to Germany was planned, but the geopolitical tensions after the Ukraine conflict led to the route was not used. In addition, one of the two pipe strands was destroyed in a stop in September 2022. In November, the administrator Transliq submitted a legacy contract that should partially enable the creditors to reimbursement. However, if the necessary consent is not necessary, immediate bankruptcy proceedings are threatened, as Investment Week explained.

The uncertainty around Nord Stream 2 AG has already led to the discharge of a large part of the workforce. The court has previously approved discounts several times, but the patience of the creditors is now at the end. The decision as to whether the pipeline is ever operated depends on whether the creditors agree to the estate contract or not. These developments illustrate the precarious situation of the company and the far -reaching consequences of the geopolitical tensions for European energy strategies.