Court decision saves Nord Stream 2 AG from bankruptcy crisis
The court in the Swiss canton of Zug has approved a settlement between Nord Stream 2 AG's operator and its creditors. This decision has prevented the company from declaring bankruptcy, which was a significant risk following the end of the moratorium.
According to the SRF service, the court in the canton of Zug, Switzerland, approved the settlement that averted Nord Stream 2 AG's bankruptcy. This decision was crucial after the bankruptcy moratorium expired.
Nord Stream 2 AG had to address obligations to approximately 150 creditors, as noted by "Kommersant."
The company has faced a challenging financial situation since March 2022, when the project failed to secure certification, and U.S. sanctions were imposed on Nord Stream 2 AG.
In response to these issues, the company plans to conduct maintenance work on the pipeline in the second or third quarter of this year. It is important to remember that there was an explosion on the Nord Stream pipelines in September 2022.
While the court's approval of the settlement can still be appealed, the current decision offers Nord Stream 2 AG an opportunity to continue activities related to the project.
