Swiss court suspends bankruptcy of Nord Stream 2 AG until September 2022

The bankruptcy procedure for Nord Stream 2 AG, the operator of the Nord Stream 2 gas pipeline, has been suspended until September 2022, the company said on the website of the Swiss Official Gazette of Commerce.

According to the statement, by the request of Nord Stream 2 AG, the court in Zug, Switzerland, granted a temporary moratorium on the payment of loans for four months (from May 10 to September 10) to the company. Transliq AG has been appointed as interim administrator.

On February 22, German Chancellor Olaf Scholz announced that the German government was suspending the certification of the Nord Stream 2 project after Russia recognized the sovereignty of the Donetsk and Lugansk People's Republics. On February 23, US President Joe Biden ordered his administration to impose sanctions on the company - the operator of the Nord Stream 2 AG project and representatives of its leadership in response to the actions of Russia in Ukraine.

In late March, the Stuttgarter Zeitung newspaper reported, citing managing director of the company Matthias Warnig, that Nord Stream 2 AG was going to file a bankruptcy petition. The company did not confirm reports about the beginning of bankruptcy proceedings and stated that it had only informed the Swiss authorities about the forced termination of contracts with personnel.

The construction of Nord Stream 2 was fully completed on September 10, 2021. Initially, it was planned to be completed before the end of 2019, but due to Washington’s sanctions, the construction was delayed. The gas pipeline consists of two strings with a total capacity of 55 billion cubic meters per year, which run from the coast of Russia through the Baltic Sea to Germany.