Nord Stream2 avoids bankruptcy and restructures debt
Nord Stream 2, the Swiss company behind the gas pipeline project, has reached an agreement with its creditors to restructure its debt, a Swiss court in Zug said on Friday.
Friday 9 May was the court-set deadline for Nord Stream 2, which had to restructure its debt and repay smaller creditors or be declared bankrupt.
Bankruptcy was avoided thanks to the debt restructuring agreement announced today by the court.
Nord Stream 2, an $11 billion project to transport Russian natural gas from Russia to Germany across the Baltic Sea following the route of Nord Stream, was built in the late 2010s. However, the pipeline was never put into operation after Germany halted the certification process in early 2022 following Russia's invasion of Ukraine.
Nord Stream route
Russia, for its part, shut down Nord Stream 1 indefinitely in early September 2022, claiming it was unable to repair the gas turbines due to Western sanctions.
At the end of September 2022, gas leaks were discovered in each of the Nord Stream 1 and 2 pipelines in the Baltic Sea.
Debates over the pipelines continue despite not having transported gas to Germany for more than two and a half years.
In March this year, then-German Economics and Energy Minister Robert Habeck said that ideas to resurrect the Nord Stream gas pipelines from Russia to Germany were “the wrong direction of discussion.” Speculation has intensified that the revival of gas pipelines could be part of a deal to end the war in Ukraine.
The EU, however, is seeking to end the bloc's dependence on Russian energy and this week presented a roadmap to phase out imports of Russian oil, gas and nuclear power by 2027.
However, Slovakia and Hungary have criticized the EU plan, arguing that it is "economic suicide" that will harm the EU more than Russia. The USA itself appears to be negotiating with Russia the possible resumption of supplies to Europe.
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The article Nord Stream2 avoids bankruptcy and restructures debt comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/nord-stream2-evita-il-fallimento-e-ristruttura-il-debito/ on Sat, 10 May 2025 16:39:34 +0000.