Nord Stream 2 AG - the operator of "Nord Stream-2", during the process of obtaining a deferral for the payment of debts in early January, said that such a measure would help pay off small creditors and that in order to satisfy the demands of large creditors, the sale of the gas pipeline or restructuring of the company is an option, follows from the published decision of the court of the Swiss canton of Zug.
The main shareholder of the project and major financial investors were in favor of granting a new deferral to the operator of "Nord Stream-2", the document says. However, an immediate bankruptcy would lead to a significant decline in the value of the pipeline system and would have a fatal impact on small creditors.
“Bankruptcy would put several small creditors on the brink of existence and deprive large creditors of significant amounts. However, granting a deferral beyond the norms required by law could help small creditors survive by obtaining full satisfaction of their claims, and the claims of large creditors could be covered to a greater extent or even completely through a possible sale of the pipeline or restructuring of the company“, Nord Stream said in its justification, cited in the court decision. As a result, the final moratorium on the bankruptcy of Nord Stream 2 AG was exceptionally extended until 9 May 2025. In this case, the company is obliged to pay its obligations to all small creditors within 60 days of receiving the court decision, otherwise it will be declared bankrupt.
The main shareholder of Nord Stream 2 and at the same time the largest creditor of the project stated in writing, as indicated in the document, that if the temporary postponement is extended, Nord Stream 2 AG is ready to provide funds (directly or through a subsidiary) to pay small creditors in full up to 60 days after the court decision.
Nord Stream 2 AG in its argumentation also insisted that when considering the extension of the bankruptcy postponement, not only economic difficulties should be taken into account, but also political ones: the geopolitical situation and sanctions. This is manifested, in particular, in the fact that large creditors, when issuing official consent to a debt restructuring agreement, depend on the relevant decision of the national sanctions authorities. Investors in Nord Stream 2 AG include European companies OMV, Wintershall Dea, Shell, Uniper and Engie. All partners of Russia's Gazprom in the project committed to providing long-term financing in the amount of 50% of the total project cost, which was estimated at EUR 9.5 billion, each company was to allocate up to EUR 950 million.