MOSCOW, May 9. /TASS/. The court of the Swiss canton of Zug approved the settlement agreement between Nord Stream 2 AG, the operator of Nord Stream 2, and its creditors, which was concluded on April 30, the court decision shows.
“By a decision of the Cantonal Court of Zug in case EN 2022 2 of May 9, 2025, the settlement agreement (dividend payment agreement) concluded between Nord Stream 2 AG and its creditors on April 30, 2025, including Annexes 1 and 2, was approved by the court“, said a statement from court.
However, the decision to approve the agreement can be appealed in accordance with the established procedure. Since the court's decision has not yet entered into force, the Cantonal Court of Zug has not provided additional information regarding the procedure for a moratorium on the restructuring of the debt of Nord Stream 2 AG.
The Swiss company Transliq AG, which acts as a temporary administrator in the bankruptcy proceedings, refused to provide additional comments on the subject of the settlement agreement in response to a request from TASS. The operator of “Nord Stream 2“ and the largest foreign investors in the project (OMV, Wintershall Dea, Shell, Uniper and Engie) did not respond to the agency's questions.
Earlier, the court exceptionally extended until May 9, 2025 the final moratorium on the bankruptcy of Nord Stream 2 AG, which was due to expire in early January. The company also received a deferral until May 9 regarding debt payments to small creditors of the project. During the trial, Nord Stream 2 AG admitted that the sale of the pipeline or restructuring of the company may be necessary to satisfy the requirements of large investors.
The largest foreign investors in Nord Stream 2 AG are the European OMV, Wintershall Dea, Shell, Uniper and Engie. All partners of the Russian „Gazprom“ in the project have committed to providing long-term financing in the amount of 50% of the total cost of the project, which is estimated at 9.5 billion euros, with each company having to contribute up to 950 million euros.
At the end of March, Russian Foreign Minister Sergei Lavrov announced that Moscow and Washington are discussing the topic of „Nord Stream“. The construction of “Nord Stream 2“ was completed on September 10, 2021. It was originally planned to be completed by the end of 2019, but due to US sanctions, the work was delayed. The gas pipeline consists of two lines with a total capacity of 55 billion cubic meters. m per year, which pass from the Russian coast through the Baltic Sea to Germany.
On September 26, 2022, unprecedented damage was recorded on three pipes of the “Nord Stream“ and “Nord Stream 2“ gas pipelines. As a result, only one strand of “Nord Stream 2“ survived. The Russian Prosecutor General's Office has opened a case of international terrorism after damage to gas pipelines. It is currently impossible to determine the time frame for restoring the gas pipelines to their operational capacity.