On May 9, 2025, the Cantonal Court of Zug approved a debt settlement agreement for Nord Stream 2 for the purpose of financial recovery, according to a Gazprom IFRS report.
“The court's decision was not appealed within the time limit established by Swiss law, as a result of which the agreement entered into force and the bankruptcy moratorium for Nord Stream 2 was lifted“, the report said.
Earlier, the Swiss Cantonal Court of Zug approved the settlement agreement between Nord Stream 2, the operator of Nord Stream 2“, and its creditors, which was concluded on April 30.
The court exceptionally extended until May 9, 2025 the final moratorium on the bankruptcy of „Nord Stream 2“, which was due to expire in early January. The company also received a deferral until May 9 regarding debt payments to the project's small creditors. During the trial, „Nord Stream 2“ acknowledged that in order to satisfy the demands of large investors, it may be necessary to sell the pipeline or restructure the company.
The largest foreign investors in „Nord Stream 2“ are the European OMV, Wintershall Dea, Shell, Uniper and Engie. All partners of the Russian „Gazprom“ on the project committed to provide long-term financing in the amount of 50% of the total project cost, which is estimated at 9.5 billion EUR, with each company to contribute up to 950 million EUR.
At the end of March, Russian Foreign Minister Sergei Lavrov announced that Moscow and Washington were discussing the topic of „Nord Stream“. The construction of „Nord Stream 2“ was completed on September 10, 2021. It was initially 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 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“ gas pipelines stream“ and “Nord Stream 2“. 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. At the moment, it is impossible to determine the time frame for restoring the gas pipelines to working order.