The bankruptcy procedure for the operator of Nord Stream 2 gas pipeline has been extended for another six months until July 10, 2023, according to the Swiss Official Gazette of Commerce (SOGC)
ZURICH (Pakistan Point News / Sputnik - 28th December, 2022) The bankruptcy procedure for the operator of Nord Stream 2 gas pipeline has been extended for another six months until July 10, 2023, according to the Swiss Official Gazette of Commerce (SOGC).
A court in the Swiss canton of Zug granted the pipeline's operator a moratorium on payments to creditors for another six months.
Nord Stream 2 is a gas pipeline with a capacity to carry 55 billion cubic meters per year from Russia across the Baltic Sea to Germany. The operator, Nord Stream 2 AG, had Russian energy giant Gazprom as the shareholder and four European energy companies as investors, which pulled out of the project earlier this year after a series of Ukraine-related sanctions were imposed against Russia and the pipeline was damaged in a sabotage that is still being investigated.
Nord Stream 2's construction lasted for three years and was completed in 2021. The ready-to-operate pipeline's certification was halted by Germany in February.
Nord Stream 2 AG made the decision to file for bankruptcy in March. In May, a court in Zug suspended the bankruptcy procedure until September 10. In September, the court suspended the procedure for another four months.
