Further debt-restructuring moratorium for Nord Stream 2 AG
Published: Friday, Dec 22nd 2023, 07:00
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The impending bankruptcy of the indebted operator of the Russian gas pipeline Nord Stream 2 has once again been averted. The Zug Cantonal Court has granted a further extension of the debt-restructuring moratorium for another six months.
The extension will begin on January 10 and run for six months, the court announced on Thursday. The court granted a deferral for the first time in September 2022, which was then repeatedly extended. A debt-restructuring moratorium is usually granted if the company's running costs are covered and there is a prospect of restructuring or an agreement with creditors.
Nord Stream 2 AG is a subsidiary of the Russian gas group Gazprom, headquartered in Zug. The Nord Stream 2 pipeline laid through the Baltic Sea was intended to bring Russian gas to Germany. However, the German government put the approval process on hold in February 2022 due to the escalating Russia-Ukraine conflict.
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