Nord Stream 2 AG - the operator of "Nord Stream-2", must pay its obligations to the project's small creditors by March 9, according to the documents of the court considering the dispute between Nord Stream 2 AG and the European Union over amendments to the gas directive.
„The claimant explained that there are two deadlines that may affect the claimant's participation in the current arbitration proceedings: the first is for the payment of amounts due to "small creditors" – by March 9, 2025; and the second - to obtain consent from a sufficient number of creditors to conclude a debt restructuring agreement - by May 9, 2025. If such an agreement is not reached by this deadline, the claimant will be declared bankrupt,“ the documents of the Permanent Court of Arbitration in The Hague say, citing the position of the operator of “Nord Stream-2“.
As a result, the court canceled the hearings scheduled for February 10-15 and will separately invite the parties to discuss new dates.
Nord Stream 2 AG initiated arbitration proceedings against the EU on September 26, 2019 over amendments to the Gas Directive that are not in accordance with the Energy Charter. The company believes that the EU has violated the obligations set out in Articles 10 and 13 of the Energy Charter Treaty.
Earlier, the court of the Swiss canton of Zug 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. In this case, the company is obliged to pay its debts to all small creditors within 60 days of receiving the court decision, otherwise it will be declared bankrupt. During the trial, Nord Stream 2 AG even admitted that in order to satisfy the demands of large investors, it may be necessary to sell the gas pipeline or restructure the company. In turn, the main shareholder of "Nord Stream 2". and at the same time, the largest creditor of the project stated that it was ready to provide funds (directly or through a subsidiary) to fully repay small creditors.
As noted in the materials of the Permanent Court of Arbitration, the extension of the bankruptcy moratorium by the Swiss court beyond the maximum period permitted by law turned out to be a disadvantage for the operator of Nord Stream 2 "highly unusual and put it in an unexpected situation."
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 The project is committed to providing long-term financing in the amount of 50% of the total project cost, which is estimated at EUR 9.5 billion, with each company to contribute up to EUR 950 million. EUR.
The construction of "Nord Stream-2" was completely 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 per year, which pass from the Russian coast through the Baltic Sea to Germany.
On September 26, 2022, unprecedented destruction of three lines of the "Nord Stream" and Nord Stream 2 gas pipelines was recorded. As a result, only one strand of Nord Stream 2 survived.
The Prosecutor General's Office of Russia 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 working order.