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Bankruptcy procedure for Nord Stream 2 AG extended until January 2024

Matthias Warnig, CEO of Nord Stream 2 AG, stepped down as CEO at the end of March 2023

MOSCOW, June 22. /TASS/. The bankruptcy procedure for Nord Stream 2 AG, the operator of the Nord Stream 2 gas pipeline, has been extended for another six months, until January 2024, the company said on the website of the official Swiss trade bulletin.

According to the statement, the court in Zug, Switzerland, at the request of the company, extended a permanent moratorium on loan repayments for Nord Stream 2 AG. Now the bankruptcy procedure has been extended for another six months - for the period from July 10, 2023 to January 10, 2024. Transliq AG remains as interim administrator.

Matthias Warnig, CEO of Nord Stream 2 AG, stepped down as CEO at the end of March 2023.

On February 22, German Chancellor Olaf Scholz announced that the German government was suspending the certification of the Nord Stream 2 project after Russia recognized the sovereignty of the Donetsk and Lugansk People's Republics. On February 23, US President Joe Biden ordered his administration to impose sanctions on the company - the operator of the Nord Stream 2 AG project and representatives of its leadership in response to the actions of Russia in Ukraine.

The construction of Nord Stream 2 was fully completed on September 10, 2021. Initially, it was planned to be completed before the end of 2019, but due to Washington’s sanctions, the construction was delayed. The gas pipeline consists of two strings with a total capacity of 55 billion cubic meters per year, which run from the coast of Russia through the Baltic Sea to Germany.

On September 27, 2022, Nord Stream AG reported unprecedented damage that occurred the day before on three strings of the Nord Stream 1 and Nord Stream 2 offshore gas pipelines. On September 26, 2022, Swedish seismologists registered two explosions on the pipeline routes. The Russian Prosecutor General's Office launched a criminal case based on charges of international terrorism.

The investigation is also underway in Germany.

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