MOSCOW, January 28. /TASS/. Nord Stream 2 AG, the Swiss-based gas pipeline operator, said during court proceedings for the deferral of debt repayment in early January that such measure would allow making payments to small creditors while gas pipeline sale or restructuring will be required to honor claims of large investors, according to the posted decision of court of the Cantone of Zug in Switzerland.
The major shareholder of the project and major financial investors supported provision of a new deferral for the Nord Stream 2 operator, the document indicates. The immediate bankruptcy would entail a significant drop in the pipeline value and would be fatal for small creditors.
"The bankruptcy will put several small creditors on the brink of existence and will deprive major creditors of huge sums. However, provision of deferral above norms due under the law would help small creditors to survive, with their claims fully satisfied, and claims of major creditors could be covered to a greater extent or completely on account of the possible sale of the pipeline or corporate restructuring," according to the rationale of Nord Stream 2 AG cited in the court judgment.
The final bankruptcy moratorium for Nord Stream 2 AG was extended until May 9 of this year in order of exception. The company is obliged to repay debts to all small creditors within 60 days after receiving the court judgment, otherwise it will be recognized as bankrupt.