MOSCOW, June 3. /TASS/. The deed of settlement between Nord Stream 2 AG, the Nord Stream 2 gas pipeline operators, formally came into force, the court of the Canton of Zug in Switzerland said in its released judgment.
The general meeting of Nord Stream 2 AG creditors was held on April 15. They approved the agreed text of the settlement on April 30. The Swiss court approved the settlement on May 9. Swiss-based Transliq AG, acting as a temporary administrative manager of Nord Stream 2 AG, is to control performance of the settlement and submit reports on its performance to the court annually by January 31, starting from the year of 2026, with copies to financial investors and the shareholder.
Nord Stream 2 AG also had a deferral until May 9 for making repayments to small creditors of the project. The company took every effort to fully and within the stated timeframe honor claims of all small creditors, with requisite funds set to provisions at its accounts and accounts of its temporary manager, the court said. The company satisfied claims of 128 small creditors as of May 5. Some creditors refused to give data about them and difficulties occurred with making payments. The court in this regard extended the deadline for making repayments to them until September 9.
"The current situation is such that full satisfaction of the majority of remaining small creditors has already started to a significant degree, while the start of payments over one of existing channels depends only on completion of certain administrative formalities, which delays the ending. However, the applicant is confident that the payment can be expected within a short period of time," the court materials indicate for the rationale of the position of Nord Stream 2 AG and Transliq AG.
"Significant difficulties the claimant faced in negotiations with banks and rejection of payments occurred to date and the actual demand of receiving preliminary permits from domestic and foreign government authorities are definitely the exceptional external circumstances, which significantly obstructed or even rendered impossible for the claimant to make timely payments. It was ascertained that the applicant is not responsible for these delays or, rather, they are outside its control and are founded on the exceptional geopolitical situation, technical sanction restrictions and the fear of banks to be subjected to secondary sanctions," the company stressed.