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Swiss court gives Nord Stream 2 more time to avoid insolvency

Keystone / Jens Buettner

The Swiss company behind the Russian gas pipeline Nord Stream 2 has received a four-month extension to try to repay its debts.

The Zug cantonal court in Switzerland, where Nord Stream 2 AG is headquartered, granted the company a second extension, according to an entry in the Swiss Official Gazette of Commerce published on Thursday. The firm has until January 10, 2023 to turn things around and avoid bankruptcy proceedings.

In May, the court granted a provisional moratorium against bankruptcy proceedings for the first time, which was valid until September 10. This period has now been extended by another four months.

Nord Stream 2 is a subsidiary of the Russian gas company Gazprom and has its headquarters in the low-tax canton of Zug, located 30 kilometres south of Zurich. The pipeline, which was laid and completed through the Baltic Sea, was to bring Russian gas to Germany. However, the German government put the approval process for Nord Stream 2 on hold in view of Russia’s war against Ukraine. The US imposed sanctions on Nord Stream 2 AG, prohibiting further business with the company.

The Zug economic authority had already spoken of massive payment difficulties as a result of the sanctions imposed on Nord Stream 2 and of imminent “bankruptcy” at the beginning of March. More than hundred employees in Zug were laid off at that time.

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