A Swiss court in Zug ruled on May 9 that the insolvency of Nord Stream 2 AG be averted, and that the company which is the operator of the pipeline can continue its search for a new investor: The court in the Swiss canton of Zug has approved the debt restructuring agreement, it was announced.
The averted bankruptcy for the time being has been made possible following negotiations with the company’s creditors. The cantonal court in Zug, Switzerland, confirmed a debt restructuring agreement concluded between the parties, which makes it possible to restructure the company by cutting its debts.The “haircut” was made possible because major creditors, such as the big Western European energy companies ENGIE, OMV, Shell, Uniper and Wintershall reached an agreement, as the court announced. The companies are likely to have accepted considerable discounts on their investments, which were up to €6 billion. Accepting the “haircut” indicates that German industry is in favor of keeping the pipeline pumping gas again.
According to experts, the damaged Nord Stream 2 Baltic Sea pipeline could indeed be put back into operation in the near future. “From a technical point of view, this is not a major problem,” Michael Rodi, an expert on energy policy in the Baltic Sea region from the University of Greifswald, told Der Spiegel. According to estimates, it would cost around half a billion euros to repair the damaged Line A of the Nord Stream 2 pipeline. “However, this is economically feasible in view of the pipeline’s original investment costs of almost €10 billion.” Denmark had already approved the corresponding maintenance work in January.
Network operator Gascade also sees no major technical hurdles: “The two Nord Stream systems are still physically connected to the German pipeline network in Lubmin, but are hydraulically separated,” a Gascade spokesperson told the magazine. All that is needed is the replacement of numerous 12-meter segments of the pipeline where it has been damaged by an explosion.
Among prominent politicians, Saxony Minister President Michael Kretschmer, just a few days ago, called again for a repair of the Nord Stream 2 sea-ground gas pipeline in the Baltic Sea. Two other initiatives, one by CDU MP for Baden-Württemberg Thomas Bareiss, and by AfD member of Mecklenburg state parliament Petra Federau, have been rejected by all other parties except the BSW, whose leader Sahra Wagenknecht supported Kretschmer.May 30, 2025 (EIRNS)—A Swiss court in Zug ruled on May 9 that the insolvency of Nord Stream 2 AG be averted, and that the company which is the operator of the pipeline can continue its search for a new investor: The court in the Swiss canton of Zug has approved the debt restructuring agreement, it was announced.
