Bankruptcy Temporarily Halted for Nord Stream 2 Gas Pipeline Firm
According to news sources, a Swiss court has granted a six-month “stay of bankruptcy” to the operating company for the never-opened Nord Stream 2 pipeline, which was built to bring Russian gas to Germany but put on ice shortly before Russia invaded Ukraine in February.
The company’s stay was extended from January 10 through to July 10 by a regional court in the Swiss canton (state) of Zug, according to a notice published on Wednesday in the Swiss Official Gazette of Commerce. Nord Stream 2 AG, a subsidiary of Russia’s Gazprom, is based in Zug. Nord Stream 2’s court-appointed administrator, Transliq AG, sought the extension.
In September, undersea explosions damaged both Nord Stream 1 and Nord Stream 2. The prosecutor leading Sweden’s preliminary investigation said last month that investigators found traces of explosives at the site where the pipelines were damaged in an act of “gross sabotage.”
Natural gas currently accounts for just some 5% of total energy consumption in Finland, a country of 5.5 million. Until May, nearly all of that gas came from Russia, and has been used mainly by Finnish industrial and other companies with only an estimated 4,000 households relying on gas heating.
You can’t turn on the heat anywhere in the world without finding a hot legal dispute or matter. They are EVERYWHERE! And when those things negatively impact YOU and/or YOUR business including bankruptcies, landlord/tenant matters including unlawful detainers, contract issues, nuisance ADA claims and even collections, call in your good guy business litigator, Dean Sperling to resolve YOUR matter with YOUR best interests in mind!
More on the case: