Administrator applies for definitive debt restructuring moratorium for Nord Stream 2 AG
Nord Stream headquarters in Zug.
(dpa) The indebted operator of the Russian gas pipeline Nord Stream 2 continues to fight against the threat of bankruptcy under Swiss law. The court-appointed trustee of Nord Stream 2 AG, the company Transliq, applied for a definitive debt restructuring moratorium for six months on Friday, as a DPA employee said. The judge at the company’s headquarters in Zug wants to make his decision by January 10 at the latest. The one provisional debt restructuring moratorium expires on that day. During a debt restructuring moratorium, creditors cannot collect any money.
Nord Stream 2 AG is a subsidiary of the Russian gas group Gazprom. It is headquartered in Zug. The Nord Stream 2 pipeline laid through the Baltic Sea was intended to bring Russian gas to Germany. However, the German federal government put the approval process on hold in February against the background of the escalating Russia-Ukraine conflict. The USA had imposed sanctions on Nord Stream 2 AG shortly before the Russian attack. This made all business with the company impossible and led to payment difficulties.
In the case of Nord Stream 2, it could be examined whether there is still a prospect of an operating license being issued in the event of a political relaxation. If this is not the case, bankruptcy proceedings must be opened under Swiss law. However, like the earlier Nord Stream 1 project, the pipeline was severely damaged by explosions in September. The EU and NATO assume sabotage. Although the pipelines were not in operation at the time, they contained gas that leaked out for days.
A debt restructuring moratorium is usually granted if the company’s running costs are covered and there is a prospect of restructuring or an agreement with creditors. Around 40 people are still working on technical and administrative tasks at Nord Stream 2. Gazprom covers the costs.
Switzerland and France agree on home office regulations for cross-border commuters
In the future, cross-border commuters will be able to spend up to 40 percent of their working hours at home in France.
no. Cross-border commuters from France can continue to work from home for their Swiss employer. As the finance department announced on Thursday evening (December 22), Switzerland and France agreed on the necessary tax regulations. A new agreement now provides that up to 40 percent of the work can be done from home in the future.
French employees were already able to work from their home country during the corona pandemic. This was made possible by a special regulation, which expires at the end of this year. France did not want to extend it again, the agreement that has now been reached is valid for the long term.
The main point of the negotiations was the question of appropriate taxation of cross-border commuters. The canton of Geneva levies the withholding tax for its approximately 100,000 cross-border workers at the companies and transfers a portion of it to the neighboring regions in France. On the other hand, the French authorities levy taxes on their resident taxpayers who work as cross-border workers in eight cantons, mainly in the Jura arc (BS, BL, JU, SO, BE, NE, VD, VS), and pay the tax authorities in Switzerland compensation.
If employees work up to 40 percent in France in the future, this will cost the canton of Geneva tax revenue. That is why the federal government pays appropriate compensation for Geneva cross-border commuters. How high this sum will be is currently unclear.