Germany shelters Gazprom Germania with 10 bln euro loan -govt source

Germany will place Gazprom Germania into long-term administration, recapitalising it with a loan to protect it from insolvency and rename it Securing Energy for Europe GmbH, a German government spokesperson said.

Germany will place Gazprom Germania into long-term administration, recapitalising it with a loan to protect it from insolvency and rename it Securing Energy for Europe GmbH, a German government spokesperson said. A government source said the loan, from the KfW state investment bank, would amount to between 9 and 10 billion euros.

Germany placed Gazprom's German subsidiary under temporary administration on April 4 to secure energy supplies after Russia invaded Ukraine. The new, long-term administration allows administrators to focus on ensuring supply security rather than on preserving the assets of the original owner.