Odin's lost eye concludes its tale to Thor. Siegfried is killed by Hagen, the son of Albreich. Odin resurrects Siegfried as Thor, but strips him of all memories. The various pantheons of gods challenge the Celestials and fail. They are forced to pledge not to interfere with the Celestials' judgment of Earth.
Thor returns to Asgard and learns that Odin, and the life force of all Asgardians, have merged with the Destroyer. The Destroyer armed with the Odin Sword teams up with the Uni-mind to attack the Celestials. Thor joins the battle, but after a valiant struggle they are defeated. However, Gaia appears and offers twelve human beings in exchange for sparing this world. The Celestials agree and take the twelve with them, leaving Gaia and Thor behind to pick up the pieces.
Much of this issue is based on Richard Wagner's opera tetralogy, "Der Ring des Nibelungen" ("The Ring of the Nibelung"). This issue is based on Act Three of "Götterdämmerung" ("Twilight of the Gods"), the fourth opera.