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Saturday, 27.04.2024, 05:14
Sales process of bankrupt Snoras' loan portfolio begins
The portfolio put on sales consists of 16 loans to businesses and 9 loans to individuals. Most of the clients are companies and natural persons from Russia. The loans were collateralised by real estate located in Russia.
"The story of this portfolio of liabilities is rather exotic and complex. The-then owners of the bank had transferred loans to funds registered in the Cayman Islands and the British Virgin Islands, but the former bankruptcy administrator's team disclosed the scheme and retained liabilities to Snoras. Later, the liability package was analysed and prepared for sale. I believe the portfolio has good chances to be sold now, even taking into account complicated economic situation in Russia," said Gintaras Adomonis, current bankruptcy administrator of bank Snoras.
In late July, the bankruptcy administrator's team signed major loan portfolio sales agreement with a consortium of investors – investment funds registered in Luxembourg and Deutsche Bank AG. Buyers agreed to pay no less than EUR 169,685,000 for the portfolio.
As reported, the Lithuanian Government suspend bank Snoras activities on 16 November 2011. The Bank of Lithuania appealed to the court a week later asking to initiate insolvency proceedings. Bankruptcy case against Snoras was opened on 7 December 2011.