Banks, Financial Services, Legislation, Lithuania

International Internet Magazine. Baltic States news & analytics Sunday, 19.05.2013, 21:18

EUR 0.3 bln cash recovered for benefit of Snoras' creditors

Danuta Pavilenene, BC, Vilnius, 10.08.2012.Print version
Neil Cooper, Bankruptcy Administrator of Snoras bank (in bankruptcy) has confirmed that as of 31 July 2012 over LTL 1.1 billion (EUR 0.3 billlion) cash has been recovered and realised for the benefit of creditors, the bank said.

The majority of the cash recovered has come from repayments of capital and interest from the bank's loan book reflecting the ongoing valuable work undertaken by the bank's loan management team, writes LETA/ELTA.

 

Additional significant sums have been collected from the realisation of financial assets which were held in 25 countries and in 20 currencies, and finally from cash and liquid deposits held in the branches and with a variety of counterparty banks. In total, LTL 39.7 million (EUR 11.5 million) of this cash was recovered in July 2012.

 

The bankruptcy administrator and his team continue to work hard to maximise the recovery and realisation of assets for the benefit of creditors on this international and complex bankruptcy.




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