Banks, Financial Services, Legislation, Lithuania

UAB Valnetas was selected from 6 companies that submitted their applications in later stages of the public procurement tender. UAB Valnetas will take over the work from former Bank Snoras bankruptcy administrator Neil Cooper.

"The selected candidate has been successfully administering Ukio Bankas bankruptcy process, while bankruptcies of the two banks are rather similar. Therefore, we believe that the experience and qualification of the administrator will enable to manage both processes effectively," said Chairwoman of the Creditors' Committee Aurelija Mazintiene.