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The move will enable to reach an amicable settlement between the shareholders of the club and the creditors. It will also allow to sell Heart of Midlothian Plc, the company which owns the Hearts football club, to an investor Bidco. The creditors of Ukio Bankas also authorised to write off a part of a loan issued to Heart of Midlothian Plc once the structure and value of the transaction are agreed upon.

"The agreement with the buyer of the Hearts football club is significant to us in several aspects. First, it marks the beginning of the realisation of the bank's assets overseas. Second, the Scottish football club is related to emotions, history, traditions and an army of supporters. Therefore, we are pleased that the issue has been set amicably. I am sure the decision will be evaluated positively by the local media and community. Third, there was no possibility to recover the total amount of loans issued. This shows that former managers and owners of the bank followed imprudent investment and lending strategies," said Gintaras Adomonis, Bankruptcy Administrator of BAB Ukio Bankas.

Ukio Bankas has a pledge over 29.9% of the club's shares. The controlling interest is owned by Ukio Bankas Investment Group (UBIG) which is also undergoing bankruptcy procedures. UBIG creditors have approved a deal with Bidco on 7 April.

Heart of Midlothian Plc owes Ukio Bankas LTL 61.6 million (EUR 17.8 million).