Bankas Snoras AB : BAB Bankas SNORAS Report to the Creditors for the quarter ending 31 December 2012 now available on the Snoras website

BAB Bankas SNORAS Report to the Creditors for the quarter ending 31 December 2012 now available on the Snoras website

Neil Cooper, Bankruptcy Administrator of AB Bankas SNORAS (in liquidation), has issued a quarterly report which provides information to the Creditors on the progress of the bankruptcy during the three months ending 31 December 2012. This report, available in both English and Lithuanian, is now available at http://www.snoras.com/en/about/creditors/index.

The report highlights the key events of the quarter ending 31 December 2012 including:
• A further "size and shape" staff review resulting in an additional reduction in the number of employees to 152 full time equivalents with effect from 31 January 2013.  As a result, the gross monthly payroll cost will be reduced by 22% to LTL 1.1 million, including social security payments.
• Loan servicing payments (interest and principal) of LTL 101.5 million received on Snoras' total loan portfolio during the period.
• Snoras' operating costs for the three months to 31 December 2012 of LTL 10.6 million, a reduction of LTL 1.2 million or 11.3% from the previous three month period.
• The sale of a number of vehicles and other moveable assets realising LTL 416,000 during the period.
• In addition to the creditors paid in the previous period, additional first ranking creditors paid a total of LTL 799,000 in the three months to 31 December 2012.
• Realisations for the cumulative period to 31 December 2012 totalled LTL 1.35 billion, taking the closing cash balance to LTL 1.153 billion.
• Sale of the mini banks completed in October 2012 for LTL 3.1 million.

Commenting on the publication of the report, Neil Cooper, Bankruptcy Administrator said:
"As with the previous quarterly report, I encourage all Creditors to read this latest report on the progress made during the three months ending 31 December 2012. We achieved a lot during the period and our hard work continues to allow us to recover maximum value from the bank's assets for the benefit of Creditors. A further progress report for the three months ending 31 March 2012 is expected to be issued in May 2013 in order to keep Creditors informed of ongoing progress.