Bankas Snoras AB : BAB bankas SNORAS Report of Bankruptcy Administrator to the Creditors now available on the Snoras website

BAB bankas SNORAS Report of Bankruptcy Administrator to the Creditors now available on the Snoras website

Neil Cooper, Bankruptcy Administrator of AB Bankas SNORAS (in bankruptcy), has issued a formal report which provides information to the Creditors on the progress of the bankruptcy across the various operational, assets and liability management work streams since his appointment to 30 June 2012. This report is now available at http://www.snoras.com/en/about/creditors/index.

The report includes financial and operational information and provides details in relation to the key asset classes that constitute the bank's balance sheet. It also highlights the principal achievements throughout the bankruptcy including:

• LTL 1.09 billion cash income to the bankruptcy estate from 7 December 2011 to 30 June 2012.
• Steps taken to recover funds and assets including a World Wide Freezing order to support a claim made in the English high court against the former shareholders for at least EUR 492 million (approximately LTL 1.7 billion) and recognition of the bankruptcy of Snoras in overseas jurisdictions to support asset recovery litigation.
• LTL 480 million of loan servicing payments collected as of 30 June 2012 as a result of active management of the loan portfolio.
• Notices sent to approximately 135,000 potential creditors of Snoras, inviting them to submit details of their claims.
• Approximately 28,500 creditor claim forms processed by 180 bank staff supervised by the Bankruptcy Administrator's team with the vast majority of claims now agreed and employee claims paid.
• Approximately 24,500 creditors were notified of the initial creditors meeting, following which the meeting was successfully convened and an effective committee formed.
• Significant cost saving measures implemented to maximise recoveries to creditors.

Commenting on the publication of the report, Neil Cooper, Bankruptcy Administrator said:
"I encourage all creditors to read the comprehensive report on the status of the Snoras bankruptcy released today. We have endeavoured to address all of the key issues and highlight the progress made during this highly complex international bankruptcy. We have achieved a lot so far and our hard work continues to allow us to recover maximum value from the bank's assets for the benefit of creditors. Further reports will be issued to the creditors in due course in order to keep them informed of ongoing progress.