High value real estate portfolio now being sold by Snoras Bankruptcy administrator - Over LTL 50 million is expected to be received for 14 properties

The Bankruptcy Administrator of Snoras has started the process of selling high value foreclosed real estate. The real estate portfolio comprises 14 properties and is valued at more than LTL 50 million. Revenues from the sold real estate will contribute to the funds available for payments to the Bank's creditors.

The 14 properties are to be offered in a Forced Auction and include land lots, functioning production facilities, residential housing, commercial projects and investment properties.  

"The properties have been assessed by independent appraisers and are fully prepared for sale. We consider that the properties will be attractive to prospective purchasers, and the sale of these will realise a further significant amount for Snoras creditors. It is also an important message to the existing bank clients, emphasizing that it is essential to maintain repayments under loan contracts with Snoras bank because all accounts are thoroughly monitored and we will take recovery action where necessary", says Neil Cooper, the Bankruptcy Administrator of the Snoras bank.   

According to Ramun