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2012-01-27 After resuming payments of installments for loans, the bank “Snoras” has already been paid 50 millions of litas (loans and interest)
After resuming payments of installments for loans, since the 28th of December, 2011, the Clients of the bank „Snoras“ have paid over 42 millions of litas and more than 7 millions of litas of interest. The major part of the paid loans are payments in litas – more than 36 million of litas. The remaining part – in euros and US dollars. | More
2012-01-25 “Snoras” returned over 5.5 million Litas of non-loan payments to residents and companies
The Bankruptcy Administrator of „Snoras“ has returned over 5.5 million Litas to the customers who mistakenly paid for goods and services to the accounts at the bank „Snoras“.
„Since December 28th, 2011 when bank „Snoras“ resumed acceptance of installments for loans and some customers continued to make payments for goods and services via their bank accounts, all the non-loan payments made were recorded and the funds returned to the sender“ – says the Bankruptcy Administrator of „Snoras“ Neil Cooper.
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2012-01-23 15 percent of the bank „Snoras“ creditors have submitted their claims
As only 15 percent of all the expected creditors‘ claims have been submitted to the bank „Snoras“, the Bankruptcy Administrator Neil Cooper encourages the creditors not to postpone this procedure to the last days. | More
2012-01-20 Important information for counterparties regarding termination of contracts
According to Article 11 part 3 item 13 of the Enterprise Bankruptcy Law of the Republic of Lithuania, the administrator shall, no later than 30 days from the entry into force of the court ruling to initiate bankruptcy proceedings, inform the parties concerned of his intent or refusal to perform transactions entered into by the enterprise the period of performance of which has not yet expired. | More
2012-01-19 Update from SNORAS Bankruptcy Administrator regarding customer and commercial contracts
Earlier this week the Bankruptcy Administrator announced a new staff and management structure reflecting the revised business model required during the bankruptcy process. Alongside the review of staffing requirements the Bankruptcy Administrator has also undertaken the review of the Bank's contracts as required under the Lithuanian bankruptcy law. | More
2012-01-19 Update regarding set-off procedures and recent speculation
The Bankruptcy Administrator of Snoras has today been made aware of speculation regarding set-off procedures adopted following the Bank being placed into the bankruptcy. | More
2012-01-18 SNORAS Bankruptcy Administration update - 93% of Snoras safety deposit boxes successfully collected
The Bankruptcy Administrator and his team are pleased to announce that having started the process of making contact with individual safety deposit box holders on November 30th as of the close of business on 17 January the contents of 363 of 391 safety deposit boxes across the SNORAS Bank branch network nationwide have been collected. | More
2012-01-18 Statement from SNORAS Bankruptcy Administration team regarding set-off
The bankruptcy administrator is aware of the new law on set off which came into force on 1 January 2011 and is working with his team to establish how it impacts on the SNORAS bankruptcy. The law will be relevant to depositors eligible for deposit insurance compensation and who are also borrowers from the bank – our analysis suggests that this may be as many as 11 per cent (approx. 50 000 clients) of all customers. | More
2012-01-17 Another two subdivisions opened as Court approved SNORAS Bankruptcy Administrator’s request for extension
The District Court of Vilnius has issued its decision to extend the deadline for submission of claims by creditors of SNORAS until February 10th 2012. Today, on January 17th, two other subdivisions of Bank SNORAS start operating in Kupiškis and Raseiniai, where the bank's creditors and clients will be able to lodge their creditor claims. The total of 17 Bank SNORAS subdivisions are presently operating in Lithuania. | More
2012-01-17 SNORAS customers can from today once again service their loan agreements
As a result of steps taken by the Bankruptcy Administrator to resume loan operations, SNORAS customers can from today once again service their loan agreements taken out prior to the Bank being placed in temporary administration. Customers can service their loans in one of two ways:

- In Lithuanina Litas using existing account arrangements
- In foreign currency using the Bank’s account held at SEB

Details of the SEB account are available via the Bank’s website, Call Centre or any one of our 17 open branches and sub-branches nationwide.
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2012-01-16 SNORAS Bank Bankruptcy Administrator announces revised management structure
As part of the ongoing process of asset recovery and realization the Bankruptcy administrator has today announced a new management structure within SNORAS Bank (the Bank). Under this new structure 904 of the Bank’s 1351 employees at the announcement of bankruptcy will be retained on fixed term contracts. | More
2012-01-12 A significant number of professional investors have expressed interest in the assets of Snoras
The bankruptcy administrator is considering the disposal of some of its businesses and subsidiaries.

During the Temporary Administration work was undertaken to assess the possibilities for corporate finance and M&A options for the Bank. This work has been taken on by the Bankruptcy Administrator to assess the possibility of disposals of some of its businesses and subsidiaries, in particular the full retail banking platform, its consumer finance business, Snoro Lizingas, and the investment and wealth management business, Finasta. Significant work has been undertaken to assess the options and to progress the sale packages and opportunities.
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2012-01-12 The bankruptcy administrator of SNORAS Bank has already found assets of over 2 billion Litas in Lithuania and abroad
The bankruptcy administrator of SNORAS Bank together with the bank’s staff and foreign advisers, with a view to identify, protect, and recover assets of the bank, have already identified financial assets of over 2 billion Litas in Lithuania and abroad. In particular, 74 properties located in Lithuania, Estonia, Russia and France with a total value of over 334 million Litas are under the control of the Bankruptcy administrator. Three vehicles with total value of 1 million Litas are in the process being seized in London and handed over to the administrator. 102 other vehicles of the bank are under the control of the bankruptcy administrator. | More
2012-01-10 Bank SNORAS has opened the doors of 5 other subdivisions to accept the creditor claims
Today, on 10th January, five other subdivisions of Bank SNORAS start operating, where the bank's creditors and clients will be able to lodge their creditor claims. The total of 15 Bank SNORAS subdivisions are presently operating in Lithuania. | More
2012-01-09 Information towards temporary administrators’ activities
In advance of the appointment of Simon Freakley, Senior Partner of Zolfo
Cooper LLP, as temporary administrator to Snoras Bank AB it was agreed that he would be retained at the level of €140,000 per month. Additional costs incurred during the temporary administration process are made of fees paid to the skilled multidisciplinary team of forensic accountants, restructuring professionals, legal advisers and banking operations specialists who supported Freakley in his work to stabilise the Bank, clarify its financial position, identify assets and present the Lithuanian Central Bank with a range of options regarding the future for Snoras.
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2012-01-09 Invitation to lodge a claim. Time limits to be observed
Please be informed that on 7 December 2011 the Vilnius Regional Court passed a ruling to initiate bankruptcy proceedings of AB bank SNORAS (legal entity code 112025973, with a registered address at A. Vivulskio str. 7, Vilnius, Lithuania) (hereinafter – the Bank). | More
2012-01-06 Since today creditor claims are accepted in ten branches of Bank SNORAS as well
By the decision of Bank SNORAS bankruptcy administrator, since today creditor claims of Bank SNORAS creditors and clients will be accepted in ten subdivisions of Bank SNORAS (*) in large Lithuanian cities. | More
2012-01-05 Concerning payment of instalments for loans to Bank SNORAS
Bank SNORAS bankruptcy administrator reminds the bank clients that presently they can perform only loan instalment payments to Bank SNORAS accounts. If any other payments are made via Bank SNORAS, these will be returned to the client's accounts in other banks as soon as possible.  | More
2012-01-05 Questions and answers concerning completion of creditors claims form
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