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2012-05-31 Creditors are reminded they may submit a question in advance of the Creditors’ Meeting
The first meeting of creditors of AB Bankas SNORAS (in bankruptcy) (SNORAS) will take place on Tuesday 12 June 2012 at 12 noon at the “Siemens” arena, Ozo st. 14, Vilnius, Lithuania (Creditors’ Meeting).

Creditors are invited to submit any questions they may have, together with their full name and contact details ahead of the meeting, to the following email address: kreditoriai@snoras.com or creditors@snoras.com. Creditors may submit a question regardless of whether they plan to attend the Creditors’ Meeting or not. | More
2012-05-31 Proxy holders representing more than seven creditors invited to attend scheduled meeting to pre-register for SNORAS Creditors’ Meeting
The first meeting of creditors of AB Bankas SNORAS (in bankruptcy) (SNORAS) will take place on Tuesday 12 June 2012 at 12 noon at the “Siemens” arena, Ozo st. 14, Vilnius, Lithuania (Creditors’ Meeting).

It is possible that persons representing large numbers of creditors may take a long time to clear through the admission process and in order to minimise delays therefore, Neil Cooper, Bankruptcy Administrator of Snoras invites all law firms or brokerages holding more than seven proxies on behalf of creditors of BAB Bankas Snoras to make contact to schedule a meeting at the Bank’s headquarters during the week commencing 4 June 2012 to pre-register for the Creditors’ Meeting.
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2012-05-31 Snoras Bankruptcy Administrator’s proposal to appoint a Secretary to the First Creditors’ Meeting
In the Notice to Creditors dated 18 May 2012, it was stated that the Bankruptcy Administrator would make a proposal for the appointment of a Secretary for the First Creditors’ Meeting. This proposal is in respect of one of the Procedural Resolutions to be put to the Meeting. This announcement is also available on www.snoras.com

The role of the Secretary to the Meeting is to assist the Chairman of the Meeting by taking the minutes of the Meeting. Following the Meeting, the minutes will be filed at Court.
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2012-05-30 Creditors entitled to attend the Creditors’ Meeting reminded that pre-registration closes on Tuesday 5 June
The first meeting of creditors of AB bankas SNORAS (in bankruptcy) will take place on Tuesday 12 June 2012 at 12 noon at the "Siemens" arena, Ozo st. 14, Vilnius, Lithuania. Creditors wishing to attend the Creditors' Meeting are strongly recommended to pre-register ahead of the Creditors' Meeting to avoid delays on the day.  | More
2012-05-29 Letter to the Commission from Simon Freakley, Temporary Administrator
REGARDING RECENT PRESS RELEASE | More
2012-05-29 Result of the Employee Representative election announced
All current and former employees who have claims against BAB bank SNORAS had the opportunity to vote for one of seven individuals who had been nominated for the position as Employee Representative to the Creditors’ Committee. | More
2012-05-25 Online pre-registration form for those wishing to attend the Creditors’ Meeting now available
The first meeting of creditors of AB bankas Snoras (in bankruptcy) will take place on Tuesday 12 June 2012 at the “Siemens” arena, Ozo st. 14, Vilnius, Lithuania.

The Bankruptcy Administrator has sent formal notice of the Creditors’ Meeting to those entitled to attend.

Creditors wishing to attend the Creditors’ Meeting are strongly recommended to pre-register ahead of the Creditors’ Meeting by Tuesday 5 June 2012.

Creditors can use the pre-registration form included with the formal notice of the meeting they should have received or the online pre-registration form which is now available on the Snoras website via the link www.snoras.com.
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2012-05-25 Response from Simon Freakley, former Temporary Administrator of BAB Bankas SNORAS, to recent news reports
Simon Freakley, Temporary Administrator of BAB Bankas SNORAS is disappointed to read news reports relating to his recent meeting with the Ad Hoc Seimas Commission of Inquiry to Investigate the Efficiency of Supervision of Commercial Banks Operating in the Republic of Lithuania and the Situation in the Public Limited Company Bank SNORAS (in Bankruptcy) ("the Commission"), at which details surrounding the collapse of the Bank were discussed.
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2012-05-24 All current and former employees have now voted for their Employee Representative
All current and former employees who have claims against BAB bank SNORAS have had the opportunity to vote for one of seven individuals who had been nominated for the position as Employee Representative to the Creditors’ Committee. | More
2012-05-24 Confirmation of world-wide freezing order granted against previous shareholders of BAB Bankas SNORAS
Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (In Bankruptcy) (“the Bank”) can confirm that the Bank has brought civil proceedings against Mr Vladimir Antonov, the previous majority shareholder, to recover damages totalling at least EUR 492 million for breach of duty arising under Lithuanian Law and relates to allegations of misappropriation and misuse of BAB Bankas SNORAS’ assets. Additional claims may follow. In support of those proceedings, the Bank applied for, and was granted, a world-wide freezing order by Mr Justice Teare in the English Commercial Court (the ”Court”) on 18 May 2012 (“the Order”). | More
2012-05-22 Documents for the BAB Bankas SNORAS Creditors’ Meeting now available on the Snoras website
The first meeting of creditors of BAB Bankas SNORAS (in Bankruptcy) will take place on Tuesday 12 June 2012 at the “Siemens” arena, Ozo st. 14, Vilnius, Lithuania. | More
2012-05-21 Creditors entitled to attend the Creditors’ Meeting encouraged to pre-register by Tuesday 5 June 2012
The first meeting of creditors of AB bankas Snoras (in bankruptcy) will take place on Tuesday 12 June 2012 at the “Siemens” arena, Ozo st. 14, Vilnius, Lithuania.

The Bankruptcy Administrator has sent formal notice of the Creditors’ Meeting to those entitled to attend.

The formal agenda of the Creditors’ Meeting will include the election of the Chairman of the Creditors’ Meeting and the election of the Snoras Creditors’ Committee.
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2012-05-18 BAB Bankas SNORAS (in Bankruptcy) – Announcement of Date of First Creditors’ Meeting
Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS today confirms that the first Creditors’ Meeting will be held on Tuesday 12 June 2012 at the “Siemens” arena, Ozo st.14, Vilnius, Lithuania.
The registration process for the Creditors’ Meeting will start at 9am Vilnius time (EET) and the meeting will begin at 12 noon Vilnius time (EET).
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2012-05-16 All current and former employees now voting for their Employee Representative
All current and former employees who have claims against BAB bank SNORAS are now voting for the individual who will represent them on the Creditors’ Committee.

The Creditors’ Committee controls the bankruptcy procedure, the activities of the Bankruptcy Administrator and defends the interests of creditors.
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2012-05-15 BAB Bankas SNORAS Bankruptcy Administrator confirms all taxes due to SODRA have been paid
The Bankruptcy Administrator and his team can confirm they have received a claim relating to BAB Bank SNORAS’s employee tax liabilities from the state social insurance fund, SODRA. | More
2012-05-15 Date of creditors’ meeting to be announced this week
The Bankruptcy Administrator of BAB Bankas SNORAS expects to announce the date of the creditors’ meeting later this week.
Previous uncertainty over legal appeals has meant it has not been possible to confirm the date of the creditors’ meeting. Over 300 individuals have been involved in appeals to the Court on a variety of issues in relation to the Deposit Insurance Fund's claim and disputes over individual claim amounts.
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2012-05-14 Claim transfer requests submitted to Vilnius Regional Court for its approval
On 8 May 2012, BAB Bankas SNORAS submitted all requests received to date to transfer all or part of a creditor’s claim to another creditor or a third party (the transferee) to the Vilnius Regional Court. | More
2012-05-11 All set off requests relating to loans and creditor claims processed
The Bankruptcy Administrator and his team have now processed all set off requests relating to loans and creditor claims.

When the Bankruptcy Administrator was appointed over BAB Bankas SNORAS on 7 December 2011, set off was prohibited under the Lithuanian Banking Law. This meant that if a client had deposits totalling LTL 50,000 and a loan of LTL 100,000 for example, the client was still obliged to pay the full amount of the LTL 100,000 loan but the LTL 50,000 was not available to offset against the loan, something you would typically expect in other European Union states.
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2012-05-10 Update on the sale of Finasta Group and SNORO Lizingas
The Bankruptcy Administrator of BAB Bankas SNORAS can today confirm that final negotiations with investors are taking place over the sale of Finasta Group and SNORO Lizingas. | More
2012-05-08 Over LTL 107 million recovered from BAB Bankas SNORAS nostro accounts
The Bankruptcy Administrator and his team have recovered over LTL 107 million from BAB Bankas SNORAS nostro accounts in 50 banks. These banks are located in 25 different countries and cover 20 currencies. | More
2012-05-07 Over LTL 13 million of securities held by BAB Bankas SNORAS on behalf of clients have been transferred to new custodians
The Bankruptcy Administrator and his team confirm that LTL 13.2 million of securities held by BAB Bankas SNORAS on behalf of its clients have been transferred to other financial institutions.
The LTL 13.2 million is comprised of 340 individual transfers on behalf of about 200 clients in 12 countries. Over 86% of all transfers have now been successfully completed with the remaining clients being contacted to begin the process of transferring their securities to a new custodian.
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2012-05-04 Individuals nominated for the role of Employee Representative asked to confirm their nomination
All current and former employees who have claims against BAB bank SNORAS have now nominated 20 individuals for the role of Employee Representative.

The role of the Employee Representative is to represent the employees on the Creditors’ Committee. The Creditors’ Committee controls the bankruptcy procedure, the activities of the Bankruptcy Administrator and defends the interests of creditors.
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2012-05-03 BAB Bankas SNORAS Bankruptcy Administrator comments on the latest ruling by the Vilnius District Court regarding the claim of the Deposit Insurance Fund
On Friday 27th April 2012, the Vilnius District Court ruled in the appeal against the claim of the Deposit Insurance Fund (DIF) in the BAB Bankas SNORAS Bankruptcy proceedings. The Bankruptcy Administrator understands that the Court has admitted the DIF's claim at an amount of LTL 3.8 billion. The balance of LTL 0.3 billion that remains disputed will be considered by the Court at a later hearing. | More
2012-05-03 Termination of 11 BAB Bankas Snoras sub-branch leases saves almost LTL 1.5 million per month
The Bankruptcy Administrator and his team confirm that the leases of 11 of the 15 sub-branches of BAB Bankas Snoras have been terminated after a review of the Bank’s operating requirements was conducted with the help of the Bank’s management. | More
2012-05-02 Application filed to recognise the Bankruptcy of BAB Bankas Snoras in Switzerland
The Bankruptcy Administrator of BAB Bankas Snoras can confirm that he and his team have applied for the Bankruptcy of the Bank to be recognised in Switzerland. It is necessary to file the application separately given that Switzerland is not a member of the European Union.  | More
2012-05-02 Update on the sale of the BAB Bankas SNORAS mini banks
The Bankruptcy Administrator can today confirm that discussions over the sale of the mini banks of BAB Bankas SNORAS are now at an advanced stage. | More
AB Bank SNORAS
7 A.Vivulskio Str. LT-03221 Vilnius
Phone: + 370 5  239 2239
Fax: + 370 5  232 7300
E-mail: info@snoras.com
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