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2014-02-27 The second phase to sell the Snoras loan portfolio begins - Following further due diligence, shortlisted potential buyers will provide binding offers
After obtaining agreement from the Creditors' Committee, the Bankruptcy Administrator of Snoras bank, Neil Cooper, started phase two of the sale process in respect of the bank's loan book. Once potential investors have undertaken further detailed due diligence on the loan portfolio, the bidders selected to participate in the second phase will provide binding offers. In the first phase, over 100 parties expressed interest in the Snoras loan portfolio. | More
2014-02-26 Neil Cooper: “We have been fully cooperating with law enforcement authorities on their investigation for nearly two years now”
Snoras Bankruptcy Administrator Neil Cooper confirms that he is informed about the on-going investigation regarding two operations performed during the bankruptcy administration period. Furthermore, the Bankruptcy Administrator has provided full cooperation to the investigating officials concerning the circumstances referred to in the investigation for nearly two years already, since March 2012. Neil Cooper and members of his team have met several times with the investigating officials and prosecutors in the course of this investigation. | More
2014-02-13 Neil Cooper agrees his plans to retire and will transfer his duties in Snoras to a newly appointed bankruptcy administrator
Today, Neil Cooper, bankruptcy administrator of Snoras bank, has agreed with the Creditors‘ Committee a plan to retire as Bankruptcy Administrator as part of his wider retirement plans later in the year from the international consulting firm Zolfo Cooper. Upon approval of the Creditors’ Committee, the administration of the bankruptcy of the Snoras bank will be transferred to a qualified bankruptcy administrator approved by both its creditors and the court. The procedures for the selection of a new bankruptcy administrator will be commenced shortly in line with the bank's agreed procurement policy.  | More
2014-02-13 LHV Group and RAZFin consortium selected for final negotiations to acquire Finasta - Borges Equity Partners was excluded from the procedure after they asked the Bank of Lithuania to terminate their application process
The Snoras bankruptcy administrator will continue final negotiations on the sale of the Finasta banking group with LHV Group from Estonia (acting in consortium with Lithuanian-based RAZFin) for the conclusion of the transaction. The deal is expected to be closed by the end of April 2014 when the clearance issued by the Bank of Lithuania for LHV to acquire Finasta expires. | More
2014-02-05 Snoras Bankruptcy administrator will pay LTL 500 million more to Deposit and Investment Insurance - Largest creditor of insolvent bank will recover LTL 925 million by 30 June
The Vilnius Regional Court approved the second plan of payments to the State company Deposit and Investment Insurance, the second ranking creditor of Snoras bank, comprising five tranches for the total amount of LTL 500 million to be paid by the Snoras bankruptcy administrator to the creditor. The first payment of LTL 50 million was made recently under the newly approved plan of payments which stipulates that all payments will be made by 30 June 2014. | More
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