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2012-11-28
Approximately LTL 1.3 billion cash now recovered for the benefit of creditors of BAB Bankas Snoras
Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (in bankruptcy) is pleased to confirm that as of October 31st approximately LTL 1.3 billion of cash has been recovered and realised for the benefit of creditors.
 
The majority of the cash recovered has come from repayments of capital and interest from the bank’s loan book reflecting the ongoing valuable work undertaken by the Bank’s loan management team. Key highlights from the loan management work stream are as follows:
 
Gross loan book value as at 1 November 2012 was LTL 3.38 billion with an estimated net value after impairment of LTL 1.63 billion. Loan exposure to affiliated parties exceeds LTL 1 billion.
 
Loan portfolio quality deterioration evidenced in the beginning of 2012 has been reversed by the BA’s team working closely with the bank’s loan department.  Loans in technical default increased materially during the first few months after the decision to enter bankruptcy. As an example, in December 2011 the retail loan portfolio had about 4% of loans in technical default, the rate soared to 21% in March 2012 and currently is normalised back at 5%.
 
In addition to the loan book approximately 600 million LTL has been collected from the realisation of assets, including the recent sale of the mini-bank network to Lietuvos Pastas.
 
In total, LTL 44.5 million was recovered in the month of October 2012.
 
The Bankruptcy Administrator and his team continue to work hard to maximise the recovery and realisation of assets for the benefit of creditors on this international and complex bankruptcy.

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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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