OREANDA-NEWS. April 13, 2012. In recent weeks the Bankruptcy Administrator and his team have worked with a large number of potential purchasers of Bank SNORAS’ retail banking network;  SNORO Lizingas - one of the largest providers of consumer financial services in Lithuania; and FINASTA, a successfully operating asset management and corporate banking group  They have negotiated intensively and carefully examined more than 20 bids from potential investors, reported the press-centre of Bank SNORAS.

After review of the bids and further discussions, a smaller group of potential investors were invited to submit their final binding bids. Binding offers from a number of investors were received for these businesses, including both Lithuanian as well as foreign investors (other Baltics, Scandinavian and UK).

“All final investment proposals will be evaluated within two weeks, so the potential sale of the assets could take place as early as during April 2012. We are now at the stage where we have to assess every element of each offer and consider the  legal aspects in great detail to ensure the sale procedure best meets the interests of creditors and provides the  maximum benefit“, - says the Bankruptcy Administrator Neil Cooper.

Further announcements will follow once the winning bids are confirmed. It is likely that some or all of the offers will need to be ratified by the Creditors Committee in due course.