OREANDA-NEWS. May 12, 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, reported the press-centre of BAB Bankas Snoras.   

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.

This moves the process a further stage forward towards the calling of the first creditors' meeting.

Commenting on the ruling, Neil Cooper, Bankruptcy Administrator said:

"This is welcome news and we expect to be able to convene the creditors' meeting very soon. We will announce the details of the meeting shortly and will be making an up to date financial report available before the creditors' meeting. I look forward to working with the Creditors' Committee to address a number of important decisions relating to what is a complex and truly international bankruptcy."