OREANDA-NEWS. June 9, 2012. Neil Cooper, Bankruptcy Administrator of AB Bankas SNORAS (in bankruptcy), has today made his report available which provides information to creditors on the progress of the bankruptcy since his appointment and includes initial financial information and a summary of the activities of the bankruptcy team to date. It can be viewed at http://www.snoras.com/en/about/creditors/index

The report refers to the work being undertaken to investigate the circumstances leading to the deficiencies in the SNORAS balance sheet.  It also provides answers, to the extent possible at this stage, to some of the creditors’ most frequently asked questions relating to the bankruptcy as the Bankruptcy Administrator.

In addition to the frequently asked questions contained within the report, creditors are invited to submit other questions they may have, together with their full name and contact details, ahead of the Creditors’ Meeting to be held on 12 June 2012, 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.  Creditors will also have the opportunity to submit questions on the day of the meeting by completing a question form and submitting it by 12.00 noon in the marked boxes at the meeting venue. However, it will not be possible for creditors to raise oral questions during the meeting.

It should be noted that there will not be sufficient time at the Creditors’ Meeting to answer all questions submitted by creditors. The Bankruptcy Administrator will therefore seek to address the most popular questions in the meeting itself. Copies of the questions and answers covered in the Creditors’ Meeting, together with other relevant questions of general interest that could not be answered in the meeting, will be made available on the SNORAS website shortly after the meeting.

Commenting on the publication of the report and the answering of creditors’ questions, Neil Cooper, Bankruptcy Administrator said:

“I encourage all creditors to read the comprehensive report on the status of the Snoras bankruptcy released today. We have endeavoured to address all the key issues involved and answer as many creditor queries as possible in the report. I hope creditors find it beneficial. Creditors will have access to all the relevant information regardless of whether they attend the meeting or not.”

“At the meeting I will endeavour to answer as many of the written questions submitted by creditors prior to the start of the meeting as time permits. The relevant questions and answers will also be made available on the Snoras website following the meeting for those creditors unable to attend.

“I would like to remind creditors that we will not be determining the amount, validity or priority of creditor claims at the Creditors’ Meeting and there will be no distributions or payments to creditors.  No decisions will be made relating to the sale of assets or the costs associated with the bankruptcy.”