OREANDA-NEWS. June 25, 2012. The first meeting of creditors of AB bankas SNORAS (in bankruptcy) was held at the "Siemens" arena in Vilnius, Lithuania, reported the press-centre of SNORAS. 

Approximately 600 creditors or their representatives physically attended the meeting. The formal purpose of the meeting was to approve the agenda of the Creditors' Meeting, appoint the secretary to the Creditors' Meeting, elect a chairman of the Creditors' Meeting and elect the SNORAS Creditors' Committee.

A representative of the state enterprise "Deposit and Investment Insurance", was elected as chairperson to the meeting by a large majority of creditors representing approximately 83% of the total value of claims accepted by the Court as at 12 June 2012, and the meeting was subsequently chaired by Aurelija Mazintiene, a director of the state enterprise "Deposit and Investment Insurance".

The SNORAS Creditors' Committee received the support of creditors representing more than 76% of the total value of claims. The Creditors' Committee comprises four representatives of the state enterprise "Deposit and Investment Insurance",  one representative from the State Social Insurance Fund Board under the Ministry of Social Security and Labour, one representative from Holten Investments Ltd (Non-Lithuanian corporate creditor), Martinas Gusiatinas or his representative (Lithuanian individual creditor), one representative from Uzdaroji Akcine Bendrove "Bikuvos" prekyba (Lithuanian corporate creditor) and Liudas Masolas (the Employee Representative elected by a ballot of the employees of SNORAS in May 2012).

The agenda was approved by creditors representing approximately 90% of the total value of claims and Justinas Bucys as the secretary received the support of creditors representing more than 87% of the total value of claims.

Commenting on the election of the creditors' committee, Neil cooper, Bankruptcy Administrator said:
"I look forward to working with the Creditors' Committee during the next phase of the bank's bankruptcy process. I believe the committee will work to represent the interests of all creditors and I will be meeting with the Committee later this week to discuss the progress made to date and what options are now available to the Committee relating to the realisation of the Banks' assets."