OREANDA-NEWS. September 17, 2012. Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (in bankruptcy) is pleased to confirm that as of 28 August 2012 approximately LTL 1.2 billion cash has been recovered and realised for the benefit of creditors, reported the press-centre of BAB Bankas Snoras. 

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.  Additional significant sums have been collected from the realisation of financial assets which were held in 25 countries and in 20 currencies, and finally from cash and liquid deposits held in the branches and with a variety of counterparty banks. In total, LTL 41.4 million of this cash was recovered in August 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.