OREANDA-NEWS. October 01, 2012. Neil Cooper, Bankruptcy Administrator of BAB Bankas Snoras (in Bankruptcy) can confirm that default rates across both the corporate and retail loan portfolios have improved significantly. Cash receipts from loan repayments and interest in August 2012 amounted to LTL 38 million, bringing the total realized from the loan book for the benefit of creditors since Bankas SNORAS entered bankruptcy on 7 December 2012 to LTL 583 million, reported the press-centre of Snoras.

The loan book represents a major asset of the bank and the Bankruptcy Administrator and his team continue to work hard to ensure that borrowers make repayments according to their payment schedules.

Commenting, Neil Cooper, Bankruptcy Administrator said:
“I am particularly pleased that the perseverance and successful restructuring actions undertaken by the Bank’s loan administration and management teams together with my advisors have reversed the deterioration in default statistics evident in the early stages of the bankruptcy process. Like any responsible bank we are always willing to talk to customers experiencing financial difficulties to find an appropriate solution where possible.”