OREANDA-NEWS. October 01, 2012. The Vilnius Regional Court has approved an application submitted by Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (in bankruptcy), which sought approval of the creditors’ plan to settle the claims of the first rank creditors of the bank in accordance with the law, reported the press-centre of Snoras.

The first rank creditor class comprises the bank’s former and present employees who have approved claims of approximately LTL 9.2 million. Now that the Court has approved the application, payments shall be paid to these first rank creditors as soon as possible once the appeal period has expired.

Commenting on the creditors’ settlement plan, Neil Cooper, Bankruptcy Administrator said:
“The settlement of the first rank creditor claims is an important step in the bankruptcy process and we look forward to being able to make these payments to former and present employees of the bank who have had their claims approved by the court.”