OREANDA-NEWS. January 17, 2013. Neil Cooper, Bankruptcy Administrator of AB Bankas SNORAS (bankrupt), has issued a report which provides information to the Creditors on the progress of the bankruptcy during the three months ending 30 September 2012, reported the press-centre of BAB Bankas SNORAS.

This report, available in both English and Lithuanian, is now available at http://www.snoras.com/en/about/creditors/index.

The report highlights the key events of the quarter ending 30 September 2012 including:

Total net income in the period under review was LTL 218.1 million, including the receipt of loan servicing payments totalling LTL 204.7 million.

Snoras’ operating costs for the three months to 30 September 2012 declined by LTL 3.3 million (25.8 %) from the previous three month period.

The size and shape staff review was concluded, resulting in a reduction in the number of employees to 206. The gross monthly payroll cost reduced by 45% to LTL 1.3 million, including social security payments.

The Vilnius Regional Court granted a liquidation order in respect of Snoras on 22 August 2012.

Commenting on the publication of the report, Neil Cooper, Bankruptcy Administrator said:
“I encourage all Creditors to read the report on the progress made during the three months ending 30 September 2012. We achieved a lot during the period and our hard work continues to allow us to recover maximum value from the bank’s assets for the benefit of Creditors. A further progress report for the three months ending 31 December 2012 is expected to be issued in February 2013 in order to keep Creditors informed of ongoing progress.”