OREANDA-NEWS.  July 22, 2014. Snoras Bankruptcy Administrator has completed payment of LTL 500 million to the secondary-ranked creditor State company Deposit and Investment Insurance under the second payment schedule approved by the Regional Court of Vilnius.

The approved creditor claims by the primary-ranked and secondary-ranked creditors in the amount of LTL 934 million have been satisfied already.

The third payment schedule, under which further amount of LTL 800 million would be paid to the largest creditor Deposit and Investment Insurance before December 2014, has been approved by the Court recently. Payments will be made gradually after the investment terms of the accumulated funds expire.

"Payments to creditors proceed smoothly; we have already paid almost one billion Litas and will exceed this number shortly. This is a significant amount returned to the creditors on the sold property and assets of the bank as well as on the discovered loan transfer schemes, under which assets of the bank have been directed to the funds registered in Cyprus, Cayman and the British Virgin Islands," says Neil Cooper, Snoras Bankruptcy Administrator.    

All claims amounting LTL 9.3 million of the primary-ranked creditors, that is, employees of the bank, have been satisfied so far during  the ongoing bankruptcy procedure of Snoras. LTL 925 million have been paid to Deposit and Investment Insurance, the secondary-ranked creditor of Snoras till now.

Deposit and Investment Insurance has brought a claim on LTL 3.99 billion against Snoras bank for the insured deposits.