OREANDA-NEWS. May 12, 2012. The Bankruptcy Administrator and his team confirm that the leases of 11 of the 15 sub-branches of BAB Bankas Snoras have been terminated after a review of the Bank’s operating requirements was conducted with the help of the Bank’s management, reported the press-centre of BAB Bankas Snoras.   

The termination of these leases will result in savings of approximately LTL 1.5 million per month for the Bankruptcy estate.

Commenting on the sub-branch closures, Neil Cooper, Bankruptcy Administrator said:
“Identifying cost savings is an important and necessary part of the Bankruptcy process and the termination of the leases of 11 sub-branches has resulted in considerable cost savings that will improve the returns to creditors. The remaining four sub-branches of the Bank, along with the 10 main branches remain open to accept enquiries from creditors and borrowers.”