OREANDA-NEWS. May 23, 2012. Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS confirms that the first Creditors’ Meeting will be held on Tuesday 12 June 2012 at the “Siemens” arena, Ozo st.14, Vilnius, Lithuania.

The registration process for the Creditors’ Meeting will start at 9am Vilnius time (EET) and the meeting will begin at 12 noon Vilnius time (EET).

The formal agenda of the Creditors’ Meeting as required by the applicable laws will be the following:

1. Procedural resolutions to approve the agenda and the Secretary to the meeting

2. Election of the Chairman of the Creditors’ Meeting

3. Election of the Snoras Creditors’ Committee.

Commenting on the confirmation of the first Creditors’ Meeting, Neil Cooper, Bankruptcy Administrator said:

“The collapse of Snoras has had a material impact on the customers, counterparties and employees of Snoras both in Lithuania and abroad. Since my appointment as Bankruptcy Administrator on 7 December 2011, we have worked to preserve and protect the assets pending the appointment of a Creditors’ Committee by the first Creditors’ Meeting.”

“The first Creditors’ Meeting will provide me with an opportunity to report on progress in the Bankruptcy to date. The appointment of a Creditors’ Committee will allow a new phase of the bankruptcy to begin during which further actions can be taken to recover and realise the assets of Snoras for the benefit of all creditors.”