SNORAS Creditors Proposal Received by Bankruptcy Administrator
OREANDA-NEWS. June 7, 2012. Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (in bankruptcy) confirms he has received a proposal for a SNORAS Creditors' Committee supported by the state company Deposit and Investment Insurance which holds approximately 60.7% of the total creditor claims currently accepted by the Court against SNORAS.
The proposed committee would include a total of nine (9) members: Martinas Gusiatinas (a Lithuanian individual customer), UAB "Bikuvos prekyba" (a Lithuanian corporate customer), Holten Investments Ltd. (a non-Lithuanian corporate customer), the state company "Deposit Insurance and Investment" (chairperson and three (3) other members), the State Social Insurance Fund Board under the Ministry of Social Security and Labour and a Representative elected by former and current employees. The committee proposal is based on some terms which are attached to this announcement.
Commenting on the Deposit and Investment Insurance proposal, Neil Cooper, Bankruptcy Administrator said:
"This proposed committee includes a cross section of interests representing substantial claims from major groups of creditors. The proposal to limit the committee to nine members will assist the efficiency of the committee."
"It will be for the Creditors' Meeting on 12 June 2012 to make a final decision on the composition of the Creditors' Committee but creditors can vote on the Deposit and Investment Insurance company's proposal or any alternative proposal without attending the meeting until midnight on 5 June 2012 by using the advance voting form included with the formal notice of the Creditors'."
"It is reminded that should a creditor decide not to attend or vote at the Creditors' Meeting, it will not prejudice their claim and entitlement to any dividend in the bankruptcy, should there be one. No distribution will be made to creditors at the Creditors' Meeting. The report to be presented to the Creditors' Meeting will be made available on the SNORAS Website prior to the Meeting."