OREANDA-NEWS. December 03, 2013. Agreed creditors with first ranking, i.e. the employees of the bank, have already been paid and received LTL 9.3 million.

The Snoras bankruptcy administrator has now, on 19 November, made the first payment of LTL 300 million to the second ranking creditor, the State company Deposit and Investment Insurance. Following approval by the court, Insurance Deposit and Investment Insurance, will be paid LTL 425 million in 3 payments by 31 January 2014.

Neil Cooper, Snoras bankruptcy administrator stated: "We are now in a position to begin to settle second ranking creditors, and this first payment to the Deposit and Investment Insurance, although it is relatively modest, is an extremely important achievement in the bankruptcy proceedings. It is a clear sign that we are making progress in dealing with the bankruptcy of the Snoras group. We must remember that we have received almost 30,000 creditor claims from over 50 countries and are seeking to recover assets of the bank for the creditors from almost 20 countries".

According to Mr Cooper, after these payments are made, a further LTL 1.3 billion will be paid to the Deposit and Investment Insurance as soon as investments in Lithuanian government bonds and bank deposits mature and the Court grants approval. Funds from future realisations of Snoras assets will be also paid to creditors of the bank.