OREANDA-NEWS. February 11, 2014. The Vilnius Regional Court approved the second plan of payments to the State company Deposit and Investment Insurance, the second ranking creditor of Snoras bank, comprising five tranches for the total amount of LTL 500 million to be paid by the Snoras bankruptcy administrator to the creditor. The first payment of LTL 50 million was made recently under the newly approved plan of payments which stipulates that all payments will be made by 30 June 2014.   

Prior to this plan, the Snoras Bankruptcy administrator has already paid LTL 425 million towards the claim of Deposit and Investment Insurance. Together with the newly approved payments, the total amount disbursed to the second ranking creditor will be LTL 925 million by the first half of the year.

"The winding up procedures continue to progress as we make further significant payments to the second ranking creditor of the bank. Our payments are made according to the forecast availability of funds from investments made and assets realised and in line with the requirements imposed by the court," says Neil Cooper, Snoras Bankruptcy administrator.   

The Deposit and Investment Insurance has claims against Snoras bank of LTL 3.99 billion for payments in respect of insured deposits.