According to the preliminary agreement signed between Snoras’ bankruptcy administrator and Big Group, the deal would be implemented if cleared by the Competition Council and other terms and conditions were met. BNS could not contact Gudelis for comment. Previously he said that he would pay more than 10 million litas (EUR 2.8m) for the shares.
Snoras Media, which was established back in 2009, acquired a 34-percent stake in Lietuvos Rytas early in 2010 and is now the biggest shareholder of the media group. The value of the holding has been put at 20 million litas (EUR 5.8m), which is equal to the sum the company owes to Snoras bank.
Earlier this year, Gudelis was forced to sell a 49-percent stake in Douglas Baltic, the Baltic unit of Douglas, one of Europe’s largest cosmetics chains. The holding is being sold to Dutch-registered Douglas Investment.
Snoras Media, which had no operations last year, posted a 14,000-litas net loss for 2012, reversing the year-earlier profit of 19,000 litas.