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Snoras’ creditors set salary limit for bankruptcy administrator and his team

Neil Cooper
Irmanto Gelūno / 15min nuotr. / Neil Cooper
Šaltinis: BNS

Neil Cooper, bankruptcy administrator of Lithuania’s commercial bank Snoras, will be paid a monthly compensation of 100,000 litas (EUR 28,985) from August, the committee of Snoras’ creditors decided on Thursday.

The committee also established a 5 million litas monthly expenditure limit for Cooper’s team, Aurelija Mažintienė, head of the state-owned Deposit Insurance Fund and chairwoman of the creditors’ committee, told BNS.

“Moreover, actual expenditures sustained by the bankruptcy administrator’s team will be checked against the reports submitted each month. We have also envisaged a success fee for advisers, which will depend on the results of the bank’s assets sale by the end of the year,” she said.

A decision on the reimbursement of expenditures already sustained by Snoras’ bankruptcy administrator and his team is still pending.

“The committee did not take a decision on past expenditures as it asked the bankruptcy administrator’s team to provide the reports covering the entire period concerned. The decision will be taken as soon as these reports are submitted and studied by the committee”, Mažintienė said.

The court allocated around 68 million litas for Snoras’ administration needs in the period between late December 2011 and late April 2012.

The Lithuanian government nationalized Snoras on 16 November 2011. A court opened bankruptcy proceedings against the bank on 7 December.

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