2012-11-19 11:19

Snoras bankruptcy administration cost over 30 million euros so far

The administrator of Lithuania’s Snoras, the bankrupt commercial bank being wound up, spent 111.6 million litas (EUR 32.35m) on the bank’s administration in seven months of his activities, i.e. from 7 December 2011 to 30 June 2012.
„Snoras“
„Snoras“ / Irmanto Gelūno / BNS nuotr.

Some 23.1 million litas were paid to staff and 31.1 million litas to advisers during that period, Neil Cooper said in his report to Snoras’ creditors committee, which was published on Thursday.

Other expenses totaled 35.5 million litas, including 5 million pounds paid as security to the British court for the seizure of assets of Vladimir Antonov, previously the largest single shareholder of Snoras.

Cooper noted that he had not received any wages since the opening of Snoras’ bankruptcy proceedings last December, as it had not been approved by the creditors’ committee.

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