OREANDA-NEWS. June 1, 2012. All current and former employees who have claims against BAB bank SNORAS had the opportunity to vote for one of seven individuals who had been nominated for the position as Employee Representative to the Creditors’ Committee.

Voting closed on 22 May 2012 and the employees have elected Liudas Masolas as their Employee Representative with a very high level of support.

Mr Masolas has worked at Snoras for nearly nine years. He has been a professional banker since 1996 after studying finance and banking at Vytautas Magnus University. He has been the Vilnius Branch manager since joining Snoras, a position he continues to hold.

If Liudas is successfully elected to the Creditors’ Committee at the Creditors' Meeting on 12 June 2012, he will participate in the Creditors’ Committee meetings as the Employee Representative.

The role of the Employee Representative is to represent the employees on the Creditors’ Committee.  The Creditors’ Committee assists the Bankruptcy Administrator in the bankruptcy procedure including selling assets and deciding on the continuity or restriction of economic and commercial activities of Snoras and defends the interests of creditors.