OREANDA-NEWS. August 09, 2012. Neil Cooper, Bankruptcy Administrator of AB Bankas SNORAS (in bankruptcy) confirms that on 31 July 2012, a further 142 employees of the bank were made redundant as a result of the ongoing downsizing of Snoras' operations. This will save approximately LTL 891,000 per month, reported the press-centre of Snoras.

These redundancies take the total number of job losses since the commencement of bankruptcy proceedings on 7 December 2011 to 1,192. As of 1 August 2012, Snoras has 205 remaining employees, leaving the bank with sufficient resources to continue to collect all monies due to the bank and to resolve outstanding queries with customers.

Commenting on the latest redundancies, Neil Cooper, Bankruptcy Administrator said:

"Whilst regrettable, these redundancies are necessary and form part of a wider cost cutting exercise which is being implemented with the full support of the Creditors' Committee. I would like to thank all employees, past and present, for their hard work and professionalism during what has been a difficult time."