OREANDA-NEWS. May 27, 2013. Neil Cooper, Bankruptcy Administrator of BAB bankas SNORAS (bankrupt), confirms that an agreement has been reached over the sale of Snoro lizingas shares to AS LHV Group, one of Estonia’s largest banks and its partner RAZFin, an investment company controlled by Rakauskai family and investment group Zabolis Partners. 

The transaction will complete once the necessary approvals from the Competition authorities have been obtained and other closing conditions have been fulfilled.|

The method and main terms of the sale were approved by the bankas SNORAS Creditors’ Committee and both parties are now aiming to complete the sale by the end of July 2013.  Snoro lizingas will be sold for total consideration of LTL 74 million and further details will be provided once the sale completes.

Commenting on the sale process, Neil Cooper, Bankruptcy Administrator said:
“We are pleased to announce that we have agreed terms with LHV and RAZFin and will continue to work hard to ensure the transaction completes as quickly as possible. Signing the share purchase agreement is a very important step towards the completion of the sale process and we have welcomed the buyers’ reliability and transparency during this process to date. This sale represents a good outcome for the creditors of bankas SNORAS."